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Social trust and central bank independence
Research Institute of Industrial Economics (IFN), Stockholm, Sweden; Department of Institutional Economics, Faculty of Economics, University of Economics in Prague, Czech Republic.
Högskolan Dalarna, Akademin Industri och samhälle, Nationalekonomi. HUI Research, Stockholm, Sweden.
Umeå School of Business and Economics, Umeå University, Umeå, Sweden.
2014 (engelsk)Inngår i: European Journal of Political Economy, ISSN 0176-2680, E-ISSN 1873-5703, Vol. 34, s. 425-439Artikkel i tidsskrift (Fagfellevurdert) Published
Abstract [en]

Central banks have become more independent in many countries. A common rationale has been the existence of a credibility (or lack-of-trust) problem for monetary policy. This indicates a possible and until now unexplored link between social trust and central-bank independence. Our empirical findings, based on data from 149 countries, confirm such a link, in the form of a u-shaped relationship. We suggest that two factors help explain this finding: the need for this kind of reform and the ability with which it can be implemented. At low trust, the need for central-bank independence is sufficiently strong to bring it about, in spite of a low ability to undertake reform. At high trust, the ability to undertake reform is sufficiently strong to bring high independence about, in spite of a low need for it. At intermediate trust levels, lastly, neither need nor ability is strong enough to generate very independent central banks.

sted, utgiver, år, opplag, sider
Elsevier, 2014. Vol. 34, s. 425-439
Emneord [en]
Central banks; Independence; Credibility; Trust; Inflation; Monetary policy
HSV kategori
Forskningsprogram
Komplexa system - mikrodataanalys, Allmänt Mikrodataaanalys - övrigt
Identifikatorer
URN: urn:nbn:se:du-14685DOI: 10.1016/j.ejpoleco.2013.10.002ISI: 000336018100026OAI: oai:DiVA.org:du-14685DiVA, id: diva2:735170
Tilgjengelig fra: 2014-07-23 Laget: 2014-07-23 Sist oppdatert: 2017-12-05bibliografisk kontrollert

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