The measurement of Central Bank Autonomy: Survey of models, indicators, and empirical evidence by Marco Arnone, Bernard J. Laurens and Jean-François Segalotto published by IMF (10/2006). “…The review shows that empirical evidence regarding the beneficial effects of central bank autonomy is substantial, although some technical issues still remain for further research. In particular, central bank autonomy raises the issue of subjecting the monetary authorities to democratic control…”
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