The widely cited measures of de jure independence are of limited use in establishing a relationship between central bank institutional design and price stability because they do not measure or even approximate de facto independence
Note that these changes in de facto independence
can be driven either by the executive branch or the central bank, or both.
First, the turnover rate of central bank leadership was utilized as a proxy for de facto independence
; however, this is not a suitable proxy because low turnover rates may imply acquiescence to the government and high turnover rates may be because of unrelated factors such as scandals like those that occurred at the Bank of Japan in 1998.
Beijing threatens to attack if Taiwan moves to formalize its de facto independence
Since Ma took office last year, cross-strait relations have turned a corner, as Ma has increasingly de-emphasized Taiwan's sovereignty as a means to woo China, which rankles over Taiwan's de facto independence
and the pro-sovereignty rhetoric of Ma's predecessors.
In fact, such has been the case since Kurdistan acquired a sort of de facto independence
in 1991, with those two parties being regularly voted into power - first separately, and now collectively - that they have almost established a sense of predictable complacency.
China has repeatedly warned that any Taiwanese moves to formalise its de facto independence
could be met with war.
Interest centres on the Russians of southern and eastern Ukraine, and on Transdniestria, which would love its de facto independence
from Moldova to be formally recognised by Russia.
Later the State Duma, the lower house, was expected to approve a similar measure.The two regions are internationally recognised as part of Georgia, but they have enjoyed de facto independence
since breaking from Tbilisi's control in the early 1990s.
Saakashvili last week ordered Georgian troops into the tiny enclave of South Ossetia, which has maintained de facto independence
since 1992, in a bid to restore "constitutional order".
The conflict began on Friday when Georgia launched a largescale military operation to retake South Ossetia, which has had de facto independence
TheUnited Nations Security Council met yesterday for the fourth time in as many days to try to resolve a conflict that began when Georgia launched a large-scale military operation to retake South Ossetia, which has had de facto independence