02051cas a2200265 a 4500 AALejournalIMF004434 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451864885 1018-5941 BD-DhAAL BD-DhAAL Segalotto, Jean-Francois. Measures of Central Bank Autonomy : Empirical Evidence for OECD, Developing, and Emerging Market Economies / Jean-Francois Segalotto, Marco Arnone, Bernard Laurens. Washington, D.C. : International Monetary Fund, 2006. 1 online resource (38 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 presents an update of the Grilli-Masciandaro-Tabellini (GMT) index of central bank (CB) autonomy, based on CB legislation as of end-2003. The index is applied to a set of OECD and developing countries, and emerging market economies. For a smaller set of countries, the paper presents a reconstruction of the GMT index based on Cukierman (1992) and assesses changes in CB autonomy between 1992 and 2003. The results point to a significant increase in CB autonomy, in particular for developing countries. In most cases, this improvement has involved a three-stage process: an initial stage in which the political foundations for CB autonomy are laid; a second stage in which operational autonomy develops; and a final stage in which CBs gain further political autonomy in terms of policy formulation and the appointment of senior management. Mode of access: Internet Arnone, Marco. Laurens, Bernard. IMF Working Papers; Working Paper ; No. 2006/228 Full text available on IMF http://elibrary.imf.org/view/journals/001/2006/228/001.2006.issue-228-en.xml IMF e-Library