| Publication type: | Article in scientific journal |
| Type of review: | Peer review (publication) |
| Title: | On the impossibility of central bank independence : four decades of time- (and intellectual) inconsistency |
| Authors: | Hartwell, Christopher A. |
| et. al: | No |
| DOI: | 10.1093/cje/bex083 |
| Published in: | Cambridge Journal of Economics |
| Volume(Issue): | 43 |
| Issue: | 1 |
| Page(s): | 61 |
| Pages to: | 84 |
| Issue Date: | 2019 |
| Publisher / Ed. Institution: | Oxford University Press |
| ISSN: | 0309-166X 1464-3545 |
| Language: | English |
| Subjects: | Institutional arrangement; Shadow economy; Formal and informal sector; International monetary |
| Subject (DDC): | 332.1: Banks |
| Abstract: | The intellectual justification for modern central banking, time-inconsistency, celebrated its fortieth anniversary in 2017 alongside the Cambridge Journal of Economics. However, the key progeny of the time-inconsistency literature, central bank independence, has fundamental flaws that have been thus far neglected in mainstream research. In the first instance, the argument for independence relies on a utilitarian rather than institutional analysis, one that neglects the genesis of central banks and their relation to other institutions within a country. Second, central bank independence neglects the complex interdependencies of the global monetary and financial system. Applying an institutional lens to the concept of central bank independence, I conclude that ‘independence’ fails under the reality of globalization as much as it does in a domestic context. With central banks reliant on all manner of political institutions, they are never really independent operationally or in terms of policy. |
| URI: | https://eprints.bournemouth.ac.uk/30487/ https://digitalcollection.zhaw.ch/handle/11475/22674 |
| Fulltext version: | Published version |
| License (according to publishing contract): | Licence according to publishing contract |
| Departement: | School of Management and Law |
| Organisational Unit: | International Management Institute (IMI) |
| Appears in collections: | Publikationen School of Management and Law |
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Hartwell, C. A. (2019). On the impossibility of central bank independence : four decades of time- (and intellectual) inconsistency. Cambridge Journal of Economics, 43(1), 61–84. https://doi.org/10.1093/cje/bex083
Hartwell, C.A. (2019) ‘On the impossibility of central bank independence : four decades of time- (and intellectual) inconsistency’, Cambridge Journal of Economics, 43(1), pp. 61–84. Available at: https://doi.org/10.1093/cje/bex083.
C. A. Hartwell, “On the impossibility of central bank independence : four decades of time- (and intellectual) inconsistency,” Cambridge Journal of Economics, vol. 43, no. 1, pp. 61–84, 2019, doi: 10.1093/cje/bex083.
HARTWELL, Christopher A., 2019. On the impossibility of central bank independence : four decades of time- (and intellectual) inconsistency. Cambridge Journal of Economics [online]. 2019. Bd. 43, Nr. 1, S. 61–84. DOI 10.1093/cje/bex083. Verfügbar unter: https://eprints.bournemouth.ac.uk/30487/
Hartwell, Christopher A. 2019. “On the Impossibility of Central Bank Independence : Four Decades of Time- (and Intellectual) Inconsistency.” Cambridge Journal of Economics 43 (1): 61–84. https://doi.org/10.1093/cje/bex083.
Hartwell, Christopher A. “On the Impossibility of Central Bank Independence : Four Decades of Time- (and Intellectual) Inconsistency.” Cambridge Journal of Economics, vol. 43, no. 1, 2019, pp. 61–84, https://doi.org/10.1093/cje/bex083.
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