IMF: central bank independence unrelated to politics
An IMF paper published on 1 August explores the effectiveness of macroeconomic commitment and that in weak institutional environments central banks and budgetary institution both play a role in containing inflation.
Sophia Gollwitzer and Marc Quintyn, the paper's two authors, analyse the conditions affecting the establishment and effectiveness of independent central banks in countries that are moving towards a more open political and economic order.
Their findings suggest that while the
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