Skip to main content Accessibility help
×
Hostname: page-component-7c8c6479df-7qhmt Total loading time: 0 Render date: 2024-03-29T00:46:58.824Z Has data issue: false hasContentIssue false

5 - Central Bank Independence in Small Open Economies

Published online by Cambridge University Press:  05 June 2016

Michael D. Bordo
Affiliation:
Rutgers University, New Jersey
Øyvind Eitrheim
Affiliation:
Norges Bank
Marc Flandreau
Affiliation:
Graduate Institute of International and Development Studies, Geneva
Jan F. Qvigstad
Affiliation:
Norges Bank
Get access
Type
Chapter
Information
Central Banks at a Crossroads
What Can We Learn from History?
, pp. 195 - 230
Publisher: Cambridge University Press
Print publication year: 2016

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

References

Alesina, A. (1989) ‘Politics and business cycles in industrial democracies’, Economic Policy, 8, April, pp. 5598Google Scholar
Bade, R., and Parkin, M. (1987) ‘Central Bank laws and monetary policy’, University of Western Ontario Department of Economics Discussion PaperGoogle Scholar
Barro, R., and Gordon, R. J. (1983a) ‘A positive theory of monetary policy in a natural rate model’, Journal of Political Economy, 91(4), pp. 589610Google Scholar
Barro, Robert, and Gordon, Robert J. (1983b) ‘Rules, discretion, and reputation in a model of monetary policy’, Journal of Monetary Economics 12 (1), July, pp. 101–121Google Scholar
Beenstock, M., and Warburton, P. (1983) ‘Long-term trends in economic openness in the United Kingdom and the United States’, Oxford Economic Papers, pp. 130–35Google Scholar
Braude, J., Eckstein, Z., Fischer, S., and Flug, K. (eds.) (2013) The Great Recession: lessons for central bankers, MIT Press: Cambridge, Mass.Google Scholar
Cagan, P. (1986) ‘Conflict between short and long run objectives’, in Campbell, Colin, and Dougan, William (eds.), Alternative monetary regimes, Johns Hopkins University Press: BaltimoreGoogle Scholar
Capie, F. (2010) ‘The Bank of England 1950s to 1979’. Studies in Macroeconomic History Series. Cambridge University Press: Cambridge and New YorkGoogle Scholar
Capie, F. and Wood, G. (1991) ‘Central Banks and Inflation: an historical perspective – part 1, pp. 27–46, Central Banking, Vol.2, AutumnGoogle Scholar
Capie, F. H., Mills, T. S., and Wood, G. E. (1994) ‘Central bank independence and inflation performance: an exploratory data analysis’, in Siklos, Pierre (ed.), Varieties of Monetary reforms: Lessons and experiences on the road to Monetary Union, Kluwer Academic Publishers: DordrechtGoogle Scholar
Capie, F., and Wood, G. (2014) ‘Can central bank independence survive a crisis?’, in Humpage, Owen (ed.), Current Federal Reserve Policy Under the Lens of Economic History: Essays to Commemorate the Federal Reserve System’s Centennial, Cambridge University Press: New YorkGoogle Scholar
Clower, R. (1967) ‘A reconsideration of the microfoundations of monetary theory’, Western Economic Journal, 6(1), pp. 18Google Scholar
Coase, R. (1937) ‘The nature of the firm’, Economica, 4(16), pp. 386405Google Scholar
Cornish, S. (2010) The Evolution of Central Banking in Australia, Reserve Bank of Australia: SydneyGoogle Scholar
Cukierman, A., Webb, S., and Neyapti, B. (1992) ‘Measuring the independence of central banks and its effect on outcomes’, World Bank Economic Review, 6(September), pp. 439458Google Scholar
Dannhauser, J. (2013) ‘The euro – the story of a suboptimal currency’, in Booth, Philip (ed.), The euro – the beginning, the middle and the end, Institute of Economic Affairs: LondonGoogle Scholar
Epstein, R. A. (2005) Free markets under siege: Cartels, politics, and social welfare, Hoover Institution Press: StanfordGoogle Scholar
Fforde, J. (1992) The Bank of England and public policy, 1941–1958, Cambridge University Press: CambridgeGoogle Scholar
Friedman, M. (1962) ‘Should there be an independent monetary authority?’ in Yeager, Leland B. (ed.), In search of a Monetary Constitution, Harvard University Press: Boston, Mass.Google Scholar
Grassman, S. (1980) ‘Long-term trends in openness of national economies’, Oxford Economic Papers 32 (1), pp. 123–33Google Scholar
Hawke, G. R. (1973) Between governments and banks. A history of the Reserve Bank of New Zealand. Government Printer: WellingtonGoogle Scholar
Johnson, H. (1969) The case for floating exchange rates, Hobart Paper No. 46, Institute of Economic Affairs: London.Google Scholar
Mahoney, P. G. (2001), ‘The common law and economic growth: Hayek might be right’, The Journal of Legal Studies, 30(2), pp. 503–25Google Scholar
Masciandaro, D., and Tabellini, G. (1988) ‘Monetary regimes and fiscal deficits: a comparative analysis’, in Cheng, Hang-Sheng (ed.), Monetary policy in the Pacific basin countries, Kluwer Academic: Boston, Mass.Google Scholar
Mundell, R. (2000) ‘A re-interpretation of the twentieth century’, Lionel Robbins Lectures, London School of Economics, (January)Google Scholar
Posen, A. (1993) ‘Why central bank independence does not cause low inflation: there is no institutional fix for politics’, in O’Brien, Richard (ed.), Finance and the International Economy, Oxford University Press: New YorkGoogle Scholar
Prados, L. (2014) ‘Economic Freedom in the Long Run: Evidence from OECD Countries (1850-2007)’. Working Papers in Economic History (14-02). Instituto Figuerola. Universidad Carlos III de Madrid.Google Scholar
Romer, D. (1993) ‘Openness and Inflation: Theory and Evidence’, Quarterly Journal of Economics, 108(4) 869903Google Scholar
Sacks, J. (2002) ‘Markets, Governments and Virtues’, in Capie, F. H. and Wood, G. E., Policy Makers on Policy, Routledge: LondonGoogle Scholar
Selgin, G. (1988) The Theory of Free Banking: Money Supply under Competitive Note Issue, Rowman and Littlefield: Lanham, MDGoogle Scholar
Singleton, John (2011) Central Banking in the Twentieth Century, Cambridge University Press: CambridgeGoogle Scholar
Tedde, P. (1988) El banco de San Carlos. Alizanza Editorial: Madrid.Google Scholar
Tedde, P., and Marichal, C. (eds.) (1994) ‘La formación de los bancos centrales en España y America Latina (Siglos XIX y XX)’, (Vol. I. España y México). Serie de Estudios de historia Económica Num. 29. Banco de España: MadridGoogle Scholar
Tortella, G. (1994) ‘Spanish banking history, 1782 to the present’, in Pohl, Manfred and Freitag, Sabine (eds.), Handbook on the History of European Banks, European Association for Banking History, Edward Elgar: London, pp. 865–91Google Scholar
White, L. (1995) Free Banking in Britain; Theory, Experience, and Debate, 1800–1845, Institute of Economic Affairs: LondonGoogle Scholar
Wood, G. (1994) ‘A pioneer bank in a pioneers’ country’, Central Banking, V(1), Summer, pp. 5976Google Scholar
Wood, Geoffrey (2000) ‘The Lender of Last Resort reconsidered’, Journal of Financial Services Research, 18(2/3), December, pp. 203–28Google Scholar

