Average of the scores across these six dimensions of the index, i.e. the raw average of the four components:
(1) governor and central bank board,
(2) monetary policy and conflict resolution,
(3) objectives,
(4) limitations on lending to the government,
(5) financial independence and
(6) reporting and disclosure.

The index ranges from 0 to 1 where 0 corresponds to the lowest level of independence to 1, the highest level.

This extended index incorporates the characteristics of both the GMT and CWN indices and, includes new criteria that capture good practices in central bank financial independence and reporting and disclosure.

This index is in a scale from 0 to 1 where 1 indicates more central bank independence.

For more details about the construction of this index, please visit https://academic.oup.com/economicpolicy/article/37/112/641/6516019