Classifications of central banks by auntonomy: a comparative analysis

• Autores: Santiago Fernández de Lis
• Localización: Documentos de trabajo - Banco de España, ISSN 0213-2710, Nº 4, 1996, págs. 5-39
• Idioma: inglés
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• Resumen

  • This article analyses and compares the different indices that classify central banks on the basis of their autonomy. A number of aspects affecting central bank autonomy are listed and described. These aspects are compared with the facetr of central bank independence actually included in the classifications, assessing their degree of 'coverage. Certain problems related to the elaboration of the indices are addressed. A comparison is also made of the results of the different classifications. Finally, the effect of the Maastricht Treaty-related institutional changes on the independence of EU central banks is est.imated) showing a substantial upgrading in absolute and relative terms of this group of countries.