| Accountability Aspects | Constant | Accountability | R2 (adj.) |
| Objectives | 3.638 [9.943] | 0.306 [1.670] | 0.05 |
| Transparency | 4.569 [12.934] | -0.309 [-1.303] | 0.02 |
| Final responsibility | 5.501 [15.199] | -0.525 [-4.0279] | 0.33 |
| Accountability | 5.064 [9.280] | -0.160 [-1.726] | 0.06 |
| CRITERIA | Points | |
| Personal Independence | ||
| 1. Appointment of the central bank board members | ||
| a) All the appointments to the central bank board are made independently of the government. | 1.00 | |
| b) More than half of the appointments to the central board are made independently of the government. | 0.66 | |
| c) Less than half of the appointments to the central board are made independently of the government. | 0.33 | |
| d) Government has influence in all the appointments to the central bank board. | 0.00 | |
| 2. Mandate duration of more than half of the central bank board members. | ||
| a) Equal or more than eight years | 1.00 | |
| b) Between six and eight years. | 0.75 | |
| c) Five years. | 0.50 | |
| d) Four years. | 0.25 | |
| e) Less than four years. | 0.00 | |
| 3. Government (or other fiscal branches representatives) participation at central bank meetings, where monetary decisions are taken. | ||
| a) No government representation at central bank meetings. | 1.00 | |
| b) Government is represented at central bank meetings, but without right to vote. | 0.50 | |
| c) Government is represented at central bank meetings, with right to vote. | 0.00 | |
| Political Independence | ||
| 4. Ultimate responsibility and authority on monetary policy decisions. | ||
| a) Central bank has the ultimate (final) responsibility on monetary policy decisions. | 1.00 | |
| b) Central bank has not the ultimate responsibility on monetary policy decisions. | 0.00 | |
| 5. Price stability | ||
| a) It is the sole objective. | 1.00 | |
| b) It is one of two objectives, but it is given preference to price stability. | 0.66 | |
| c) It is one among various others objectives. | 0.33 | |
| d) Law does not establish anything about policy objectives. | 0.00 | |
| 6. Banking supervision | ||
| a) Not considered in the objectives or functions of the central bank. | 1.00 | |
| b) It is one of the central bank functions or objectives, where we find also price stability as a policy objective. | 0.50 | |
| c) It dominates other central bank functions or objectives. | 0.00 | |
| 7. Monetary policy instruments | ||
| a) Central bank enjoys autonomy is monetary policy instruments selection. | 1.00 | |
| b) Central bank is not autonomous in the selection of monetary policy instruments. | 0.00 | |
| Economic and Financial Independence | ||
| 8. Government financing | ||
| a) Central Bank cannot directly finance the government. | 1.00 | |
| b) Law allows that central bank provide credit facilities to government and other financing help. | 0.00 | |
| 9. Ownership of the central bank’s (equity) capital | ||
| a) Government does not own any central bank’s capital. | 1.00 | |
