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Gatekeepers of Growth: The International Political Economy of Central Banking in Developing Countries
By: Sylvia MaxfieldImprint: Princeton University Press
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Central banks can shape economic growth, affect income distribution, influence a country's foreign relations, and determine the extent of its democracy. While there is considerable literature on the political economy of central banking in OECD countries, this is the first book-length study focused on central banking in emerging market countries. Surveying the dramatic worldwide trend toward increased central bank independence in the 1990s, the book argues that global forces must be at work. These forces, the book contends, center on the character of international financial intermediation. Going beyond an explanation of central bank independence, Sylvia Maxfield posits a general framework for analyzing the impact of different types of international capital flows on the politics of economic policymaking in developing countries. The book suggests that central bank independence in emerging market countries does not spring from law but rather from politics. As long as politicians value them, central banks will enjoy independence. Central banks are most likely to be independent in developing countries when politicians desire international creditworthiness. Historical analyses of central banks in Brazil, Mexico, South Korea, and Thailand, and quantitative analyses of a larger sample of developing countries corroborate this investor signaling explanation of broad trends in central bank status.
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| Title of Business & Economics eBook: Gatekeepers of Growth: The International Political Economy of Central Banking in Developing Countries | |
| Release Date: 02-15-2001 | |
| Publisher: Princeton University Press |
This eBook download is available in the following formats:
| Parent title | Gatekeepers of Growth: The... |
|---|---|
| Encrypted (DRM) | Yes |
| SKU | 9781400805228 |
| File size | 1532 |
| Security | n/a |
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| Read aloud | No Sys requirements Download reader |
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| Note | Excellent navigation features are available via Adobe such as bookmarks and a quick access table of contents. Text search is easily accessible. An Adobe DRM-protected file is different than a pdf file in that it uses Adobe DRM (Digital Rights Management) technology, which authors and publishers use to protect their content from illegal online distribution and to set certain privileges such as restrictions on copying and printing. |
Gatekeepers of Growth: The International Political Economy of Central Banking in Developing Countries
Chapter One
Central Bank Independence: Why the Interest?
Countries ranging from Eritrea to Malta, France, Kazahkstan, New Zealand, England, and Chile have recently approved, or contemplated, new central bank legislation. Between 1990 and 1995 at least thirty countries, spanning five continents, legislated increases in the statutory independence of their central banks. This represents a rate of increase in central bank independence many times greater than in any other decade since World War II (see Table 1.1).
Central banks shape monetary policy, affect exchange rates, and guard financial stability. They condition economic variables crucial to national development and growth. Central banks also play a role in determining the nature of international financial and monetary cooperation. The independent authority of central banks can enhance or circumscribe democratic governance. Central banks are clearly important economic and political institutions. The adage among international observers is "New nations acquire a flag, write a national anthem, and constitute a central bank." Why, then, has concern with central banks, central banking, and independence reached new heights in the 1990s?
The answer lies in several different real world events: the end of the fixed exchange rate system devised at Bretton Woods, the seeming ineffectiveness of monetary policy in regulating the trade-off between inflation and unemployment, the globalization of financial markets, and European economic transformation, including integration and post-Communist transition. The rationalist revolution in some of the social sciences has also contributed the
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