Changing central bank transparency in Central and Eastern Europe during the financial crisis

Csaba Csávás, Szilárd Erhart, Anna Naszodi and Klára Pintér

MPRA Paper from University Library of Munich, Germany

Abstract: 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.

Keywords: central banking; transparency; financial crises; survey expectations; forecasting (search for similar items in EconPapers)
JEL-codes: E44 E47 E58 (search for similar items in EconPapers)
Date: 2012
New Economics Papers: this item is included in nep-cba, nep-for, nep-ifn, nep-mac, nep-mon and nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Related works:
Chapter: Changing Central Bank Transparency in Central and Eastern Europe During the Financial Crisis (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:40335

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