The Independence of Central Banks, Political Institutional Quality and Financial Sector Development in Africa

IF 1.2 Q3 BUSINESS, FINANCE

Journal of Emerging Market Finance Pub Date : 2020-01-14 DOI:10.1177/0972652719877474

A. Agoba, J. Abor, K. A. Osei, J. Sa-Aadu

引用次数: 8

Abstract

Central Bank Independence (CBI) as a mechanism for achieving lower inflation and effective regulation and supervision of the financial sector should promote financial sector development. Though there is not much difference in CBI legal provisions, it seems to be more effective in developed countries than in African countries. There are suggestions that this could be due to differences in political institutional quality. Using panel data from 1970 to 2012, we find that CBI does not promote financial development in Africa. The impact of CBI is dependent on the level of development of a country. CBI promotes financial development more in countries with strong political institutions. JEL codes: E02; E44; E58

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非洲中央银行独立性、政治体制质量和金融部门发展

中央银行独立性（CBI）作为一种降低通货膨胀和有效监管金融部门的机制，应促进金融部门的发展。尽管CBI的法律条款没有太大区别，但它在发达国家似乎比在非洲国家更有效。有人认为，这可能是由于政治制度质量的差异。利用1970年至2012年的面板数据，我们发现CBI并没有促进非洲的金融发展。CBI的影响取决于一个国家的发展水平。CBI在拥有强大政治机构的国家更多地促进金融发展。JEL代码：E02；E44；E58

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Emerging Market Finance BUSINESS, FINANCE-

CiteScore

1.80

自引率

33.30%

发文量

期刊介绍： The Journal of Emerging Market Finance is a forum for debate and discussion on the theory and practice of finance in emerging markets. While the emphasis is on articles that are of practical significance, the journal also covers theoretical and conceptual aspects relating to emerging financial markets. Peer-reviewed, the journal is equally useful to practitioners and to banking and investment companies as to scholars.