Abstract
A recent article by Caporale and Caporale (2008, thisJournal) provides an important finding on the determinants of the sacrifice ratio: central bank independence is not a determining factor for the sacrifice ratio when political regimes and other factors are controlled for. Our replication study shows that their result is driven by errors in the data. With correct data, it can be found that central bank independence is positively and significantly correlated with the sacrifice ratio, even when the nature of the political regime is controlled for.
| Original language | English |
|---|---|
| Pages (from-to) | 1035-1042 |
| Number of pages | 8 |
| Journal | Journal of Money, Credit and Banking |
| Volume | 43 |
| Issue number | 5 |
| DOIs | |
| Publication status | Published - 2011 Aug |
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Keywords
- Central bank independence
- E31
- E52
- F41
- Openness
- Political regimes
- Sacrifice ratio
ASJC Scopus subject areas
- Finance
- Accounting
- Economics and Econometrics
Cite this
Central Bank Independence, Political Regimes, and the Sacrifice Ratio : A Replication Study of Caporale and Caporale (2008). / Katayama, Hajime; Ponomareva, Natalia; Sharma, Malvin.
In: Journal of Money, Credit and Banking, Vol. 43, No. 5, 08.2011, p. 1035-1042.Research output: Contribution to journal › Article
}
TY - JOUR
T1 - Central Bank Independence, Political Regimes, and the Sacrifice Ratio
T2 - A Replication Study of Caporale and Caporale (2008)
AU - Katayama, Hajime
AU - Ponomareva, Natalia
AU - Sharma, Malvin
PY - 2011/8
Y1 - 2011/8
N2 - A recent article by Caporale and Caporale (2008, thisJournal) provides an important finding on the determinants of the sacrifice ratio: central bank independence is not a determining factor for the sacrifice ratio when political regimes and other factors are controlled for. Our replication study shows that their result is driven by errors in the data. With correct data, it can be found that central bank independence is positively and significantly correlated with the sacrifice ratio, even when the nature of the political regime is controlled for.
AB - A recent article by Caporale and Caporale (2008, thisJournal) provides an important finding on the determinants of the sacrifice ratio: central bank independence is not a determining factor for the sacrifice ratio when political regimes and other factors are controlled for. Our replication study shows that their result is driven by errors in the data. With correct data, it can be found that central bank independence is positively and significantly correlated with the sacrifice ratio, even when the nature of the political regime is controlled for.
KW - Central bank independence
KW - E31
KW - E52
KW - F41
KW - Openness
KW - Political regimes
KW - Sacrifice ratio
UR - http://www.scopus.com/inward/record.url?scp=79960610193&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=79960610193&partnerID=8YFLogxK
U2 - 10.1111/j.1538-4616.2011.00406.x
DO - 10.1111/j.1538-4616.2011.00406.x
M3 - Article
AN - SCOPUS:79960610193
VL - 43
SP - 1035
EP - 1042
JO - Journal of Money, Credit and Banking
JF - Journal of Money, Credit and Banking
SN - 0022-2879
IS - 5
ER -