MEASURING THE DEGREE OF THE CENTRAL BANK'S INDEPENDENCE
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The law-based indicators of central bank independence neither satisfactorily reflect the real degree of autonomy nor the theoretical dimension of the concept of independence. In the developing market economies there emerges, alongside the subjective assessment of the statutes of the central bank, a problem of a divergence between the legal stipulations and the practices of government vis-a-vis the decision makers in the realm of monetary policy. Using panel research data and reaction functions the author ranked the degree of independence of central banks in the countries undergoing transformation. He presents analytically estimated central bank's independence indices of countries in question.
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