Central Bank Transparency and Independence: Updates and New Measures
by N. Nergiz Dincera and Barry Eichengreenb
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.
JEL Codes: E0, E4, F0.
Full article (PDF, 65 pages, 831 kb)
a TED University, Ankara, Turkey
b University of California, Berkeley