March 2014 issue contents
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