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 1 |
Keywords
- Central bank independence
- E31
- E52
- F41
- Openness
- Political regimes
- Sacrifice ratio
ASJC Scopus subject areas
- Accounting
- Finance
- Economics and Econometrics
Fingerprint Dive into the research topics of 'Central Bank Independence, Political Regimes, and the Sacrifice Ratio: A Replication Study of Caporale and Caporale (2008)'. Together they form a unique fingerprint.
Cite this
Katayama, H., Ponomareva, N., & Sharma, M. (2011). Central Bank Independence, Political Regimes, and the Sacrifice Ratio: A Replication Study of Caporale and Caporale (2008). Journal of Money, Credit and Banking, 43(5), 1035-1042. https://doi.org/10.1111/j.1538-4616.2011.00406.x