Central bank autonomy, and inflation and output performance in the Baltic States, Russia, and other countries of the Former Soviet Union, 1995-97 /

Central bank autonomy, and inflation and output performance in the Baltic States, Russia, and other countries of the Former Soviet Union, 1995-97 /

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Bibliographic Details
Author / Creator:	Lybeck, Tonny.
Imprint:	[Washington, D.C.] : International Monetary Fund, Monetary and Exchange Affairs Dept., ©1999.
Description:	1 online resource (38 pages) : illustrations
Language:	English
Series:	IMF working paper ; WP/99/4 IMF working paper ; WP/99/4.
Subject:	Banks and banking, Central -- Baltic States. Banks and banking, Central -- Russia (Federation) Banks and banking, Central -- Former Soviet republics. Monetary policy -- Baltic States. Monetary policy -- Russia (Federation) Monetary policy -- Former Soviet republics. Inflation (Finance) -- Baltic States. Inflation (Finance) -- Russia (Federation) Inflation (Finance) -- Former Soviet republics. Banks and banking, Central. Inflation (Finance) Monetary policy. Baltic States. Russia (Federation) Soviet Union -- Former Soviet republics.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12496579

Hidden Bibliographic Details
Other authors / contributors:	International Monetary Fund. Monetary and Exchange Affairs Department.
ISBN:	1451890346 9781451890341 1281603333 9781281603333 9781451842029 1451842023 1462391478 9781462391479 1452720045 9781452720043 9786613784025 6613784028
Notes:	Includes bibliographical references (pages 34-38). Restrictions unspecified Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010. Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 English. digitized 2010 HathiTrust Digital Library committed to preserve Print version record.
Summary:	The Soviet Union dissolved in late 1991, but for some time thereafter the ruble remained legal tender in the Baltic states, Russia, and other countries of the former Soviet Union (BRO). The ruble zone gradually collapsed and the newly independent countries began to take responsibility for their own monetary policy. 2 The BRO countries could, for obvious reasons, not rely on a good track record, but had to establish an autonomous and accountable central bank in their respective countries, perhaps supplemented with a rule-based monetary policy, to ensure credibility. 3 Most of the BRO countries therefore adopted central bank legislation embracing these principles, but also reflecting local conditions in each country. This helps explain the many variations in central bank legislation of the 15 BRO countries in spite of the almost similar point of departure. The purpose of this paper is to compare central bank autonomy and accountability of each BRO country, as revealed by the central bank legislation until the end of 1997, with the corresponding inflation and output performance since the early 1990s.
Other form:	Print version: Lybeck, Tonny. Central bank autonomy, and inflation and output performance in the Baltic States, Russia, and other countries of the Former Soviet Union, 1995-97. [Washington, D.C.] : International Monetary Fund, Monetary and Exchange Affairs Dept., ©1999

Description
Summary:	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.
Physical Description:	1 online resource (38 pages) : illustrations
Format:	Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Bibliography:	Includes bibliographical references (pages 34-38).
ISBN:	1451890346 9781451890341 1281603333 9781281603333 9781451842029 1451842023 1462391478 9781462391479 1452720045 9781452720043 9786613784025 6613784028