Central bank independence and economic performance in eastern Europe
Author(s)
Date
2001Source Title
Economic Systems
Print ISSN
0939-3625
Electronic ISSN
1878-5433
Publisher
Elsevier BV
Volume
25
Issue
4
Pages
381 - 399
Language
English
Type
ArticleItem Usage Stats
263
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276
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Abstract
Following the breakdown of central planning by the early 1990s, transition economies faced varying measures of the need for economic restructuring and stabilisation. This paper examines both the trends in economic performance in eight eastern European countries and the degree of central bank independence (CBI) granted after reforms. The evidence of the paper indicates that both the measures of CBI and the measures of financial market development (FMD) show significant association with macroeconomic variables. Also, the sample exhibits positive association between CBI and measures of FMD. © 2001 Elsevier Science B.V. All rights reserved.