| b) Government owns less than half of the central banks capital. | 0.66 | |
| c) Government owns more than half of the central bank’s capital. | 0.33 | |
| d) Government owns all the central bank’s capital. | 0.00 | |
| Country | Independence | Accountability | |||||||
| Personal | Political | Economic and Financial | Total | Ultimate objectives | Trans- parency |
Final
respon- sibility |
Total | ||
| 1 | Argentina | 1.25 | 1.83 | 1.00 | 4.08 | 1 | 1 | 2 | 4 |
| 2 | Australia | 0.50 | 2.16 | 0.00 | 2.66 | 1 | 1 | 5 | 7 |
| 3 | Austria | 1.66 | 2.16 | 1.00 | 4.82 | 2 | 2 | 1 | 5 |
| 4 | Belgium | 1.75 | 1.50 | 0.00 | 3.25 | 0 | 0 | 4 | 4 |
| 5 | Canada | 0.50 | 1.83 | 0.00 | 2.33 | 1 | 2 | 4 | 7 |
| 6 | Chile | 2.00 | 1.83 | 1.00 | 4.83 | 1 | 1 | 3 | 5 |
| 7 | Czech republic | 2.75 | 2.16 | 1.00 | 5.91 | 3 | 1 | 2 | 6 |
| 8 | Denmark | 2.16 | 1.83 | 0.00 | 3.99 | 1 | 1 | 2 | 4 |
| 9 | EMU - ECB | 2.50 | 2.66 | 1.00 | 6.16 | 3 | 1 | 1 | 5 |
| 10 | England | 1.00 | 2.66 | 0.00 | 3.66 | 4 | 3 | 4 | 11 |
| 11 | Finland | 2.50 | 2.66 | 1.00 | 6.16 | 2 | 1 | 2 | 5 |
| 12 | France | 1.50 | 2.16 | 1.00 | 4.66 | 3 | 1 | 2 | 6 |
| 13 | Germany | 1.25 | 1.83 | 1.00 | 4.08 | 2 | 0 | 1 | 3 |
| 14 | Greece | 1.58 | 2.16 | 1.00 | 4.74 | 2 | 1 | 2 | 5 |
| 15 | Hungary | 1.58 | 1.83 | 0.00 | 3.41 | 1 | 1 | 2 | 4 |
| 16 | Iceland | 1.75 | 2.33 | 0.00 | 4.08 | 1 | 1 | 4 | 6 |
| 17 | Ireland | 1.00 | 2.16 | 1.00 | 4.16 | 2 | 1 | 2 | 5 |
| 18 | Italy | 2.16 | 2.16 | 1.00 | 5.32 | 0 | 1 | 1 | 2 |
| 19 | Japan | 1.00 | 1.83 | 0.00 | 2.83 | 1 | 2 | 3 | 6 |
| 20 | Korea | 0.75 | 2.16 | 0.00 | 2.91 | 3 | 2 | 4 | 9 |
| 21 | Luxemburg | 1.25 | 2.16 | 1.00 | 4.41 | 2 | 0 | 2 | 4 |
| 22 | Mexico | 1.83 | 1.33 | 0.00 | 3.16 | 1 | 1 | 2 | 4 |
| 23 | Netherlands | 1.75 | 2.16 | 0.00 | 3.91 | 2 | 1 | 2 | 5 |
| 24 | New Zealand | 1.83 | 2.16 | 1.00 | 4.99 | 4 | 2 | 4 | 10 |
| 25 | Norway | 1.58 | 1.83 | 0.00 | 3.41 | 1 | 1 | 5 | 7 |
| 26 | Poland | 1.25 | 2.16 | 0.00 | 3.41 | 2 | 3 | 3 | 8 |
| 27 | Portugal | 0.50 | 2.16 | 1.00 | 3.66 | 2 | 1 | 2 | 5 |
| 28 | Spain | 0.75 | 2.16 | 1.00 | 3.91 | 2 | 2 | 2 | 6 |
| 29 | Sweden | 2.75 | 2.16 | 1.00 | 5.91 | 2 | 1 | 1 | 4 |
| 30 | Switzerland | 2.08 | 2.33 | 1.00 | 5.41 | 1 | 1 | 2 | 4 |
| 31 | Turkey | 1.66 | 1.83 | 0.00 | 3.49 | 2 | 1 | 3 | 6 |
| 32 | USA | 2.00 | 1.83 | 0.00 | 3.83 | 1 | 3 | 2 | 6 |
Note: For each of the thirty-two central banks, we have analysed its current or recently updated Law Act or Statutes, according to the decomposition showed in the next page.
| Country | Personal | Political | Economic and Financial | Total | |||||||||
| (1) | (2) | (3) | Total | (4) | (5) | (6) | (7) | Total | (8) | (9) | Total | ||
| Argentina | 0,00 | 0,75 | 0,50 | 1,25 | 1,00 | 0,33 | 0,50 | 1,00 | 1,83 | 1,00 | nd | 1,00 | 4,08 |
| Australia | 0,00 | 0,50 | 0,00 | 0,50 | 0,00 | 0,66 | 0,50 | 1,00 | 2,16 | 0,00 | 0,00 | 0,00 | 2,66 |
| Austria | 0,66 | 0,50 | 0,50 | 1,66 | 1,00 | 0,66 | 0,50 | 1,00 | 2,16 | 1,00 | 1,00 | 1,00 | 4,82 |
| Belgium | 0,00 | 0,75 | 1,00 | 1,75 | 0,00 | 0,00 | 0,50 | 1,00 | 1,50 | 0,00 | 0,33 | 0,00 | 3,25 |
