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A macro-economic consequence of the central bank's reserve fund: A political-economic perspective

Title
A macro-economic consequence of the central bank's reserve fund: A political-economic perspective
Authors
Kim I.
Ewha Authors
김인배
SCOPUS Author ID
김인배scopus
Issue Date
2011
Journal Title
Hitotsubashi Journal of Economics
ISSN
0018-280XJCR Link
Citation
vol. 52, no. 2, pp. 143 - 163
Indexed
SSCI; SCOPUS WOS scopus
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, ;/ 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. © Hitotsubashi University.
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사회과학대학 > 경제학전공 > Journal papers
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