01832cas a2200253 a 4500 AALejournalIMF003519 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451860948 1018-5941 BD-DhAAL BD-DhAAL Jacome, Luis. Any Link Between Legal Central Bank Independence and Inflation? : Evidence from Latin America and the Caribbean / Luis Jacome, Francisco Vazquez. Washington, D.C. : International Monetary Fund, 2005. 1 online resource (41 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper reviews central bank legislation in 24 countries in Latin America and the Caribbean during the 1990s. Using panel regressions, we find a negative relationship between legal central bank independence (CBI) and inflation. This result holds for three alternative measures of CBI and after controlling for international inflation, banking crises, and exchange regimes. The result is also robust to the inclusion of a broader indicator of structural reforms that usually go along with changes in central bank legislation, illustrating the complementary nature of various aspects of economic reform. The paper fails, however, to find a causal relationship running from CBI to inflation. Mode of access: Internet Vazquez, Francisco. IMF Working Papers; Working Paper ; No. 2005/075 Full text available on IMF http://elibrary.imf.org/view/journals/001/2005/075/001.2005.issue-075-en.xml IMF e-Library