05623oam 22013574 450 991096443490332120250426110928.0978661284073997814623739631462373968978145278944614527894449781282840737128284073897814518697981451869797(CKB)3390000000010376(EBL)1607854(Au-PeEL)EBL1607854(CaPaEBR)ebr10368700(CaONFJC)MIL284073(OCoLC)870245283(IMF)WPIEE2008119(MiAaPQ)EBC1607854(IMF)WPIEA2008119WPIEA2008119(EXLCZ)99339000000001037620020129d2008 uf 0engur|n|---|||||rdacontentrdamediardacarrierCentral Bank Independence and Transparency : Evolution and Effectiveness /Christopher Crowe, Ellen Meade1st ed.Washington, D.C. :International Monetary Fund,2008.1 online resource (30 p.)IMF Working PapersIMF working paper ;WP/08/119Description based upon print version of record.Includes bibliographical references.Contents; I. Introduction; II. Measures of Central Bank Independence; Text Tables; 1. Mean Level (Later Period) and Change in CBI; III. Measures of Central Bank Transparency; 2. Correlates with Change in CBI Index, D.CBI; 3. Mean Level (Later Period) and Change in Transparency; IV. Effects of Central Bank Independence; 4. Correlates with Transparency Score, TRANS1; 5. CBI and Inflation (INF): OLS Regression Results; 6. D.CBI and Inlfation (D.INF) IV Regression Results; V. Effects of Transparency; 7. Transparency and Use of Private Information; VI. ConclusionsAppendix: Data Sources and Variables UsedAppendix Tables; A1. Country Samples; A2. Construction and Coding of Transparency Measure; ReferencesThis paper examines the current level of central bank independence (CBI) and transparency in a broad sample of countries using newly constructed measures, and looks at the evolution in both measures from an earlier time period. Increases in CBI have tended to occur in more democratic countries and in countries with high levels of past inflation. More independent central banks in turn tend to be more transparent, while transparency is also positively correlated with measures of national institutional quality. Exploiting the time dimension of our data to eliminate country fixed effects and using instrumental variable estimation to overcome endogeneity concerns, we present evidence that greater CBI is associated with lower inflation. We also find that enhanced transparency practices are associated with the private sector making greater use of information provided by the central bank.IMF Working Papers; Working Paper ;No. 2008/119Banks and banking, CentralAutonomyMonetary policyBankingimfBanks and BankingimfBanks and bankingimfBanksimfCentral bank autonomyimfCentral bank transparencyimfCentral Banks and Their PoliciesimfCentral banksimfCurrencyimfDeflationimfDepository InstitutionsimfExchange rate arrangementsimfExchange rate flexibilityimfFinancial Markets and the MacroeconomyimfForeign ExchangeimfForeign exchangeimfGovernment and the Monetary SystemimfInflationimfMacroeconomicsimfMicro Finance InstitutionsimfMonetary PolicyimfMonetary SystemsimfMortgagesimfPayment SystemsimfPrice LevelimfPricesimfRegimesimfStandardsimfUnited KingdomimfBanks and banking, Central.Autonomy.Monetary policy.BankingBanks and BankingBanks and bankingBanksCentral bank autonomyCentral bank transparencyCentral Banks and Their PoliciesCentral banksCurrencyDeflationDepository InstitutionsExchange rate arrangementsExchange rate flexibilityFinancial Markets and the MacroeconomyForeign ExchangeForeign exchangeGovernment and the Monetary SystemInflationMacroeconomicsMicro Finance InstitutionsMonetary PolicyMonetary SystemsMortgagesPayment SystemsPrice LevelPricesRegimesStandards332.11Crowe Christopher868737Meade Ellen1816633DcWaIMFBOOK9910964434903321Central Bank Independence and Transparency4372883UNINA