Central Bank Transparency and Independence: Updates and New Measures
56 Pages Posted: 20 Mar 2015
Date Written: September 4, 2013
This paper reports updated measures of transparency and independence for more than 100 central banks. The indices show that there has been steady movement in the direction of greater transparency and independence over time. In addition, we show that outcomes such as the variability of inflation are significantly affected by both central bank transparency and independence. Disentangling the impact of the two dimensions of central bank arrangements remains difficult, however.
Keywords: Central Bank, Transparency, Independence
JEL Classification: E00, E04, F00
Suggested Citation: Suggested Citation