Central bank independence (CBI) solves the time inconsistency problem faced by policymakers with respect to monetary policy. However, it does not solve their underlying incentives to manipulate the economy for political gains. Unable to use monetary policy, and often limited in their ability to...

International lenders of last resorts are often accused to create financial instability because they generate moral hazard. The evidence for this is thin and plagued with measurement error. Examining the case of the US, we use the number of American troops hosted by third countries to measure...

Despite a recent surge in the academic literature on central bank independence (CBI), little is known about its drivers in authoritarian states. Our theoretical argument starts from the simple idea that no country is an island. Whereas autocratic regimes possessing abundant resource wealth have...