Cross-Country and Cross-Sector Analysis of Transparency of Monetary and Financial Policies

45 Pages Posted: 29 Jan 2006

See all articles by V. Sundararajan

V. Sundararajan

International Monetary Fund (IMF)

Udaibir Das

International Monetary Fund (IMF)

Plamen K. Iossifov

International Monetary Fund (IMF) - African Department

Multiple version iconThere are 2 versions of this paper

Date Written: May 2003

Abstract

In this paper we construct indices of transparency of monetary and financial policies, based on self-evaluations carried out by 135 IMF member countries in 1999, and use them to identify transparency patterns across different policies and country groups. We find that across all countries, transparency is highest in the formulation and conduct of monetary policy and lowest in insurance supervision and deposit-insurance oversight. Across country groups having similar political/economic characteristics, the average degree of transparency is highest in advanced countries and lowest in developing ones for both monetary policy and those financial policies for which there are differences between country group means.

Keywords: transparency, international financial architecture, standards and codes

JEL Classification: E58, G38

Suggested Citation

Sundararajan, V. and Das, Udaibir and Iossifov, Plamen K., Cross-Country and Cross-Sector Analysis of Transparency of Monetary and Financial Policies (May 2003). IMF Working Paper, Vol. , pp. 1-45, 2003. Available at SSRN: https://ssrn.com/abstract=879170

V. Sundararajan

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Udaibir Das

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Plamen K. Iossifov (Contact Author)

International Monetary Fund (IMF) - African Department ( email )

1700 19th Street, NW
Washington, DC 20431
United States

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