Abstract
This paper is based on the presumption that central banks should have or be given a high degree of autonomy from the political authorities in their countries. The case for such autonomy or independence has been made convincingly1.
Keywords
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
This paper reflects our own views and not necessarily those of De Nederlandsche Bank. Thanks are due to several of our colleagues for comments on an earlier version of this paper.
This is a preview of subscription content, log in via an institution.
Buying options
Tax calculation will be finalised at checkout
Purchases are for personal use only
Learn about institutional subscriptionsPreview
Unable to display preview. Download preview PDF.
References
Alesina, A. and L. Summers (1993), “Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence”, Journal of Money, Credit and Banking, vol. 25, no. 2, 151–162.
Baltensperger (1993), “Monetary Policy and the Lender of Last Resort Function” , Paper Presented at the Conference on Prudential Regulation, Supervision and Monetary Policy, Bocconi University, Milan.
Beaufort Wijnholds, J.A.H. de (1991), “National and International Monetary Policy”, in Frenkel, J.A. and M. Goldstein (eds.). International Financial Policy: Essays in Honour of Jacques J. Polak, International Monetary Fund, Washington D.C. , 282–305.
Beaufort Wijnholds, J.A.H. de (1992), Of Captains, Pilots and Judges. The World-wide Tendency Towards Central Bank Autonomy, Inaugural lecture on the occasion of the assumption of the office of Professor of Money and Banking in the University of Groningen.
Berk, J.M. and C.C.A. Winder (1994), “Price Movements in the Netherlands and Germany and the guilder-Dmark Peg”, De Economist, forthcoming.
Bernanke, B. and F. Mishkin (1992), “Central Bank Behaviour and The Strategy of Monetary Policy: Observations from Six Industrialized Countries”, National Bureau of Economic Research, Working Paper, no 4082.
BIS (1993), 63rd Annual Report, Basle.
Brash, D. (1993), Speech given to the European Policy Forum, London, (June).
Burdekin, R.C.K., C. Wihlborg and C.D. Willet (1992), “A Monetary Constitution Case for an Independent European Central Bank”, The World Economy, vol. 15, no. 2, 231– 249.
Crow, J.W. (1993), “Monetary Policy, and the Responsibilities and Accountability of Central Banks”, Gerhard de Kock Memorial Lecture at the University of Pretoria, South Africa, 10, (February).
Cukierman, A. (1992), Central Bank Strategy, Credibility and Independence: Theory and Evidence, MIT Press, Cambridge, Mass.
Deutsche Bundesbank (1993), “Ueberprüfung des Geldmengenziels 1993 und Senkung der Noten- bankzinsen”, Monatsbericht, vol. 45, no. 7, 19–26.
Duisenberg, W.F. (1993), “Monetary Policy in a Changing Financial Environment”, De Neder- landsche Bank, Quarterly Bulletin, no. 1993/1, 9–14.
The Economist (1991), “As Independent as Judges”, April 20, 19–20.
Eijffinger, S. and E. Schaling (1993), “Central Bank Independence in Twelve Industrial Countries”, Banca Nazionale del Lavoro, Quarterly Review, no. 184, 49–89.
Friedman, M. (1959), A Program for Monetary Stability, Fordham University Press, New York.
Goodhart, C. (1988), The Evolution of Central Banks, MIT Press, Cambridge, Mass.
Goodhart, C. and D. Schoenmaker (1993), “Institutional Separation between Supervisory and Monetary Agencies”, Paper presented at the Conference on Prudential Regulation, Supervision and Monetary Policy, Bocconi University, Milan.
Haan, J. de and J.E. Sturm (1992), “The Case for Central Bank Independence”, Banca Nazionale del Lavoro, Quarterly Review, no. 182, 305–327.
Heller, H.R. (1991), “Prudential Supervision and Monetary Policy”, in Frenkel, J.A. and M. Goldstein (eds.), International Financial Policy: Essays in Honour of Jacques J. Polak, International Monetary Fund, Washington D.C.
Kock, M.H. de (1939), Central Banking, King & Son, London.
Kremers, J.J.M. and T.D. Lane (1990), “Economic and Monetary Integration and the Aggregate Demand for Money in the EMS”, IMF Staff Papers, vol. 37, no 4, 777–805.
Muller, H.J. (1981), “Macro- en microtoezicht in één huis?”, in Den Dunnen, E., M.M.G. Fase and A. Szász (eds), Zoeklichtop Beleid, Leiden, 173–188.
Neumann, M.J.M. (1991), “Central Bank Independence as a Prerequisite of Price Stability”, European Economy, Special Edition no. 1, 79–92.
Neumann, M.J.M. (1992), “Reflections on Europe’s Monetary Constitution”, Central Banking, vol. 3, no 3, 20–27.
OECD (1989), Economies in Transition: Structural Adjustment in OECD Countries, Paris.
Riet, A.G. van (1992), “European Integration and the Demand for Money in the EC”, De Neder- landsche Bank, Quarterly Bulletin, no. 1992/3, 33–43.
Riet, A.G. van (1993), “Studies of EC Money Demand: Survey and Assessment”, De Neder- landsche Bank, Quarterly Bulletin, no. 1992/4, 63–75.
Swinburne, M. and M. Castello-Branco (1991), “Central Bank Independence: Issues and Experience”, International Monetary Fund, Working Paper, no. 58, Washington D.C.
Tietmeyer, H. (1991), “The Role of an Independent Central Bank in Europe”, in Downes, P. and R. Vaez-Zadeh (eds.), The Evolving Role of Central Banks, International Monetary Fund, Washington D.C., 176–189.
Vives, X. (1993), “The Supervisory Function of the ESCB”, Paper Presented at the Conference on Prudential Regulation, Supervision and Monetary Policy, Bocconi University, Milan.
Zijlstra, J. (1992), Per Slot van Rekening, Uitgeverij Contact, Amsterdam/Antwerpen.
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 1994 Springer Science+Business Media Dordrecht
About this chapter
Cite this chapter
De Beaufort Wijnholds, J.O., Hoogduin, L. (1994). Central Bank Autonomy: Policy Issues. In: De Beaufort Wijnholds, J.O., Eijffinger, S.C.W., Hoogduin, L.H. (eds) A Framework for Monetary Stability. Financial and Monetary Policy Studies, vol 27. Springer, Dordrecht. https://doi.org/10.1007/978-94-011-0850-8_8
Download citation
DOI: https://doi.org/10.1007/978-94-011-0850-8_8
Publisher Name: Springer, Dordrecht
Print ISBN: 978-0-7923-3173-5
Online ISBN: 978-94-011-0850-8
eBook Packages: Springer Book Archive