- Bajalan Saeed (University of Tehran, Iran), Raei Reza (University of Tehran, Iran), Tehrani Reza (University of Tehran, Iran)
- Development of an Index for Measuring Transparency of Central Banks
- Argumenta Oeconomica, 2012, nr 1 (28), s. 13-40, rys., tab., bibliogr. 22 poz.
- Słowa kluczowe
- Banki centralne, Wiarygodność informacji, Przejrzystość
Central banks, Reliability of information, Transparency
- Europejski Bank Centralny (EBC), Bank Centralny Anglii
European Central Bank (ECB), Bank of England
- Although introducing explicit indices for measuring the transparency of central banks has enabled many empirical researches about theoretical issues of central banks' transparencies, the simple and one-dimension definition of transparency behind many of these indices has raised doubts about their reliability. All of these indices explicitly or implicitly assume that making more information available or making more precise information would automatically lead to greater transparency. In other words, the fundamental presumption of all these indices is that there is no friction in the conveyance of information. In this paper, by applying the conceptual framework proposed by Winkler (2000), transparency has been defined as "the degree of genuine understanding of the monetary policy process and policy decisions by the public". In accordance with such a definition, an index based on the four elements of Openness, Clarity, Honesty and Common Understanding has been developed to measure the transparency of central banks. Using the proposed index for measuring the transparency of three major central banks: the Federal Reserve, the ECB and the Bank of England and comparing the results with that of Siklos(2010) reveals that not only our calculated transparency's score, but also our ranking is different from him. These two points highlight that central banks may find new ways of being transparent which could not be assessed just based on the openness on information, so the results of empirical studies conducted based on such indices could not be reliable.(original abstract)
- Dostępne w
- Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka Szkoły Głównej Handlowej w Warszawie
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Biblioteka Główna Uniwersytetu Ekonomicznego we Wrocławiu
- Pełny tekst
- Bini-Smaghi, L., Gros, D., Is the ECB Sufficiently Accountable and Transparent? CEPS Working Document No.169. July, 2001.
- Blinder, A., What Central Bankers Could Learn from Academics and Vice Versa, "Journal of Economic Perspective" 11(2), pp. 3-19, 1997.
- Buiter, W. H., Alice in Euroland, "Journal of Common Market Studies" 37 (2), pp. 181-209, June 1999.
- Chadha, J., Noaln, C., Inflation Targeting, Transparency and Interest Rate Volatility: Ditching 'MonetaryMystique' in the UK, "Journal of Macroeconomics" 23, pp. 349-366, 2001.
- Dincer, N. N., Eichengreen, B., Central Bank Transparency: Why, Where, and with What Effects? NBER Working Paper 13003, 2007.
- Ehrmann, M., Fratzscher, M., Communication and Decision-Making by Central Bank Committees: Different Strategies, Same Effectiveness? ECB Working Paper No. 488, July, 2005a.
- Ehrmann, M., Fratzscher, M., How Should Central Banks Communicate?, ECB Working Paper No. 557, November 2005b.
- Eijffinger, S. C. W., Geraats, P. M., How Transparent Are Central Banks? "European Journal of Political Economy" 22 (1), pp. 1-21, 2006.
- Fracasso, A., Genberg, H., Wyplosz, C., How Do Central Banks Write? An Evaluation of Inflation Targeting Central Banks. Special Report 2 of Geneva Reports on the World Economy, Centre for Economic Policy Research, 2003.
- Fry, M., Julius, D., Mahadeva, L., Roger, S., Sterne, G., Key Issues in the Choice of Monetary Policy Framework [in:] Mahadeva, L., Sterne, G. (eds.), Monetary Policy Frameworks in a Global Context, pp. 1-216. Routledge, London 2000.
- Haldane, A., Read, V., Monetary Policy Surprises and the Yield Curve, Bank of England Working Paper No. 106, 2000.
- Issing, O., The Eurosystem: Transparent and Accountable, or Willem in Euroland, "Journal of Common Market Studies" 37 (3), pp. 503-519, 1999.
- Issing, O., Communication, Transparency, Accountability: Monetary Policy in the Twenty- first Century, "Federal Reserve Bank of St. Louis Review" 87(2), March/April 2005.
- Kuttner, K., Posen, A., Inflation, Monetary Transparency, and G3 Exchange Rate Volatility, Working Paper 00-6, Washington, D.C.: Institute for International Economics, July 2000.
- Muller, P., Zelmer, M., Greater Transparency in Monetary Policy: Impact on Financial Markets, "Bank of Canada Technical Report" 86, Ottawa: Bank of Canada, August 1999.
- Padoa-Schioppa, T., An Institutional Glossary of the Eurosystem. Article prepared for the conference on "The Constitution of the Eurosystem: The Views of the EP and ECB", 8 March 2000. ZEI Policy Paper,. Center for European Integration Studies, Bonn 2000.
- Remsperger, H., Worms, A., Transparency in Monetary Policy, Center for Financial Studies Working Paper 1999/16, Frankfurt 1999.
- Siklos, P. L., The Changing Face of Central Banking: Evolutionary Trends since World War II. Cambridge University Press, Cambridge 2002.
- Siklos, P.L., Central Bank Transparency: Another Look, CAMA Working Paper 23/2010, The Australian National University, 2010.
- Van der Cruijsen, C. A. B., Eijffinger, S. C. W., The Economic Impact of Central Bank Transparency: A Survey [in:] Siklos, P., Bohl, M., Wohar, M. (eds.), Challenges in Central Banking: The Current Institutional Environment and Forces Affecting Monetary Policy, pp. 261-319. Cambridge University Press, New York 2010.
- Winkler, B., Which Kind of Transparency? On the Need for Clarity in Monetary PolicyMaking, Working Paper No. 26, European Central Bank, 2000.
- Winkler, B., Which Kind of Transparency? On the Need for Effective Communication in Monetary Policy-Making, "ifo Studien" 48(3), pp. 401-427, 2002.
- Cytowane przez