Central bank and economic development: a bibliometric review of relevant literature, current streams and directions for future research

Abstract

Central banks and economic growth are two vital components in constructing a country that aid in increasing output, employment rates and economy. Central banks are crucial to economic growth because they ensure financial and economic stability. This research paper aims to better understand the role of central banks in economic growth through the application of bibliometric analysis. The analysis resulted in identifying six streams related to the research topic: unemployment, financial crisis, financial system, inflation, interest rate and capital movement. Additionally, the relationship of central banks and economic development is primarily examined in terms of inflation impact, monetary policy and developing economies. Another key finding of this research states that the financial crisis may have appeared recurrently as it had influenced many central banks to develop robust policies.

Keywords Bibliometric analysis, Central banks, Cluster analysis, Economic development, Economic growth