TY - BOOK ID - 84539352 TI - Any link between legal central bank independence and inflation? : evidence from Latin America and the Caribbean AU - Jacome, Luis Ignacio. AU - Vazquez, Francisco F. AU - International Monetary Fund. PY - 2005 SN - 1462380107 1452744114 1283513722 9786613826176 1451906307 PB - Washington, D.C. : International Monetary Fund, Monetary and Financial Systems Dept., DB - UniCat KW - Banks and banking, Central -- Caribbean Area. KW - Banks and banking, Central -- Latin America. KW - Electronic books. -- local. KW - Inflation (Finance) -- Caribbean Area. KW - Inflation (Finance) -- Latin America. KW - Banks and Banking KW - Inflation KW - Macroeconomics KW - Public Finance KW - Price Level KW - Deflation KW - Central Banks and Their Policies KW - Banks KW - Depository Institutions KW - Micro Finance Institutions KW - Mortgages KW - Institutions and the Macroeconomy KW - Taxation, Subsidies, and Revenue: General KW - Banking KW - Public finance & taxation KW - Central bank autonomy KW - Structural reforms KW - Legal support in revenue administration KW - Prices KW - Banks and banking KW - Revenue KW - Ecuador KW - Banks and banking, Central KW - Inflation (Finance) UR - https://www.unicat.be/uniCat?func=search&query=sysid:84539352 AB - This paper reviews central bank legislation in 24 countries in Latin America and the Caribbean during the 1990s. Using panel regressions, we find a negative relationship between legal central bank independence (CBI) and inflation. This result holds for three alternative measures of CBI and after controlling for international inflation, banking crises, and exchange regimes. The result is also robust to the inclusion of a broader indicator of structural reforms that usually go along with changes in central bank legislation, illustrating the complementary nature of various aspects of economic reform. The paper fails, however, to find a causal relationship running from CBI to inflation. ER -