The effects of institutional independence on initial central bank responses to the COVID-19 crisis

Glinavos, I. 2023. Forthcoming. The effects of institutional independence on initial central bank responses to the COVID-19 crisis. in: Central Banking in a Post-Pandemic World Routledge.

Chapter titleThe effects of institutional independence on initial central bank responses to the COVID-19 crisis
AuthorsGlinavos, I.
Abstract

The paper investigates whether institutional independence contributes positively to central bank responses to economic emergencies. The paper examines initial central bank responses to the economic effects of the covid-19 pandemic investigating the correlation between independence and policy responsiveness. A comparison is made of ECB, BoE and Fed responses to the economic upheaval caused by the global pandemic with their comparable reactions to the financial crisis of 2008. The paper offers an evaluation of the contribution of institutional independence in responding to economic emergency and assesses the balance between monetary and fiscal policies achieved in 2020. The paper offers a summary of the nature and role of central banks; explains the idea of institutional independence and its contribution to policy making, offers background to the economic impacts of the pandemic and positions the role of central banks within wider policy responses. An evaluation of central bank responses at the beginning of the pandemic, and the value of independence in articulating that response, contributes to the debate as to the nature, function, and future of central banking. The conclusions of the paper advance the debate on the value of independent institutions within a changing global political economy, placing focus on policy effectiveness while departing from a literature primarily concerned with policy design.

KeywordsCentral banks, institutional independence, financial crisis, covid-19, pandemic, economic emergency, economic crisis, prudential regulation, monetary policy, fiscal policy
Book titleCentral Banking in a Post-Pandemic World
Year2023
PublisherRoutledge

Related outputs

Hagia Sophia at ICSID? The Limits of Sovereign Discretion
Glinavos, I. 2022. Hagia Sophia at ICSID? The Limits of Sovereign Discretion. in: European Yearbook of International Economic Law 2021 Springer. pp. 253-273

Which Way Huawei? ISDS Options for Chinese Investors
Glinavos, I. 2020. Which Way Huawei? ISDS Options for Chinese Investors. in: Handbook of International Investment Law and Policy Springer.

Institutional metamorphosis
Glinavos, I. 2020. Institutional metamorphosis. in: Yağcı, M. (ed.) Political Economy of Central Banking in Emerging Economies Routledge. pp. 23-37

To ISDS or not to ISDS: A question of legitimacy in dispute resolution
Glinavos, I. 2019. To ISDS or not to ISDS: A question of legitimacy in dispute resolution. in: A brand new world: the evolution and future of arbitration London Chartered Institute of Arbitrators (CIArb).

Brexit, the City and Options for ISDS
Glinavos, I. 2018. Brexit, the City and Options for ISDS. ICSID Review - Foreign Investment Law Journal. 33 (2), pp. 380-405. https://doi.org/10.1093/icsidreview/siy003

Huffington Post: No-Deal Brexit and Fear
Glinavos, I. 2017. Huffington Post: No-Deal Brexit and Fear.

Newsweek: The City of London is preparing for a hard Brexit
Glinavos, I. 2017. Newsweek: The City of London is preparing for a hard Brexit. Newsweek.

Forbes: Brexit Negotiations: A Greek Tragedy
Glinavos, I. 2017. Forbes: Brexit Negotiations: A Greek Tragedy. Forbes.

The Conversation: Why TTIP will live on – but not for the EU
Glinavos, I. 2016. The Conversation: Why TTIP will live on – but not for the EU. The Conversation.

Solar Eclipse: Investment Treaty Arbitration and Spain’s Photovoltaic Troubles
Ioannis Glinavos 2016. Solar Eclipse: Investment Treaty Arbitration and Spain’s Photovoltaic Troubles. in: Gurdgiev, C., Leonard, L. and Gonzalez-Perez, M.A. (ed.) Lessons from the Great Recession: at the crossroads of sustainability and recovery Bingley, Yorkshire, UK Emerald. pp. 251-271

Public interests, private disputes: Investment arbitration and the public good
Glinavos, I. 2016. Public interests, private disputes: Investment arbitration and the public good. Manchester Journal of International Economic Law. 13 (1), pp. 50-62.

The Conversation: Why leaving the euro is back on the agenda in the Greek election
Glinavos, I. 2015. The Conversation: Why leaving the euro is back on the agenda in the Greek election. The Conversation.

A Crisis Beyond Law, or a Crisis of Law?
Glinavos, I. 2014. A Crisis Beyond Law, or a Crisis of Law? European Journal of Law Reform. 2014 (4), pp. 679-691.

Haircut Undone? The Greek Drama and Prospects for Investment Arbitration
Glinavos, I. 2014. Haircut Undone? The Greek Drama and Prospects for Investment Arbitration. Journal of International Dispute Settlement. 5 (3), pp. 475-497. https://doi.org/10.1093/jnlids/idu008

Redefining the market-state relationship: Responses to the financial crisis and the future of regulation
Glinavos, I. 2013. Redefining the market-state relationship: Responses to the financial crisis and the future of regulation. Routledge.

'You are on my property': Economic, legal and moral objections to regulation from a banker's perspective
Glinavos, I. 2012. 'You are on my property': Economic, legal and moral objections to regulation from a banker's perspective. in: Perry-Kessaris, A. (ed.) Socio-Legal Approaches to International Economic Law: Text, Context, Subtext Routledge. pp. 195-207

Investor Protection v. State Regulatory Discretion
Glinavos, I. 2011. Investor Protection v. State Regulatory Discretion. European Journal of Law Reform. 1, 2011.

Regulation and the Role of Law in Economic Crisis
Glinavos, I. 2010. Regulation and the Role of Law in Economic Crisis. European Business Law Review. 21 (4), pp. 539-557.

Neoliberalism and the law in post communist transition: The evolving role of law in Russia's transition to capitalism
Glinavos, I. 2010. Neoliberalism and the law in post communist transition: The evolving role of law in Russia's transition to capitalism. Routledge.

Transition or development? Reassessing priorities for law reform
Glinavos, I. 2010. Transition or development? Reassessing priorities for law reform. Progress in Development Studies. 10 (1), pp. 59-74. https://doi.org/10.1177/146499340901000104

Neoliberal Law: unintended consequences of market-friendly law reforms
Glinavos, I. 2008. Neoliberal Law: unintended consequences of market-friendly law reforms. Third World Quarterly. 29 (6), pp. 1087-1099. https://doi.org/10.1080/01436590802201055

Permalink - https://westminsterresearch.westminster.ac.uk/item/vyyw9/the-effects-of-institutional-independence-on-initial-central-bank-responses-to-the-covid-19-crisis


Share this

Usage statistics

38 total views
1 total downloads
These values cover views and downloads from WestminsterResearch and are for the period from September 2nd 2018, when this repository was created.