Journal: Visnyk of the National Bank of Ukraine
Year: 2016

This article introduces the hypothesis that resource-rich countries display a low degree of central bank independence (CBI).This hypothesis is proven based on multivariable regression, but the influence of resource factors is not considered strong enough compared with previous inflationary experience and the characteristics of the political regime.It stresses that the impact of the commodity wealth factor on CBI choice is direct (through the share of commodity exports in total export) and indire