Inflation targeting has become a cornerstone framework for contemporary monetary policy governance, yet its effectiveness varies significantly across countries. This study employs panel data from five countries—New Zealand, Canada, South Korea, Poland, and South Africa—over the period 2010 to 2020 to empirically examine the impact mechanisms of central bank independence and policy transparency on inflation dynamics. The findings indicate that institutional independence of central banks significantly contributes to curbing inflation levels, enhancing policy credibility and implementation stability. Meanwhile, policy transparency effectively reduces inflation volatility by stabilizing publ... More >