Central Bank Governance

JoAnne Morris · Tonny Lybek

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Monetary Policy and Economic Impact Banking stability, regulation, efficiency Global Financial Crisis and Policies

Abstract

This paper identifies issues to consider when designing the structure, size, and composition of the governing boards and management of a central bank. While central bank autonomy and accountability are generally accepted as good practice, there is less consensus regarding the structure, size, and composition of the governing bodies. This paper surveys 101 central bank laws covering 113 countries and classifies the governance structure according to degree of autonomy, functions performed, size, composition, appointment procedures, and terms of the members. The paper concludes that an appropriate balance must be struck between the functions of the governing entities, simplicity, and country specific factors. The functions of the various bodies follow logically if a greater appreciation exists for the type of autonomy delegated to the central bank.

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References

1977Rules Rather than Discretion: The Inconsistency of Optimal Plans 1985The Optimal Degree of Commitment to an Intermediate Monetary Target 1993Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence 1991Political and Monetary Institutions and Public Financial Policies in the Industrial Countries 1995Optimal contracts for central bankers 2005The Corporate Governance of Banks 1993Designing institutions for monetary stability 2001Central Bank Independence: An Update of Theory and Evidence

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