Central Bank Independence: The Case of North African Central Banks

1Aguir, A. (2018). Central Bank Credibility, Independence, and Monetary Policy. Journal of Central Banking Theory and Practice, 7 (3), 91-110. Search in Google Scholar

2Akaaboune, M. (2017). La politique monétaire au Maroc. Revue Marocaine des Sciences Politiques et Sociales, Hors - Série - Volume XIV: Avril, 273-309.Search in Google Scholar

3Alesina, A. & Stella, A., (2011). The politics of monetary policy. In: Friedman, B., Woodford, M. (Eds.), Handbook of Monetary Economics. Amsterdam, North Holland, 1001–1054.Search in Google Scholar

4Alesina, A. & Summers, L., (1993). Central bank independence and macroeconomic performance: some comparative evidence. Journal of Money, Credit, and Banking 25, 151–162.Search in Google Scholar

5Alesina, A., (1988). Macroeconomics and politics. NBER Macroeconomics Annual 3, 13–52Search in Google Scholar

6Arnone, M., Laurens, B. J., Segalotto, J. & Sommer, M. (2007). Central Bank Autonomy: Lessons from Global Trends. IMF, Working Paper 88.Search in Google Scholar

7Bade, R. & Parkin, M. (1982). Central bank laws and inflation-a comparative analys mimeo, University of Western Ontario, London.Search in Google Scholar

8BAM (2006). Law No. 76-03 on the former statutes of “Bank Al-Maghrib”. available at: https://www.bkam.ma/content/download/302168/2700645/Statut%20BAM%20loi%2076-03_fr.Search in Google Scholar

9BAM (2019). Law No. 40-17 of 21 June 2019 on the statutes of “Bank Al-Maghrib”. available at: https://www.bkam.ma/en/About-us/Statute-and-missions Search in Google Scholar

10Banaian, K. (2008). Measuring Central Bank Independence: Ordering, Raking or Scoring?. St. Cloud State University, Economics Faculty, Working Paper 3.Search in Google Scholar

11Barro, R.J. & Gordon, D.B. (1983). Rules, discretion and reputation in a model of monetary policy. NBER Working Paper No.1079.Search in Google Scholar

12BCT (2016). Law n°2016-35 of 25 April 2016, on the status of the Central Bank of Tunisia. available at: https://www.bct.gov.tn/bct/siteprod/page.jsp?id=81&la=AN Search in Google Scholar

13Berger, H., de Haan, J., &Eijffinger, S., (2001). Central bank independence: an update of theory and evidence. Journal of Economic Surveys 15, 3 – 40.Search in Google Scholar

14Berger, W. & Kißmer, F., (2013). Central bank independence and financial stability: a tale of perfect harmony?. European Journal of Political Economy 31, 109–118.Search in Google Scholar

15Bezhoska, A. A. (2017). Central Bank Independence: The Case of the National Bank of the Republic of Macedonia. Journal of Central Banking Theory and Practice, 6(3), 35-65. doi: 10.1515/jcbtp-2017-0020.Search in Google Scholar

16BOA (2003). Ordinance No. 03-11 of 26 August 2003 on money and credit. available at : https://www.bank-of-algeria.dz/cadre-reglementaire-2 Search in Google Scholar

17BOA (2010). Ordinance No. 10-04 of 26 August 2010 amending and supplementing Ordinance No. 03-11 on money and credit. available at : https://www.bank-of-algeria.dz/cadre-reglementaire-2 Search in Google Scholar

18Cargill, T. (2016) The myth of central Bank independence. Mercatus Working Paper, George Mason UniversitySearch in Google Scholar

19CBE (2020). Law No. 194 of 2020 promulgating the Law on the Central Bank and the Banking System. available at : https://www.cbe.org.eg/en/laws-regulations/laws/banking-lawsSearch in Google Scholar

20CBL (2012). Law No. 46 of 05 July 2012 on banks. available at : https://cbl.gov.ly/en/laws Search in Google Scholar

21Cukierman, A. & Webb, S.B., (1995). Political influence on the central bank: international evidence. The World Bank Economic Review 9(3), 397–423.Search in Google Scholar

22Cukierman, A. (1992). Central Bank Strategy, Credibility and Independence: Theory and Evidence. Cambridge, Massachsetts: MIT Press.Search in Google Scholar

23Cukierman, A. (1994). Central Bank Independence and Monetary Control. Economic Journal, 104, issue 427, 1437-48Search in Google Scholar

24Cukierman, A. (2008). Central bank independence and monetary policy-making institutions: past, present and future. European Journal of Political Economy 24 (4), 722–736.Search in Google Scholar

