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Central Bank Credibility in Inflation-Targeting (IT) Economies: Do Domestic Institutions Matter? | ||
| Iranian Economic Review | ||
| مقالات آماده انتشار، پذیرفته شده، انتشار آنلاین از تاریخ 10 خرداد 1401 | ||
| شناسه دیجیتال (DOI): 10.22059/ier.2022.87485 | ||
| نویسنده | ||
| Elham Kamal* | ||
| Faculty of Economics, University of Mazandaran, Babolsar, Iran | ||
| چکیده | ||
| This paper examines the main political determinants of central bank credibility (CBC) from 1990 to 2014. Covering 25 inflation targeting (IT) economies, I mainly focus on institutional factors since adopting the IT framework. As the CBC is highly concentrated in the right tail of the distribution, the mean-based approaches are an incomplete description of CBC reaction when the parameters are not uniform over the conditional distribution of the credibility. In departing from the problem, I use a Quantile Regression approach, providing superior information on the political determinants nexus across various parts of the credibility distribution. I find institutional determinants are prominent and significant at the lower quantiles. This evidence could be attributed to the less sensitivity of the private sector’s expectations to the institutional characteristics. | ||
| کلیدواژه‌ها | ||
| Keywords: Central Bank Credibility, Inflation Targeting Framework, Political Economy, Institutional Determinants, Quantile Regression؛ JEL Classification: E50, E52, E58 | ||
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آمار تعداد مشاهده مقاله: 558 |
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