المستخلص: |
This paper investigates the relationship between independence of central bank and inflation in the Egyptian economy during the period (1961-2003) by employing cointegration analysis. The paper uses the turnover rate of central bank governors as a measure of independence of central bank. The results show that Egyptian central bank governors experienced a high turnover rate. Also, the results indicate that there is a positive relationship between the turnover rate of central bank gov¬ernors and inflation in the Egyptian economy, which is statistically sig¬nificant and agrees with previous studies.
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