| Canada | 0,00 | 0,00 | 0,50 | 0,50 | 0,00 | 0,33 | 0,50 | 1,00 | 1,83 | 0,00 | 0,00 | 0,00 | 2,33 |
| Chile | 1,00 | 1,00 | 0,00 | 2,00 | 0,00 | 0,33 | 0,50 | 1,00 | 1,83 | 1,00 | nd | 1,00 | 4,83 |
| Czech Republic | 1,00 | 0,75 | 1,00 | 2,75 | 1,00 | 0,66 | 0,50 | 1,00 | 2,16 | 1,00 | nd | 1,00 | 5,91 |
| Denmark | 0,66 | 1,00 | 0,50 | 2,16 | 1,00 | 0,33 | 0,50 | 1,00 | 1,83 | 0,00 | nd | 0,00 | 3,99 |
| ECB | 1,00 | 1,00 | 0,50 | 2,50 | 1,00 | 0,66 | 1,00 | 1,00 | 2,66 | 1,00 | 1,00 | 1,00 | 6,16 |
| England | 0,00 | 0,00 | 1,00 | 1,00 | 0,00 | 0,66 | 1,00 | 1,00 | 2,66 | 0,00 | 0,00 | 0,00 | 3,66 |
| Finland | 1,00 | 0,50 | 1,00 | 2,50 | 1,00 | 0,66 | 1,00 | 1,00 | 2,66 | 1,00 | 0,00 | 1,00 | 6,16 |
| France | 0,00 | 1,00 | 0,50 | 1,50 | 1,00 | 0,66 | 0,50 | 1,00 | 2,16 | 1,00 | 0,00 | 1,00 | 4,66 |
| Germany | 0,00 | 0,75 | 0,50 | 1,25 | 1,00 | 0,33 | 0,50 | 1,00 | 1,83 | 1,00 | 0,00 | 1,00 | 4,08 |
| Greece | 0,33 | 0,75 | 0,50 | 1,58 | 1,00 | 0,66 | 0,50 | 1,00 | 2,16 | 1,00 | 0,66 | 1,00 | 4,74 |
| Hungary | 0,33 | 0,75 | 0,50 | 1,58 | 1,00 | 0,33 | 0,50 | 1,00 | 1,83 | 0,00 | 0,00 | 0,00 | 3,41 |
| Iceland | 0,00 | 0,75 | 1,00 | 1,75 | 1,00 | 0,33 | 1,00 | 1,00 | 2,33 | 0,00 | 0,00 | 0,00 | 4,08 |
| Ireland | 0,00 | 0,50 | 0,50 | 1,00 | 1,00 | 0,66 | 0,50 | 1,00 | 2,16 | 1,00 | 0,33 | 1,00 | 4,16 |
| Italy | 0,66 | 0,50 | 1,00 | 2,16 | 1,00 | 0,66 | 0,50 | 1,00 | 2,16 | 1,00 | 1,00 | 1,00 | 5,32 |
| Japan | 0,00 | 0,50 | 0,50 | 1,00 | 1,00 | 0,33 | 0,50 | 1,00 | 1,83 | 0,00 | 0,33 | 0,00 | 2,83 |
| Korea | 0,00 | 0,25 | 0,50 | 0,75 | 0,00 | 0,66 | 0,50 | 1,00 | 2,16 | 0,00 | nd | 0,00 | 2,91 |
| Luxemburg | 0,00 | 0,75 | 0,50 | 1,25 | 1,00 | 0,66 | 0,50 | 1,00 | 2,16 | 1,00 | 0,00 | 1,00 | 4,41 |
| Mexico | 0,33 | 1,00 | 0,50 | 1,83 | 1,00 | 0,33 | 0,00 | 1,00 | 1,33 | 0,00 | 0,00 | 0,00 | 3,16 |
| Netherlands | 0,00 | 0,75 | 1,00 | 1,75 | 1,00 | 0,66 | 0,50 | 1,00 | 2,16 | 0,00 | nd | 0,00 | 3,91 |
| New Zealand | 0,33 | 0,50 | 1,00 | 1,83 | 0,00 | 0,66 | 0,50 | 1,00 | 2,16 | 1,00 | nd | 1,00 | 4,99 |
| Norway | 0,33 | 0,25 | 1,00 | 1,58 | 0,00 | 0,33 | 0,50 | 1,00 | 1,83 | 0,00 | 0,00 | 0,00 | 3,41 |
| Poland | 0,00 | 0,75 | 0,50 | 1,25 | 0,00 | 0,66 | 0,50 | 1,00 | 2,16 | 0,00 | nd | 0,00 | 3,41 |
| Portugal | 0,00 | 0,50 | 0,00 | 0,50 | 1,00 | 0,66 | 0,50 | 1,00 | 2,16 | 1,00 | 0,00 | 1,00 | 3,66 |
| Spain | 0,00 | 0,25 | 0,50 | 0,75 | 1,00 | 0,66 | 0,50 | 1,00 | 2,16 | 1,00 | nd | 1,00 | 3,91 |
| Sweden | 1,00 | 0,75 | 1,00 | 2,75 | 1,00 | 0,66 | 0,50 | 1,00 | 2,16 | 1,00 | 0,00 | 1,00 | 5,91 |
| Switzerland | 0,33 | 0,75 | 1,00 | 2,08 | 1,00 | 0,33 | 1,00 | 1,00 | 2,33 | 1,00 | 1,00 | 1,00 | 5,41 |
| Turkey | 0,66 | 0,50 | 0,50 | 1,66 | 1,00 | 0,33 | 0,50 | 1,00 | 1,83 | 0,00 | 0,66 | 0,00 | 3,49 |
| USA | 0,00 | 1,00 | 1,00 | 2,00 | 0,00 | 0,33 | 0,50 | 1,00 | 1,83 | 0,00 | nd | 0,00 | 3,83 |
| maximum: | 1 | 1 | 1 | 3 | ---- | 1 | 1 | 1 | 3 | 1 | ---- | 1 | 7,00 |
| Country | Ultimate Objectives | Transparency | Final Responsibility | Total | |||||||||||||
