Measuring Central Bank Independence: Ordering, Ranking, or Scoring?

Central bank independence (CBI)as an area for international comparison and for study by international political economists has been around for approximately two decades, spurred on by the work of Bade and Parkin (1982). It probably reached its full fruition with the work of Cukierman and others, centering on work done at the World Bank. There are others too, and we should not ignore them, but since the mid-1990s most of the work done has centered on the Cukierman-type model. Interest in the CBI intensified after models of monetary policy found the likelihood of an inflationary bias in monetary policy operated by democratic governments. That analysis turned on the potential for monetary surprises being perpetrated by governments seeking electoral advantage. Later analysis found that if such incentives were fully anticipated by the public, inflation rates in democracies are higher than they would be if somehow government could make a credible commitment to price stability. The search began for how to establish monetary institutions that can be viewed as credible commitments. Delegation of monetary policy to an independent central bank was one strand of that exploration

Measuring Central Bank Independence: Ordering, Ranking, or Scoring?

Central bank independence (CBI)as an area for international comparison and for study by international political economists has been around for approximately two decades, spurred on by the work of Bade and Parkin (1982). It probably reached its full fruition with the work of Cukierman and others, centering on work done at the World Bank. There are others too, and we should not ignore them, but since the mid-1990s most of the work done has centered on the Cukierman-type model. Interest in the CBI intensified after models of monetary policy found the likelihood of an inflationary bias in monetary policy operated by democratic governments. That analysis turned on the potential for monetary surprises being perpetrated by governments seeking electoral advantage. Later analysis found that if such incentives were fully anticipated by the public, inflation rates in democracies are higher than they would be if somehow government could make a credible commitment to price stability. The search began for how to establish monetary institutions that can be viewed as credible commitments. Delegation of monetary policy to an independent central bank was one strand of that exploration

THE POLITICAL ECONOMY OF STATE TERROR

This paper analyzes factors contributing to terrorism, using its initial meaning from the French Revolution in which the state is the terrorist. The independent economic variables are mineral exports/GDP, military expenditures/GDP, real GDP growth, real per capita GDP, and population density, and the dependent variable is democide, the murder of people by government. Analysis of the data indicates that mineral exports and poor economic performance (both level and growth of income) increase the probability of democides. However, once regime type (democracy) is controlled for, only mineral exports remain statistically robust. Therefore, the control of rents seems to be a major factor contributing to democides.Democide, Terror, Rent seeking,

Campaign resources and electoral success: Evidence from the 2002 French parliamentary elections

We examine the factors that improve the candidates’ likelihood of winning an election by drawing on information from campaign resources used by candidates running in the 2002 French parliamentary election. The main effects that we wish to analyze are the candidates’ gender, political affiliation and possible incumbency. We find that the contributions the candidates received and their political affiliations determine their acceding to the second round of the elections. But surprisingly once they make it to the second round, the contributions cease to be relevant; only the candidates’ gender, incumbency and the actual spending rather than the contribution levels matter. Copyright Springer Science+Business Media, LLC 2007Campaign resources, Elections, Donations, France,