法定央行独立性的反通胀效应及其影响因素——基于现有研究文献的分析

The Anti-inflation Effects of Legal Central Bank's Independence and its Determining Factors

本文阐述了法定央行独立性通过提高货币政策可信度进而发挥反通货膨胀效应的作用机理,在对现有关于法定央行独立性反通胀效应的相关研究文献进行分析的基础上,讨论了支持这种效应的现有经验证据的可信性,进一步分析了司法独立性、政治制度特征、金融基础结构和社会文化环境等因素对央行法定独立性反通胀效应的制约作用。一些发展中国家和转型国家法定央行独立性的反通胀效应不显著就与这些因素有关。

The paper provides a survey of the anti-inflation effect of the central-bank＇s independence through building credibility of monetary policy,analyses the correlative experimental evidence,assesses the credibility of these evidences,and makes further analysis on the determining factors on the effectiveness of legal independence of the central bank.These factors include judicial independence,characteristics of the political system and financial system,and historical environment.