Central Bank Transparency: Causes, Consequences and Updates
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Nergiz Dincer
We present updated estimates of central bank transparency for 100 countries up through 2006 and use them to analyze both the determinants and consequences of monetary policy transparency in an integrated econometric framework. We establish that there has been significant movement in the direction of greater central bank transparency in recent years. Transparent monetary policy arrangements are more likely to be found in countries with strong and stable political institutions. They are more likely to be found in democracies, with their culture of transparency. Using these political determinants as instruments for transparency, we show that more transparency in monetary policy operating procedures is associated with less inflation variability, though not also with less inflation persistence.
©2011 Walter de Gruyter GmbH & Co. KG, Berlin/Boston
Articles in the same Issue
- Article
- Introduction
- Political Economy of Supplying Money to a Growing Economy: Monetary Regimes and the Search for an Anchor to Stabilize the Value of Money
- Alternative Approaches to Money
- The Meanings of Money: A Sociological Perspective
- Central Bank Transparency: Causes, Consequences and Updates
- The Crisis of Invented Money: Liquidity Illusion and the Global Credit Meltdown
- International Financial Centers: The British-Empire, City-States and Commercially Oriented Politics
- The Jurisprudence of Global Money
- Credit Cooperatives in Early Israeli Statehood: Financial Institutions and Social Transformation
- Applied Legal History: Demystifying the Doctrine of Odious Debts
- Inventing Industrial Statistics
- The Moneylender as Magistrate: Nicholas Biddle and the Ideological Origins of Central Banking in the United States
- Coin Reconsidered: The Political Alchemy of Commodity Money
- Elements of Negotiability in Jewish Law in Medieval Christian Spain
- The Role of Lawyers in Producing the Rule of Law: Some Critical Reflections
Articles in the same Issue
- Article
- Introduction
- Political Economy of Supplying Money to a Growing Economy: Monetary Regimes and the Search for an Anchor to Stabilize the Value of Money
- Alternative Approaches to Money
- The Meanings of Money: A Sociological Perspective
- Central Bank Transparency: Causes, Consequences and Updates
- The Crisis of Invented Money: Liquidity Illusion and the Global Credit Meltdown
- International Financial Centers: The British-Empire, City-States and Commercially Oriented Politics
- The Jurisprudence of Global Money
- Credit Cooperatives in Early Israeli Statehood: Financial Institutions and Social Transformation
- Applied Legal History: Demystifying the Doctrine of Odious Debts
- Inventing Industrial Statistics
- The Moneylender as Magistrate: Nicholas Biddle and the Ideological Origins of Central Banking in the United States
- Coin Reconsidered: The Political Alchemy of Commodity Money
- Elements of Negotiability in Jewish Law in Medieval Christian Spain
- The Role of Lawyers in Producing the Rule of Law: Some Critical Reflections
