Seigniorage, electronic money and financial independence of central banks

Article Abstract:

The rate of seigniorage and electronic money (e-money) affects the financial independence of central banks. A study shows that countries with decreased seigniorage revenues, earnings from monetary monopoly, and high percentage of e-money negatively affect the financial independence of central banks as a result of inability to compensate for increasing operational expenses. Measures such as limitation of e-money issuance and imposition of requirements on e-money help in curtailing operational costs related to salaries, pensions, publications and banknote circulation, among others.

Electronic computers, Electronic Computer Manufacturing, Electronic Funds Transfer Systems, Money

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What really matters: conservativeness or independence?

Article Abstract:

Countries having an independent central bank showed a better inflation performance than countries where the government strongly influence monetary policy. A study of data for OECD countries covering the periods of 1972-1979 and 1980-1989 shows that instrument independence has an influence over inflation performance while 'conservativeness' of a central bank and other aspects of independence have no significant impact on inflation. Independence and 'conservativeness' are found to have no relationship with output variability.

Inflation (Finance), Autonomy, Autonomy (Political science), Inflation (Economics)

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Accountability of central banks: aspects and quantification

Article Abstract:

A study has been conducted to examine the relationship between central bank independence and accountability using an indicator for central bank accountability based on central bank laws of 16 central banks. Central bank accountability has been identified as having three distinct features, namely, the explicit definition and ranking of the objectives of monetary policy, the transparency of the actual monetary policy, and the final responsibility to monetary policy.

All Other Nondepository Credit Intermediation, NONDEPOSITORY INSTITUTIONS, Financial Institutions NEC, Financial institutions

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