O niektórych nowszych interpretacjach zasady niezależności banku centralnego
On some recent interpretations of the central bank independence principle

Author(s): Andrzej Wojtyna
Subject(s): Economy
Published by: Wydawnictwo Uniwersytetu Ekonomicznego w Poznaniu
Keywords: central bank independence;accountability;macroeconomic and financial stability;populism;Global Financial Crisis;
Summary/Abstract: Between the mid-1990s and the Global Financial Crisis (GFC) central bank independence was a generally accepted principle guiding monetary strategies and policies in both advanced and emerging market economies. During the GFC it became clear that the responsibility of central banks goes beyond macroeconomic stability and has to encompass financial stability as well. This largely unexpected broadening of central banks’ mandate posed new theoretical and practical challenges and dilemmas. The COVID-19 pandemic and the Russian invasion of Ukraine have further complicated the already difficult trade-offs and have increased the role of interactions between economic and political factors. The aim of the chapteris to present and assess some new directions in research that emphasize these interactions. The recent arguments of some leading economists are cited, confronted, and discussed. The chapter also draws attention to the development of research on the central bank independence principle in the area of political economy and politics. The chapter concludes that there is a necessity to complement the research with the case studies of specific countries in specific periods, which makes it possible to capture specific aspects and institutional details that, at certain moments in history, may determine far-reaching changes in the functioning of central banks, and consequently in the entire economy. Hence the economic history return is observed.

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