Changing central bank transparency in Central and Eastern Europe during the financial crisis
There is ample empirical evidence in the literature for the positive effect of central bank transparency on the economy. The main channel is that transparency reduces the uncertainty regarding future monetary policy and thereby it helps agents to make better investment, and saving decisions. In this...
Elmentve itt :
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| Dokumentumtípus: | Könyv része |
| Megjelent: |
2012
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| Sorozat: | Crisis Aftermath: economic policy changes in the EU and its Member States : International Conference University of Szeged 8-9 March 2012 : conference Proceedings
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| Kulcsszavak: | Pénzügy - nemzetközi, Pénzügyi válság - nemzetközi |
| Online Access: | http://acta.bibl.u-szeged.hu/57483 |
| Tartalmi kivonat: | There is ample empirical evidence in the literature for the positive effect of central bank transparency on the economy. The main channel is that transparency reduces the uncertainty regarding future monetary policy and thereby it helps agents to make better investment, and saving decisions. In this paper, we document how the degree of transparency of central banks in Central and Eastern Europe has changed during periods of financial stress, and we argue that during the recent financial crisis central banks became less transparent. We investigate also how these changes affected the uncertainty in these economies, measured by the degree of disagreement across professional forecasters over the future short-term and long-term interest rates and also by their forecast accuracy. |
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| Terjedelem/Fizikai jellemzők: | 73-89 |
| ISBN: | 978-963-306-159-6 |