25Cukierman, A. (2009). Central bank finances and independence-how much capital should a central bank have? In S. Milton & P. Sinclair (Eds.), The capital needs of central banks. New York, USA: Routledge.Search in Google Scholar

26Cukierman, A., Miller, G.,Neyapti, B., (2002). Central Bank Reform, Liberalization and Inflation in Transition Economies – an International Perspective, Journal of Monetary Economics, Vol.49, 237-264.Search in Google Scholar

27Cukierman, A., S. B. Webb & B. Neyapti (1992). Measuring the Independence of Central Banks and its Effect on Policy Outcomes. The World Bank Economic Review, 6(3), 353-398. Available at:http://documents.worldbank.org/curated/en/797831468739529187/Measuring-theindependence-of-central-banks-and-its-effect-on-policy-outcomes Search in Google Scholar

28Čihák, M. (2007). Central Bank Independence and Financial Stability. IMF, MimeoSearch in Google Scholar

29Ćorić, T. & Cvrlje, D. (2009). Central bank independence: The Case of Croatia, EFZG Working Paper series 09.Search in Google Scholar

30de Haan, J., Bodea, C., Hicks, R., & Eijffinger, S. C. (2018). Central bank independence before and after the crisis. Comparative Economic Studies, 60(2), 183–202. doi:10.1057/s41294-017-0050-4Search in Google Scholar

31Debelle, G. & Fischer, S., (1995). How independent should a central bank be? In: Fuhrer, J.C. (Ed.), Goals, Guidelines and Constraints Facing Monetary Policymakers, Federal Reserve Bank of Boston. Conference Series No. 38, 195 – 221.Search in Google Scholar

32Doumpos, M., Gaganis, C. & Pasioras, F., (2015). Central bank independence, financial supervision structure and bank soundness: An empirical analysis around the crisis. Journal of Banking & Finance 61, 69-83.Search in Google Scholar

33Dumiter, F.C. (2011). Estimating the Impact of Central Bank Independence upon Macroeconomic Performance using a Panel Data Model, Journal for Economic Forecasting, 4, 106-128.Search in Google Scholar

34Dvorsky, S. (2007). Central bank independence in Southeastern Europe with a view to EU integration-revisited. Austrian Central Bank, Focus on European Economic Integration, 1, 101-114.Search in Google Scholar

35Elgin, C., Yalaman, A., Yasar, S. & Basbug, G. (2021). Economic policy responses to the COVID-19 pandemic: The role of central bank independence. Economics Letters, 204, 109874.Search in Google Scholar

36Fabris, N. (2006). Centralno bankarstvo u teoriji i praksi, Podgorica: Centralna banka Crne GoreSearch in Google Scholar

37Fabris, N. (2018). Challenges for Modern Monetary Policy. Journal of Central Banking Theory and Practice, 7(2), 5-24.Search in Google Scholar

38Feld, L.P. & Voigt, S., (2003). Economic growth and judicial independence: cross-country evidence using a new set of indicators. European Journal of Political Economy 19, 497 – 527.Search in Google Scholar

39Fischer, S., (1995). Central bank independence revisited. American Economic Review 85, 201–206.Search in Google Scholar

40Fouad, J. M., Fayed, M. E., & Emam, H. T. A. (2019). A New Insight into the Measurment of Central Bank Independence. Journal of Central Banking Theory and Practice, 8(1), 67-96. Search in Google Scholar

41Goodhart, C. and Lastra, R., (2018). Populism and central bank independence. Open Economies Review, 29, 49–68.Search in Google Scholar

42Grilli, V., D. Masciandaro, G. Tabellini, E. Malinvaud & M. Pagano (1991). Political and Monetary Institutions and Public Financial Policies in the Industrial Countries. Economic Policy, 6(13), 341-392. doi: 10.2307/1344630Search in Google Scholar

43Guler, A. 2020. Does Monetary Policy Credibility Help in Anchoring Inflation Expectations? Evidence from Six Inflation Targeting Emerging Economies. Journal of Central Banking Theory and Practice, 10 (1), 93-112. Search in Google Scholar

44Gutiérrez, E., (2003). Inflation performance and constitutional central bank independence: evidence from Latin America. IMF Working Paper, 03/53. International Monetary Fund, Washington. Search in Google Scholar

45Hartley, J.S. & Rebucci, A., (2020). An event study of COVID-19 central bank quantitative easing in advanced and emerging economies. National Bureau of Economic Research, Cambridge, MA, NBER Working Paper 27339.Search in Google Scholar

46Hayo, B. & Hefeker, C., (2002). Reconsidering central bank independence. European Journal of Political Economy 18, 653 – 674.Search in Google Scholar

47Hayo, B. & Voigt, S., (2008). Inflation, Central Bank Independence, and the Legal System. Journal of Institutional and Theoretical Economics, 164(4), 751-777.Search in Google Scholar

