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Res Publica - Journal of Undergraduate Research

Abstract

Central banks are instrumental to shaping and implementing monetary policy in both industrial and developing countries. They affect exchange rates, interest rates, and the success of private banks within their home country. Today, the world economy is becoming more globalized with the passing of each day, so international financial flows are very important to both developing and developed countries. Central banks, when allowed a degree of independence in policymaking, aid in formulating monetary policy that promotes economic stability within their respective countries, and create an atmosphere friendly for foreign investment. A vast amount of research has been devoted to investigating autonomy of central banks in developed countries and factors that affect their autonomy. This study aims to examine the behavior of central banks in sub-Saharan Africa and to determine what political factors affect central bank independence in sub-Saharan African countries?

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