Central Bank Independence in an African Context: the Case of Zambia
Chinyanta, N. Justin
2010
- Submitted in partial fulfillment of the degree of Master of Laws in International Law at the Fletcher School of Law and Diplomacy. Abstract: This paper examines the importance of central banks and the argument made for their independence, especially in developing countries. The subject is deemed topical in view of the prevailing economic crisis and the reaction of governments and central banks. ... read moreUtilizing a historical analysis of how the concept and legal frameworks have evolved in England, the United States, the European Community, China and some African countries, the paper then focuses on the case study of Zambia to study the implications and impact. Interestingly the paper's findings are that CBI matters in developing countries not only for the monetary arguments made in more developed economies, but as a preemptive mechanism for defending public assets, as well as a best practice tool for transparency (and therefore lessening corruption) in the public sector. In Zambia's case specifically, it is found that CBI is a necessary (though not sufficient) condition for stability in the financial sector and therefore critical to the attraction of Foreign Direct Investment, whilst providing for a more transparent and accountable framework for Official Development Assistance.read less
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- 6m312123r
- Component ID:
- tufts:UA015.012.077.00016
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