Gatekeepers of Growth: The International Political Economy of Central Banking in Developing Countries


Central banks can shape economic growth, influence a country's foreign relations, and determine the extent of its democracy. Gatekeepers of Growth is the first book- length study focused on central banking in emerging market countries. Surveying the worldwide trend toward increased central bank independence in the 1990s, the book argues that global forces must be at work. Going beyond an explanation of central bank independence, Sylvia Maxfield posits a general framework for analyzing the impact of different types of international capital flows on the politics of economic policymaking in developing countries. The book suggests that central bank independence in emerging market countries does not spring from law but rather from politics. As long as politicians value them, central banks will enjoy independence. Central banks are most likely to be independent in developing countries when politicians desire international creditworthiness. This is an ambitious book that summarizes a lot of arguments and brings together a lot of evidence on a topic of growing interest to economists, political scientists and policymakers.... This book will be a valuable complement to the large and growing literature on the economics of central banks in industrial countries. DLStephen B. Webb, Senior Economist, The World Bank A first-rate book on a very important issue: the sources and effects of central bank independence. DLRobert Kaufman, Rutgers University

Additional information

Publisher: Place of publication:
  • Princeton, NJ
Publication year:
  • 1997


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