The Limits of Delegation : Veto Players , Central Bank Independence and the Credibility of Monetary Policy

  title={The Limits of Delegation : Veto Players , Central Bank Independence and the Credibility of Monetary Policy},
  author={Philip E. Keefer and David Stasavage},
Governments unable to make credible promises hinder economic development and effective policy making. Scholars have focused considerable attention on checks and balances and the delegation of authority to independent agencies as institutional solutions to this problem. The political conditions under which these institutions enhance credibility, rather than policy stability, are still unclear, however. We show that checks – multiple veto players – enhance credibility, depending on the extent of… CONTINUE READING
Highly Cited
This paper has 31 citations. REVIEW CITATIONS

From This Paper

Figures, tables, and topics from this paper.


Publications referenced by this paper.
Showing 1-10 of 33 references

Public Debt and the Birth of the Democratic State: France and Great Britain 1688-1789

  • Stasavage, David
  • 2003

Politics and the Determinants of Banking Crises: The Effects of Political Checks and Balances.

  • Keefer, Philip
  • In Banking, Financial Integration, and…
  • 2002

Inflation in Developing Cantries : Does Central Bank Independence Matter ? New Evidence Based on a New Data Set

  • George. Tsebelis
  • Ifo Studien
  • 2001

Representation or Abdication? How Citizens Use Institutions to Help Delegation Succeed.

  • Lupia, Arthur, Mathew D. McCubbins
  • European Journal of Political Research
  • 2000

A State within the State? An Event Study on the Bundesbank.

  • Berger, Helge, Jakob de Haan
  • Scottish Journal of Political Economy
  • 1999

Checks and Balances, and the Supply of Central Bank Independence.

  • Moser, Peter
  • European Economic Review
  • 1999

Delegating powers : a transaction cost politics approach to policy making under separate powers

  • Epstein, David, Sharyn O'Halloran
  • New York : Cambridge University Press.
  • 1999

Partially Independent Central Banks, Politically Responsive Governments, and Inflation.

  • Franzese, J Robert, Jr.
  • American Journal of Political Science
  • 1999

Similar Papers

Loading similar papers…