As already mentioned, there are significant measurement problems relating to central bank independence. Furthermore, researchers argue that the causal relationship observed between central bank independence and low and stable inflation might be influenced by some other common factors such as the extent of inflation averseness and the credibility that the central bank enjoys.
While many Latin American countries changed the legal and operational framework, the change was prompted by people's aversion to high and chronic inflation. The causality between the rate of inflation and the degree of independence of the central bank may be viewed as bi-directional, since it would be argued that persistent high inflation led to changes in the operational framework in many countries.