The Autonomy of the Central Bank of Chile: Origins and Legitimacy
Abstract
The Central Bank of Chile was granted autonomy through its Basic Constitutional Act that was enacted in October 1989, towards the end of the military regime. Because of this origin, in its beginnings this reform was subject to strong criticism. This paper analyzes the political and economic processes that explain how the Bank’s independence gradually gained legitimacy and ultimately obtained the widespread acceptance it enjoys today.
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