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Bacen and selected Central Banks: comparative analysis of the transparency degree

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  • Eduardo de Carvalho Andrade

Abstract

This paper compares the degree of transparency of the Brazilian Central Bank (Bacen) with the one verified in other ed Central Banks (CBs). Following the methodology developed in Hann and Eijffinger (2000), we constructed an indicator for transparency based on: (i) how clear the CBs are with respect to their monetary policy objectives, and (ii) how transparent the CBs implement their monetary policy. The Bacen has become more transparent after adopting the inflation targeting regime in 1999. However, these more transparent procedures are not part of the law that regulates the Bacen, indicating that they can be easily replaced. JEL Classification: E50; E58.

Suggested Citation

  • Eduardo de Carvalho Andrade, 2004. "Bacen and selected Central Banks: comparative analysis of the transparency degree," Brazilian Journal of Political Economy, Center of Political Economy, vol. 24(3), pages 354-374.
    • Handle: RePEc:ekm:repojs:v:24:y:2004:i:3:p:354-374:id:752
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    More about this item

    Keywords

    Central bank; transparency; monetary policy;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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