Notes: In panel a), MFI loans are adjusted for sales, securitisation and cash pooling activities. In panel b), MFI loans are adjusted for sales and securitisation. The latest observations are for January 2023.
Accountability, in turn, is related to at least two dimensions. First, the type of central bank independence: the closer we move towards the independence goal, the higher the need for transparency and accountability. The second dimension is the number of goals set for the independent central bank.