Os impactos externos da independência dos Bancos Centrais
Autor(a) principal: | |
---|---|
Data de Publicação: | 2010 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Revista Contabilidade & Finanças (Online) |
Texto Completo: | https://www.revistas.usp.br/rcf/article/view/34321 |
Resumo: | The term "central bank independence" (or abbreviated, CBI) can be broadly defined as the degree of freedom of the central bank to pursue monetary policy without interference from political considerations. The idea of central bank independence has been widely accepted over the last several decades by many countries around the world, both developed and developing. Since being first written about academically in the late 1980s, many countries have come to adopt this policy and many governments have come to recognize this as standard procedure. As such, many countries around the world granted autonomy to their central banks during the 1980s and 1990s. The majority of past studies have examined primarily the impact of central bank independence on inflation. however, the additional theoretical benefits are much more far reaching, the result of a more stable and prosperous macroeconomic environment. Additionally, there is only now sufficient data to empirically determine whether many of these claims are true. This study examines central bank independence in developing countries of Latin America and Asia as well as selected developed countries to determine what actual impact an autonomous central bank has had. It also examines such phenomena as financial crises (including the current global crisis of 2008-2009), inflation targeting, legal systems, country development and fiscal policy to determine the effects of these items on not only inflation, but the broad spectrum of macroeconomic outcomes. Although there is some empirical evidence to support the benefits of central bank independence, it is limited in scope to certain areas. |
id |
USP-7_b51db8e6271dcc53e0bf47b22427a6b0 |
---|---|
oai_identifier_str |
oai:revistas.usp.br:article/34321 |
network_acronym_str |
USP-7 |
network_name_str |
Revista Contabilidade & Finanças (Online) |
repository_id_str |
|
spelling |
Os impactos externos da independência dos Bancos Centrais The external impacts of Central Bank independence Independência do Banco CentralCrise financeiraAmérica LatinaÁsiaCentral Bank IndependenceFinancial crisisLatin AmericaAsia The term "central bank independence" (or abbreviated, CBI) can be broadly defined as the degree of freedom of the central bank to pursue monetary policy without interference from political considerations. The idea of central bank independence has been widely accepted over the last several decades by many countries around the world, both developed and developing. Since being first written about academically in the late 1980s, many countries have come to adopt this policy and many governments have come to recognize this as standard procedure. As such, many countries around the world granted autonomy to their central banks during the 1980s and 1990s. The majority of past studies have examined primarily the impact of central bank independence on inflation. however, the additional theoretical benefits are much more far reaching, the result of a more stable and prosperous macroeconomic environment. Additionally, there is only now sufficient data to empirically determine whether many of these claims are true. This study examines central bank independence in developing countries of Latin America and Asia as well as selected developed countries to determine what actual impact an autonomous central bank has had. It also examines such phenomena as financial crises (including the current global crisis of 2008-2009), inflation targeting, legal systems, country development and fiscal policy to determine the effects of these items on not only inflation, but the broad spectrum of macroeconomic outcomes. Although there is some empirical evidence to support the benefits of central bank independence, it is limited in scope to certain areas. O termo "independência do banco central" (ou IBC) pode ser amplamente definido como o grau de liberdade que o banco central possui para seguir sua política monetária sem a interferência de considerações políticas. A ideia da independência do banco central foi aceita nas últimas décadas por muitos países ao redor do mundo, tanto desenvolvidos como em desenvolvimento. Desde a primeira literatura acadêmica a respeito no final dos anos 80, muitos países começaram a adotar essa política e muitos governos a reconheceram como padrão. Assim, muitos países ao redor do mundo concederam autonomia a seus bancos centrais nos anos 80 e 90. A maior parte dos estudos existentes investigou principalmente o impacto da independência do banco central na inflação. Porém, os benefícios teóricos adicionais vão muito além, resultado de um ambiente macroeconômico mais estável e próspero. Ademais, somente agora há dados suficientes para a determinação empírica da veracidade de muitas dessas alegações. Este estudo investiga a independência dos bancos centrais em países em desenvolvimento na América Latina e na Ásia, além de determinados países desenvolvidos, para determinar o real impacto de um banco central autônomo. Também examina fenômenos como crises financeiras (inclusive a crise global em curso no período 2008-2009), estabelecimento de metas de inflação, sistemas legais, desenvolvimento dos países e política fiscal para determinar os efeitos destes itens não somente na inflação, mas no espectro amplo de resultados macroeconômicos. Apesar de haver evidências empíricas para apoiar os benefícios da independência do banco central, seu escopo é limitado a determinadas áreas. Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária2010-12-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://www.revistas.usp.br/rcf/article/view/3432110.1590/S1519-70772010000300005Revista Contabilidade & Finanças; v. 21 n. 54 (2010); 51-63 Revista Contabilidade & Finanças; Vol. 21 No. 54 (2010); 51-63 Revista Contabilidade & Finanças; Vol. 21 Núm. 54 (2010); 51-63 1808-057X1519-7077reponame:Revista Contabilidade & Finanças (Online)instname:Universidade de São Paulo (USP)instacron:USPenghttps://www.revistas.usp.br/rcf/article/view/34321/37053Copyright (c) 2018 Revista Contabilidade & Finançasinfo:eu-repo/semantics/openAccessGriffin, Carroll Howard2012-07-21T18:31:04Zoai:revistas.usp.br:article/34321Revistahttp://www.revistas.usp.br/rcf/indexPUBhttps://old.scielo.br/oai/scielo-oai.phprecont@usp.br||recont@usp.br1808-057X1519-7077opendoar:2012-07-21T18:31:04Revista Contabilidade & Finanças (Online) - Universidade de São Paulo (USP)false |
dc.title.none.fl_str_mv |
Os impactos externos da independência dos Bancos Centrais The external impacts of Central Bank independence |
title |
Os impactos externos da independência dos Bancos Centrais |
spellingShingle |
Os impactos externos da independência dos Bancos Centrais Griffin, Carroll Howard Independência do Banco Central Crise financeira América Latina Ásia Central Bank Independence Financial crisis Latin America Asia |
title_short |
Os impactos externos da independência dos Bancos Centrais |
title_full |
Os impactos externos da independência dos Bancos Centrais |
title_fullStr |
Os impactos externos da independência dos Bancos Centrais |
title_full_unstemmed |
Os impactos externos da independência dos Bancos Centrais |
title_sort |
Os impactos externos da independência dos Bancos Centrais |
author |
Griffin, Carroll Howard |
author_facet |
Griffin, Carroll Howard |
author_role |
author |
dc.contributor.author.fl_str_mv |
Griffin, Carroll Howard |
dc.subject.por.fl_str_mv |
Independência do Banco Central Crise financeira América Latina Ásia Central Bank Independence Financial crisis Latin America Asia |
topic |
Independência do Banco Central Crise financeira América Latina Ásia Central Bank Independence Financial crisis Latin America Asia |
description |
The term "central bank independence" (or abbreviated, CBI) can be broadly defined as the degree of freedom of the central bank to pursue monetary policy without interference from political considerations. The idea of central bank independence has been widely accepted over the last several decades by many countries around the world, both developed and developing. Since being first written about academically in the late 1980s, many countries have come to adopt this policy and many governments have come to recognize this as standard procedure. As such, many countries around the world granted autonomy to their central banks during the 1980s and 1990s. The majority of past studies have examined primarily the impact of central bank independence on inflation. however, the additional theoretical benefits are much more far reaching, the result of a more stable and prosperous macroeconomic environment. Additionally, there is only now sufficient data to empirically determine whether many of these claims are true. This study examines central bank independence in developing countries of Latin America and Asia as well as selected developed countries to determine what actual impact an autonomous central bank has had. It also examines such phenomena as financial crises (including the current global crisis of 2008-2009), inflation targeting, legal systems, country development and fiscal policy to determine the effects of these items on not only inflation, but the broad spectrum of macroeconomic outcomes. Although there is some empirical evidence to support the benefits of central bank independence, it is limited in scope to certain areas. |
publishDate |
2010 |
dc.date.none.fl_str_mv |
2010-12-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://www.revistas.usp.br/rcf/article/view/34321 10.1590/S1519-70772010000300005 |
url |
https://www.revistas.usp.br/rcf/article/view/34321 |
identifier_str_mv |
10.1590/S1519-70772010000300005 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
https://www.revistas.usp.br/rcf/article/view/34321/37053 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2018 Revista Contabilidade & Finanças info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2018 Revista Contabilidade & Finanças |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária |
publisher.none.fl_str_mv |
Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária |
dc.source.none.fl_str_mv |
Revista Contabilidade & Finanças; v. 21 n. 54 (2010); 51-63 Revista Contabilidade & Finanças; Vol. 21 No. 54 (2010); 51-63 Revista Contabilidade & Finanças; Vol. 21 Núm. 54 (2010); 51-63 1808-057X 1519-7077 reponame:Revista Contabilidade & Finanças (Online) instname:Universidade de São Paulo (USP) instacron:USP |
instname_str |
Universidade de São Paulo (USP) |
instacron_str |
USP |
institution |
USP |
reponame_str |
Revista Contabilidade & Finanças (Online) |
collection |
Revista Contabilidade & Finanças (Online) |
repository.name.fl_str_mv |
Revista Contabilidade & Finanças (Online) - Universidade de São Paulo (USP) |
repository.mail.fl_str_mv |
recont@usp.br||recont@usp.br |
_version_ |
1787713776370319360 |