"Given its fortunes and misfortunes, the history of Latin American central banking offers rich and essential lessons that are also applicable to North America, Europe, and, indeed, to the rest of the world. By distilling these lessons, so many of them very painfully learned, Luis Jácome makes a masterful and invaluable contribution. For the new generation of central bankers, policymakers, and citizens?indeed, for anyone interested in promoting good practices in central banking?this is a must read."?Agustin Carstens, former general manager, Bank for International Settlements "Jácome's book is a commendable exploration of how central bank independence, or the lack thereof, has emerged as a pivotal institutional factor in Latin America, shaping both macroeconomic stability and instability over the past century. Essential reading for economic policymakers and political leaders alike."?Rodrigo Valdés, Western Hemisphere department director, IMF "In the last four decades central bank independence assumed a progressively crucial role in shaping the evolution of monetary policy economics. This fascinating book explains why, how, and to what effects central bank independence can influence the monetary policy story in Latin American countries. The book targets primarily researchers, academics, and professionals, but also university students in economics, political economy, and finance who are studying macroeconomics, particularly if they focus on emerging and developing countries.

"?Donato Masciandaro, professor of economics and Chair in Economics of Financial Regulation, Bocconi University.