Central Bank Independence (CBI) as a mechanism for achieving lower inflation and effective regulation and supervision of the financial sector should promote financial sector development. Though there is not much difference in CBI legal provisions, it seems to be more effective in developed countries than in African countries. There are suggestions that this could be due to differences in political institutional quality. Using panel data from 1970 to 2012, we find that CBI does not promote financial development in Africa. The impact of CBI is dependent on the level of development of a country. CBI promotes financial development more in countries with strong political institutions.

JEL codes: E02; E44; E58

中央银行独立（CBI）作为实现较低通胀的机制，对金融部门进行有效的监管应能促进金融部门的发展。尽管CBI法律条款没有太大差异，但在发达国家似乎比在非洲国家更有效。有建议认为，这可能是由于政治体制质量的差异所致。使用1970年至2012年的面板数据，我们发现CBI不会促进非洲的金融发展。CBI的影响取决于一个国家的发展水平。CBI在拥有强大政治体制的国家中促进金融发展。

JEL代码：E02；E44; E58