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Abstract

This article introduces the hypothesis that resource-rich countries display a low degree of central bank independence (CBI). This hypothesis is proven based on multivariable regression, but the influence of resource factors is not considered JEL Codes: E58, E59, O23, Q33Keywords: central bank independence, indexes of central bank independence, "resource curse", commodities export, exchange reserves, exchange rates, quality of institutions А. IntroductionThe instability of price trends for commodities increasingly corresponds to strengthening of globally-centric determinants of behavior of primary resources markets. Scales of fluctuations of prices for commodities, synchronization of cycles of price trends with the global liquidity cycle, and strengthening of the relationship between world prices for commodities, capital flows, and global financial imbalances prove that resource-rich countries, for which the export of commodities or semi-finished products made from them is important to the economy's structure, fall within a qualitatively different macrofinancial framework compared to countries, where fluctuations in terms of trade are not so essential and these fluctuations are not followed by significant changes of capital flows and their allocation. It is not a coincidence that, building on already established concepts of "Dutch disease" and "resource curse," the interests of commodity-exporting countries for macroeconomics has significantly risen during the last decade. It is proven both by special investigations of international financial organizations on optimal fiscal regimes for resource-rich countries and inclusive growth and steady development. In numerous publications, macroeconomic dilemmas of these countries are actually considered from a different point of view. The institutional, political, and economic aspects of analysis of the macroeconomic profile of commodity economies indicate that the benefits of "rent seeking" fully deform macroeconomic policy, due to which conventional macroeconomic tools often become direct welfare redistribution levers. Monetary policy authorities can be directly involved in redistributive political dilemmas or into realization of infrastructural projects and projects for economic diversification. The status of the central bank in commodity economies is being distorted under the influence of institutional deformities.First, the central bank can come under pressure on account of the impact of serious fluctuations of commodity prices on internal monetary processes. A combination of serious fluctuations of export prices with fluctuations of terms of trade and reverses of capital flows should somehow correlate how the behavior of aggregate demand is being transmitted to inflation, economic growth, and employment. Analogously, how inflation behavior impacts export sector competitiveness through its