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Central Bank Capital Adequacy For Central Banks With Or Without A Monetary Policy

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Executive Summary

In the economic literature the large number of papers dealing with the issue of central bank independence surprisingly contrasts with the limited attention that has been paid to analyses and determinants of central banks' financial autonomy. Only over the last few years has the issue of central banks' financial autonomy attracted the interest of some scholars. There are many explanations for this new interest. Despite such growing interest, most of the theoretical arguments and empirical findings presented in the paper have associated CBCA with the conduct of monetary policy without considering those institutional cases where a central bank or a monetary authority exists but is not responsible for the conduct of monetary policy.

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