Governance Structures and Decision-Making Roles in Inflation-Targeting Central Banks
- Topics:
- Commercial Banking,
- Inflation
- Tags:
- Bank,
- Currency & Foreign Exchange,
- Decision-making,
- Finance,
- Financial Services,
- Inflation,
- Management,
- Tools & Techniques
- Source:
- International Monetary Fund
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Overview: This paper surveys decision-making roles of governing bodies of central banks that have formally adopted inflation targeting as a monetary framework. Governance practices seek to balance institutional independence needed for monetary policy credibility with accountability required to protect democratic values. Central bank laws usually have price stability as the primary monetary policy objective but seldom require an explicit numerical inflation target. Internal governance practices differ considerably with regard to the roles and inter-relationships between the policy, supervisory, and management boards of a central bank.
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Format: PDF | Size: 354KB | Date: Sep 2005 | Pages: 27
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