Fiscal Anchors Beyond Budgets—How Central Bank Independence Shapes Policy Credibility

超越预算的财政锚点：央行独立性如何塑造政策公信力

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Central bank independence is rarely about insulating technocrats from politics—it’s about anchoring intertemporal commitments to credible disinflation or financial stability goals.
When governments retain formal control over monetary appointments while delegating operational decisions, credibility hinges on observable consistency—not legal statutes alone.

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