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Cross-Country and Cross-Sector Analysis of Transparency of Monetary and Financial Policies
Author:
International Monetary Fund
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Series:
IMF Working Papers
Volume/Issue:
Volume 2003: Issue 094
Language:
English
Publication Date:
01 May 2003
DOI:
https://doi.org/10.5089/9781451851748.001
ISBN:
9781451851748
ISSN:
1018-5941
Pages:
45
Keywords:
WP; monetary policy; policy; country; transparency practice
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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In this paper we construct indices of transparency of monetary and financial policies, based on self-evaluations carried out by 135 IMF member countries in 1999, and use them to identify transparency patterns across different policies and country groups. We find that across all countries, transparency is highest in the formulation and conduct of monetary policy and lowest in insurance supervision and deposit-insurance oversight. Across country groups having similar political/economic characteristics, the average degree of transparency is highest in advanced countries and lowest in developing ones for both monetary policy and those financial policies for which there are differences between country group means.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund