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030 Department Bulletin Papers = 本学紀要論文
*Hitotsubashi journal of economics
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このアイテムのアクセス数:
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2024-03-29
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このアイテムへのリンクには次のURLをご利用ください: https://doi.org/10.15057/22025
このアイテムへのリンクには次のURLをご利用ください: https://hdl.handle.net/10086/22025
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cover_22025
pdf
HJeco0520201430
pdf
593 KB
1,486
詳細情報
詳細情報出力
Title
A Macro-economic Consequence of the Central Bank's Reserve Fund: A Political-economic Perspective
Creator
Creator Name
Kim, Iljoong
Kim, Iljoong
Affiliation
Affiliation Name
SungKyunKwan University
Creator Name
Kim, Inbae
Kim, Inbae
Affiliation
Affiliation Name
Ewha Womans University
Key Word
retained profits
central banking
transparency
bureaucratic discretion
inflationary bias
JEL
D73
K42
E58
Abstract
Academic attention to the central bank's retained profits has been scarce, although their magnitudes are nontrivial. This paper confirms that the profits retained as a reserve fund, if combined with unconstrained bureaucratic discretion, can engender inflationary bias. This result is intriguing because the previous literature emphasizes a similar distortion in monetary policy for the opposite case where those profits are turned over to the Treasury. We therefore propose that some external changes in central-banking institutions alone may not warrant their desired 'outcome' without reining in excessive discretion. This proposition can provide a beneficial implication for establishing the meaningful independence of central banks.
Publisher
Hitotsubashi University
Issued Date
2011-12
Language
英語(eng)
Resource Type
departmental bulletin paper(紀要論文)
Version Type
VoR
selfDOI
10.15057/22025
ISSN
0018-280x
NCID
AA00207547
Source Title
Hitotsubashi Journal of Economics
Volume Number
52
Issue Number
2
Page Start
143
Page End
163
Appears in Collections
Vol. 52, no. 2 (Dec. 2011)
URL
https://hdl.handle.net/10086/22025
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