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Additional resources for Reforming Financial Systems: Historical Implications for Policy
For example, the culture of the country is likely to be just as important as central bank independence. If citizens are generally opposed to inflation, then the central bank will try to keep inflation low. This position seems to be very sensible. Independence is certainly not a panacea, even if it could be guaranteed. Our own long-term study showed that Sweden, for example, got just as good price performance from the dependent bank as it got from the independent version of the Riksbank. Prof. White: With the emphasis on central bank independence as a springboard for maintaining price stability, periods of instability do arise.
But while rescues can be clearly dated, shifts in mental perceptions are harder to date. The Bank of England's Court remained divided and uncertain over this issue at least until after the publication of Bagehot's Lombard Street (1873), and we have less insight into the appropriate date in other countries with institutions founded at quite early dates. By about 1900, however, this function was widely accepted as a core function, indeed almost a definition, of any newly established central bank.
London: King and Son. Schwartz, A. J. 1992. Do Currency Boards Have an Interest! London: Institute of Economic Affairs. DISCUSSION Question: I recently heard a presentation by Adam Posen on the independent relationship between central bank independence and inflation. Are you familiar with that presentation, and if so would you comment on it? In particular, please comment on one of his conclusions: he believed that the influence of the banking sector (measured by concentration) is just as important as the legal independence of central banks.
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