Current developments in the field of comparative political economy hav
e emphasised the role and influence of corporatist institutions in the
determination of levels of economic and social performance. Without d
enying the importance of corporatism, the paper argues for the need to
acknowledge and examine the impact of other institutions, such as cen
tral banks, on economic performance. Given the increasing role of mone
tary policy in fashioning economic development, central banks have ass
umed a key economic and political role in policy formation. Against th
is background, the paper explores the theoretical and empirical implic
ations of central bank independence, and suggests that a greater empha
sis should be placed on the nature and type of central bank independen
ce and on the institutional linkages between central banks and other s
tate institutions.