| (1) | (2) | (3) | (4) | Total | (5) | (6) | (7) | Total | (8) | (9) | (10) | (11) | (12) | (13) | Total | ||
| Argentina | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 0 | 2 | 4 |
| Australia | 1 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 5 | 7 |
| Austria | 1 | 1 | 0 | 0 | 2 | 1 | 0 | 1 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 5 |
| Belgium | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 1 | 0 | 4 | 4 |
| Canada | 1 | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 2 | 1 | 1 | 1 | 0 | 1 | 0 | 4 | 7 |
| Chile | 1 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 1 | 0 | 1 | 1 | 0 | 1 | 0 | 3 | 5 |
| Czech Republic | 1 | 2 | 0 | 0 | 3 | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 0 | 2 | 6 |
| Denmark | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 0 | 2 | 4 |
| ECB | 1 | 1 | 1 | 0 | 3 | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 5 |
| England | 1 | 1 | 1 | 1 | 4 | 1 | 1 | 1 | 3 | 1 | 1 | 1 | 0 | 1 | 0 | 4 | 11 |
| Finland | 1 | 1 | 0 | 0 | 2 | 1 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 1 | 0 | 2 | 5 |
| France | 1 | 1 | 1 | 0 | 3 | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 0 | 2 | 6 |
| Germany | 1 | 1 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 3 |
| Greece | 1 | 1 | 0 | 0 | 2 | 1 | 0 | 0 | 1 | 0 | 1 | 0 | 0 | 1 | 0 | 2 | 5 |
| Hungary | 1 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 1 | 0 | 2 | 4 |
| Iceland | 1 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 1 | 1 | 1 | 1 | 0 | 1 | 0 | 4 | 6 |
| Ireland | 1 | 1 | 0 | 0 | 2 | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 0 | 2 | 5 |
| Italy | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 2 |
| Japan | 1 | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 2 | 1 | 1 | 0 | 0 | 1 | 0 | 3 | 6 |
| Korea | 1 | 1 | 1 | 0 | 3 | 1 | 1 | 0 | 2 | 1 | 1 | 1 | 0 | 1 | 0 | 4 | 9 |
| Luxemburg | 1 | 1 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 0 | 2 | 4 |
| Mexico | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 1 | 2 | 4 |
| Netherlands | 1 | 1 | 0 | 0 | 2 | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 0 | 2 | 5 |
| New Zealand | 1 | 1 | 1 | 1 | 4 | 1 | 0 | 1 | 2 | 1 | 1 | 0 | 0 | 1 | 1 | 4 | 10 |
| Norway | 1 | 0 | 0 | 0 | 1 | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 5 | 7 |
| Poland | 1 | 1 | 0 | 0 | 2 | 1 | 1 | 1 | 3 | 1 | 1 | 0 | 0 | 1 | 0 | 3 | 8 |
| Portugal | 1 | 1 | 0 | 0 | 2 | 1 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 1 | 0 | 2 | 5 |
| Spain | 1 | 1 | 0 | 0 | 2 | 1 | 0 | 1 | 2 | 1 | 0 | 0 | 0 | 1 | 0 | 2 | 6 |
| Sweden | 1 | 1 | 0 | 0 | 2 | 1 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 4 |
| Switzerland | 1 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 2 | 4 |
| Turkey | 1 | 0 | 1 | 0 | 2 | 1 | 0 | 0 | 1 | 0 | 1 | 0 | 1 | 1 | 0 | 3 | 6 |
| USA | 1 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 3 | 1 | 0 | 0 | 0 | 1 | 0 | 2 | 6 |
| maximum: | 1 | 1 | 1 | 1 | 4 | 1 | 1 | 1 | 3 | 1 | 1 | 1 | 1 | 1 | 1 | 6 | 13 |
