Motivated by a positive correlation between reserve accumulation and the widespread adoption of central bank independence legislation in Latin America, this paper develops sovereign default model with an independent that can accumulate risk-free foreign asset. I show if is more patient than government as households are, equilibrium, issues debt what socially optimal, accumulates reserves to und...

Mark Carney, Value(s): Building a Better World for All. William Collins (2021), 608 pp. ISBN: 978-0008463618 (hb, £30.00); 978-0008421199 (pb, £10.99); 978-0008421144 (e-book, £5.99) Ben S. Bernanke, 21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19. WW Norton & Co (2022), 512 978-1324020462 £25.00); 978-1324020479 £25.00) Bank of England Act 1998 marked pra...