More documents from Johnson, Juliet

Export to your Reference Manger

Please Copy & Paste



Bookmark and Share

Path-dependent independence : the Central Bank of Russia in the 1990s

[research report]

Johnson, Juliet

fulltextDownloadDownload full text

(116 KByte)

Citation Suggestion

Please use the following Persistent Identifier (PID) to cite this document:

Further Details
Corporate Editor Institut für Höhere Studien (IHS), Wien
Abstract "Independent central banks, because of their purported ability to restrain government officials from manipulating their economies in pursuit of short-term political goals, have been championed by scholars and policy makers alike as guarantors of macroeconomic stability for emerging post-communist democracies. However, Russia's experience in the 1990s calls this argument into question. Although the Central Bank of Russia (CBR) was able to develop a significant degree of freedom from political interference during its early years, its monetary policies at that time were anything but conservative and anti-inflationary. Then, when the CBR's political autonomy began to erode after mid-1993 while its technical capabilities improved, its increasingly monetarist actions began to appear more typical of an "independent" central bank and inflation receded accordingly. This should lead us to rethink our theories on central bank independence - both how we define independence and what we can and cannot expect of an independent central bank. Given the CBR's continuity of personnel, historical objectives, and technical capabilities, even a politically autonomous CBR can not have been expected to internalize and implement new policy goals overnight." [author's abstract]
Keywords Russia; central bank; institutionalism; dependence; transformation; stabilization policy; monetary policy
Classification Economic Policy; Financial Planning, Accountancy
Document language English
Publication Year 1997
City Wien
Page/Pages 41 p.
Series Reihe Politikwissenschaft / Institut für Höhere Studien, Abt. Politikwissenschaft, 47
Licence Deposit Licence - No Redistribution, No Modifications