Statistical Sources

Arnone, M., Lorens, B., and Segalotto, J. F. (2006) ‘Measures on central bank autonomy. Empirical evidence for the OECD, developing and emerging market economies’, IMF working Paper 228Google Scholar
Bell, S. (2004) Australia’s Money Mandarins. The Reserve Bank and the Politics of Money. Cambridge University Press: Port MelbourneGoogle Scholar
Capie, Forrest, and Wood, G. (1991) ‘Central banks and inflation: an historical perspective. Part I’. Central Banking, 1(2), pp. 2746Google Scholar
Cukierman, A., Webb, S. and Neyapti, B. (1992) ‘Measuring the independence of central banks and its effects on policy outcomes’. The World Bank Economic Review, 6 (3), pp. 353–98Google Scholar
Linklater, J. (1992) Inside the Bank: The role of the Federal Reserve Bank of Australia in the economic, banking and financial system, Allen and Unwin: St. Leonards, NSW, AustraliaGoogle Scholar
Hawke, G. R. (1973) Between governments and banks. A history of the Reserve Bank of New Zealand, Government Printer, WellingtonGoogle Scholar
Mitchell, B. R.: ‘International historical statistics’. Several volumes (Europe; Africa, Asia & Oceania; The Americas)Google Scholar
Pohl, M. and Freitag, S. (eds.) (1994) Handbook on the history of European banks, Edward Elgar and European Association for Banking History: Cheltenham and ViennaGoogle Scholar
Prados, L. (2003) El progreso económico de España (1850–2000), Fundación BBVA: Bilbao.Google Scholar
Shea, J. D. (1994) ‘Taiwan. Development and structural change of the financial system’, in Patrick, H. and Park, Y.C. (eds.), The Financial Development of Japan, Korea and Japan, Oxford University Press: New YorkGoogle Scholar
Sheng-Yi, L. (1990) The Monetary and Banking Development of Singapore and Malaysia. Singapore University Press: SingaporeGoogle Scholar
Swiss National Bank (ed.) (2007) The Swiss National Bank: 1907–2007, Swiss National Bank: ZurichGoogle Scholar

Save book to Kindle

To save this book to your Kindle, first ensure coreplatform@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×