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      Monetary institutions and inflation performance: cross-country evidence

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      Author(s)
      Neyapti, B.
      Date
      2012
      Source Title
      Journal of Economic Policy Reform
      Print ISSN
      1748-7870
      Electronic ISSN
      1748-7889
      Publisher
      Routledge
      Volume
      15
      Issue
      4
      Pages
      339 - 354
      Language
      English
      Type
      Article
      Item Usage Stats
      218
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      Abstract
      This paper presents an empirical investigation of the effectiveness of the institutional frameworks of monetary policy in achieving and maintaining price stability. The institutional frameworks considered are central bank independence (CBI), inflation targeting (IT), currency boards (CB) and monetary unions (MU). Against the vast literature that argues for the price stabilizing effects of each of these institutions, the empirical evidence presented here suggests that countries that have adopted the IT and CB regimes have, on average, been associated with lower inflation rates than others during the past decade. This finding is robust to various control variables, while governance appears to be a substitute to formal mechanisms. © 2012 Copyright Taylor and Francis Group, LLC.
      Keywords
      Inflation
      Monetary institutions
      Permalink
      http://hdl.handle.net/11693/21238
      Published Version (Please cite this version)
      http://dx.doi.org/10.1080/17487870.2012.731805
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