Comment: Governance and modernisation

A new IMF working paper argues that giving central banks more independence is a powerful way of enhancing corporate governance in these institutions. Although the paper's rigorous empirical approach may help to confirm this uncontroversial insight, its cross-sectional methodology provides policymakers with very little tangible ammunition as they seek to assert their managerial and operational independence.

COMMENT BY CENTRALBANKNEWS

In recent years a consensus has emerged on the broad objectives

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