The ultimate determinants of central bank independence



21

Table 4.1. Table based on estimation with all restrictions.

Sample period 1960 - 1993 for all variables (except for NAIRU: 1960 - 1988).

OPCBI = -0.098 * NAIRU M + 0.038 * WLEFT M - 0.039 * VPROD M + 2.025 * SLOPE M
(-1.296)                (0.054)        (-0.638)                (2.008)

Note:     _M means that variables are taken in deviation form their mean.

Т-values in parentheses.

Country

Indices

ES

LVAU

Transformed Indices

OPCBI

OPCBI N

Differences (INDEX-OPCBI)

AL

GMTT

AL_N

GMTTN

ES-N

AL-N

GMTTN

ES-N

LVAU

AvDIFF

Australia

1

9

1

0.31

0.00

0.56

0.00

-0.026

0.415

-0.42

0.15

-0.42

-0.11

-0.20

Austria

9

3

0.58

0.56

0.50

0.158

0.460

0.10

0.04

0.12

0.09

Belgium

2

7

3

0.19

0.33

0.44

0.50

-0.08

0.401

-0.07

0.04

0.10

-0.21

-0.04

Canada

2

11

1

0.46

0.33

0.69

0.00

-0.160

0.381

-0.05

0.31

-0.38

0.08

-0.01

Denmark

2

8

4

0.47

0.33

0.50

0.75

0.037

0.430

-0.10

0.07

0.32

0.04

0.08

Finland

2

3

0.27

0.33

0.50

-0.141

0.386

-0.06

0.11

-0.12

-0.02

France

2

7

2

0.28

0.33

0.44

0.25

-0.140

0.386

-0.06

0.05

-0.14

-0.11

-0.07

Germany

4

13

5

0.66

1.00

0.81

1.00

0.246

0.482

0.52

0.33

0.52

0.18

0.39

Ireland

7

0.39

0.44

-0.485

0.300

0.14

0.09

0.12

Italy

1.5

5

2

0.22

0.17

0.31

0.25

-0.659

0.256

-0.09

0.05

-0.01

-0.04

-0.02

Japan

3

6

3

0.16

0.67

0.38

0.50

-0.403

0.320

0.35

0.06

0.18

-0.16

0.11

Netherlands

2

10

4

0.42

0.33

0.63

0.75

0.152

0.459

-0.13

0.17

0.29

-0.04

0.07

NewZealand

1

3

3

0.27

0.00

0.19

0.50

-0.393

0.323

-0.32

-0.13

0.18

-0.05

-0.08

Norway

2

2

0.14

0.33

0.25

0.281

0.491

-0.16

-0.24

-0.35

-0.25

Spain

1

5

1

0.21

0.00

0.31

0.00

-1.213

0.118

-0.12

0.19

-0.12

0.09

0.01

Sweden

2

2

0.27

0.33

0.25

1.072

0.689

-0.36

-0.44

-0.42

-0.41

Switzerland

4

12

5

0.68

1.00

0.75

1.00

0.852

0.634

0.37

0.12

0.37

0.05

0.23

UK

2

6

2

0.31

0.33

0.38

0.25

0.551

0.559

-0.23

-0.18

-0.31

-0.25

-0.24

US_______

3

12

3

0,51

0,67

0,75

0,50

0,632

0,579

0,09

0,17

-0,08

-0,07

0,03



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