2022.9-IMF-从历史的角度看拉丁美洲的中央银行独立性与通货膨胀-英-55页.pdf

Central Bank Independence and Inflation in Latin America—Through the Lens of History Luis I. Jácome and Samuel Pienknagura WP/22/186 IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. 2022 SEP © 2022 International Monetary Fund WP/22/186 IMF Working Paper Western Hemisphere Department Central Bank Independence and Inflation in Latin America—Through the Lens of History Luis I. Jácome and Samuel Pienknagura* Authorized for distribution by Gustavo Adler September 2022 IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. ABSTRACT: We study the link between central bank independence and inflation by providing narrative and empiricial evidence based on Latin America’s experience over the past 100 years. We present a novel historical dataset of central bank independence for 17 Latin American countries and recount the rocky journey traveled by Latin America to achieve central bank independence and price stability. After their creation as independent institutions, central bank independence was eroded in the 1930s at the time of the Great Depression and following the abandonement of the gold exchange