... economic analyses: a reappraisal Bank of Japan Monetary and Economic Studies, 14, 79 ±99 Givazzi, F and Pagano, M (1988) The advantage of tying one's hands Ð EMS discipline and central bank credibility ... when are independent central banks irrelevant? World Bank, mimeo Kilponen, J (1999a) Central bank independence and wage bargaining structure Ð empirical evidence Bank of Finland Discussion Paper ... Central bank independence, inflation, and growth in transition economies Journal of Money, Credit and Banking, 29, 381±399 Mangano, G (1998) Measuring central bank independence: a tale of subjectivity...