48Issing, O. (2006). Central Bank Independence - Economic and Political Dimension. National Institute Economic Review, 196, 66-76. doi: 10.1177/0027950106067048Search in Google Scholar

49Issing, O. (2018). The uncertain future of central bank independence. Hawks and Doves: Deeds and Words, 25.Search in Google Scholar

50Ivanović, V. (2014). Financial Independence of Central Bank trhrough the Balance Sheet Prism. Journal of Central Banking Theory and Practice, 3(2), 37-59.Search in Google Scholar

51Jácome, L., and Vasquez, F. (2005). Any Link Between Legal Central Bank Independence and Inflation? Evidence from Latin America and the Caribbean, IMF WP, No.05/75.Search in Google Scholar

52Jácome, L.I. & Vazquez, F., (2008). Any link between legal central bank independence and inflation? Evidence from Latin America and the Caribbean. European Journal of Political Economy 24, 788–801Search in Google Scholar

53Jácome, L.I. (2001). Legal Central Bank Independence and Inflation in Latin America during the 1990s. IMF, Working Paper 212.Search in Google Scholar

54Jordan, T., (2017). Central bank independence since the financial crisis: the Swiss perspective [Speech]. Swiss National Bank. Available from: https://www.snb.ch/en/mmr/speeches/id/ref_20171109_tjn/source/ref_20171109_tjn.en.pdf. Search in Google Scholar

55Khan, A., (2017). Central Bank legal frameworks in the aftermath of the global financial crisis. IMF working paper no. 17/101Search in Google Scholar

56Klomp, J., de Haan, J., (2009). Central bank independence and financial instability. Journal of Financial Stability 5, 321–338.Search in Google Scholar

57Kokoszczyński, R., & Mackiewicz-Łyziak, J. (2020). Central bank independence and inflation-old story told new. International Journal of Finance and Economics, 77, 72–89.Search in Google Scholar

58Kozińska, M. (2022). CEE EU Central Banks’ Policy during the First Wave of COVID-19. Journal of Central Banking Theory and Practice, 11(3), 5-32.Search in Google Scholar

59Kydland, F. & Prescott, E. (1977). Rules rather than discretion: the inconsistency of optimal plans. Journal of Political Economy, 85(3), 473-491.Search in Google Scholar

60Lohmann, S., 1998. Federalism and central bank independence: the politics of German monetary policy, 1957–1992. World Politics 50, 401–446Search in Google Scholar

61Maslowska, A. A., (2011). Quest for the Best: How to Measure Central Bank Independence and Show its Relationship with Inflation. Czech Economic Review, 5(2), 132-161.Search in Google Scholar

62Mersch, Y. (2017). Central Bank independence revisited. https://wwwecbeuropaeu/press/key/date/2017/html/sp170330en.html Accessed 30 MarchSearch in Google Scholar

63Monami, B.S. & Amand, S.T. (2014). Central Bank Independence in North Africa. CIGI Policy Brief, 36.Search in Google Scholar

64Mosser, P. C. (2020). Central bank responses to COVID-19. Business Economics, 55(4), 191-201.Search in Google Scholar

65Neyapti, B. (2002). Central bank independence and economic performance in eastern Europe. Econ. Systems 26, 1.Search in Google Scholar

66Oatley, T. (1999). Central Bank Independence and Inflation: Corporatism, Partisanship, and Alternative Indices of Central Bank Independence. Public Choice, 98, 399-413.Search in Google Scholar

67Orphanides, A. (2018). The Boundaries of Central Bank Independence: Lessons from Unconventional Times. IMES Discussion Paper Series 18-E-10, Institute for Monetary and Economic Studies, Bank of Japan.Search in Google Scholar

68Pisha, A. (2011). Eurozone Indices: A New Model For Measuring Central Bank Independence. Special Conference Paper Series of the Bank of Greece. Greece: Bank of Greece, 1-58.Search in Google Scholar

69Radović, M., Radonjić, M. & Đurašković, J. (2018). Central Bank Independence – The Case of the Central Bank of Montenegro. Journal of Central Banking Theory and Practice, 7(3), 25-40.Search in Google Scholar

70Rogoff, K. (1985). The optimal degree of commitment to a monetary target. Quarterly Journal of Economics, 100(4), 1169-1190.Search in Google Scholar

71Smaghi, L.B. (2008). Central bank independence in the EU: From theory to practice. European Law Journal, 14(4), 446-460.Search in Google Scholar

72Vallet, G. (2021). Great Power, Great Responsibility: Addressing the Underestimated Issue of Central Bank’s Social Responsibility. Journal of Central Banking Theory and Practice, 10(3), 23-39.wSearch in Google Scholar