Cross-Country and Cross-Sector Analysis of Transparency of Monetary and Financial Policies

May 1, 2003

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Cross-Country and Cross-Sector Analysis of Transparency of Monetary and Financial Policies, (USA: International Monetary Fund, 2003) accessed November 21, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Bank supervision, Banking, Deposit insurance, Monetary policy transparency, Moral hazard

Keywords: Country, Monetary policy, Policy, Transparency practice, WP

Publication Details

Pages:

45
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2003/094
Stock No:

WPIEA0942003
ISBN:

9781451851748
ISSN:

1018-5941

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