Independência do banco centralteoria e aplicações para o Brasil

Resumo

This paper aims at studying the relevance of the Central Bank of Brazil’s independence for the efficiency of the stabilization policy in the country. Initially, it presents and discusses the main theoretical results concerning the central banks’ independence. The normative theory emphasizes that it is efficient to appoint conservative individuals to high offices in independent central banks. The positive theory show that the degree of independent is negatively correlated with the mean inflation, the inflation variability and the inflationary uncertainly, but is positively correlated with the credibility of monetary policy. Applications for the Brazilian experience discuss the importance of the central Bank of Brazil’s independence for the efficiency of the stabilization policy, focusing on the periods of high inflation (1980/93) and moderate inflation 1994/...). Indicators for the degree of independence are also established and signal a substantial increase of the independence after the Real Plan.

Ficha do documento

Tipo

Artigo científico

Ano

1998

Instituição

Instituto de Pesquisa Econômica Aplicada (Ipea)

Fonte

Repositório do Ipea

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.ipea.gov.br:11058/5516

Licença

Licença Comum

Abrangência

Brasil; Década de 90

Temas

Dados

Palavras-chave

Independência do Banco Central do Brasil (Bacen)Política de estabilização