Central Bank Autonomy, and Inflation and Output Performance in the Baltic States, Russia, and Other Countries of the Former Soviet Union, 1995-97

38 Pages Posted: 10 Feb 2006

See all articles by Tonny Lybek

Tonny Lybek

International Monetary Fund (IMF) - Monetary and Exchange Affairs Department

Date Written: January 1999

Abstract

A higher degree of de jure autonomy and accountability of the central banks of the Baltic states, Russia, and other countries of the former Soviet Union appears to be positively correlated with lower average inflation. There also seems to be some positive correlation between greater central bank autonomy and higher average real growth, after the initial period of reforms. Central banks with a higher degree of autonomy and accountability have apparently also reformed their operations more aggressively.

Keywords: Central bank independence, transition economies

JEL Classification: E58

Suggested Citation

Lybek, Tonny, Central Bank Autonomy, and Inflation and Output Performance in the Baltic States, Russia, and Other Countries of the Former Soviet Union, 1995-97 (January 1999). IMF Working Paper No. 99/4, Available at SSRN: https://ssrn.com/abstract=880531

Tonny Lybek (Contact Author)

International Monetary Fund (IMF) - Monetary and Exchange Affairs Department ( email )

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