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However, it is argued that central banks’ finances could have an impact on their policy pursuit and outcomes due to “soft” considerations, such as political independence, credibility and reputation. A government can try to limit the autonomy of a loss-making central bank, as the losses do have long- term fiscal implications (reduced net transfers of dividends to public budgets) and their origins may be viewed as controversial. To avoid such negative consequences, a central bank may abstain from potentially loss-generating activities in the first instance, or try to improve its finances by allowing higher inflation once the losses have occurred. . | Conference Edition China 2030 Conference Edition China 2030 Building a Modern Harmonious and Creative High-Income Society The World Bank Development Research Center of the State Council the People s Republic of China The World .
