The relationship between central bank independence and systemic fragility: Global evidence
This study investigates the relationship between central bank independence and financial stability in a global sample covering 56 countries from 1980 to 2012. We find strong and robust evidence that central bank independence and its four dimensions (personnel independence, financial independence, po...
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| Định dạng: | Journal article |
| Ngôn ngữ: | English |
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Taylor & Francis
2022
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| Truy cập trực tuyến: | http://scholar.dlu.edu.vn/handle/123456789/738 |
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oai:scholar.dlu.edu.vn:123456789-7382022-08-03T14:01:09Z The relationship between central bank independence and systemic fragility: Global evidence Nguyễn, Đức Nguyên Đặng, Thu Thủy Central bank independence Systemic risk Democracy This study investigates the relationship between central bank independence and financial stability in a global sample covering 56 countries from 1980 to 2012. We find strong and robust evidence that central bank independence and its four dimensions (personnel independence, financial independence, policy independence, and central bank objectives) are negatively associated with bank systemic risk. In addition, the results indicate that the reductive effect of central bank independence on systemic risk is more pronounced during actual episodes of banking crises. Moreover, our results suggest that the democratic environment plays a vital role in moderating the central bank independence − systemic risk nexus. 2022-08-03T10:39:52Z 2022-08-03T10:39:52Z 2022 Journal article Bài báo đăng trên tạp chí thuộc ISI, bao gồm book chapter http://scholar.dlu.edu.vn/handle/123456789/738 10.1080/23322039.2022.2087290 en Cogent Economics & Finance Taylor & Francis |
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Thư viện Trường Đại học Đà Lạt |
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Thư viện số |
| language |
English |
| topic |
Central bank independence Systemic risk Democracy |
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Central bank independence Systemic risk Democracy Nguyễn, Đức Nguyên Đặng, Thu Thủy The relationship between central bank independence and systemic fragility: Global evidence |
| description |
This study investigates the relationship between central bank independence and financial stability in a global sample covering 56 countries from 1980 to 2012. We find strong and robust evidence that central bank independence and its four dimensions (personnel independence, financial independence, policy independence, and central bank objectives) are negatively associated with bank systemic risk. In addition, the results indicate that the reductive effect of central bank independence on systemic risk is more pronounced during actual episodes of banking crises. Moreover, our results suggest that the democratic environment plays a vital role in moderating the central bank independence − systemic risk nexus. |
| format |
Journal article |
| author |
Nguyễn, Đức Nguyên Đặng, Thu Thủy |
| author_facet |
Nguyễn, Đức Nguyên Đặng, Thu Thủy |
| author_sort |
Nguyễn, Đức Nguyên |
| title |
The relationship between central bank independence and systemic fragility: Global evidence |
| title_short |
The relationship between central bank independence and systemic fragility: Global evidence |
| title_full |
The relationship between central bank independence and systemic fragility: Global evidence |
| title_fullStr |
The relationship between central bank independence and systemic fragility: Global evidence |
| title_full_unstemmed |
The relationship between central bank independence and systemic fragility: Global evidence |
| title_sort |
relationship between central bank independence and systemic fragility: global evidence |
| publisher |
Taylor & Francis |
| publishDate |
2022 |
| url |
http://scholar.dlu.edu.vn/handle/123456789/738 |
| _version_ |
1768305837781024768 |