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Central bank boards around the world: Why does membership size differ?

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  • Berger, Helge
  • Nitsch, Volker
  • Lybek, Tonny

Abstract

This paper analyzes empirically differences in the size of central bank boards (or monetary policy committees) across countries. We discuss the possible determinants of a board's size. The empirical relevance of these factors is examined using a new dataset that covers the de jure membership size of 84 central bank boards at the end of 2003. We find that larger and more heterogeneous countries, countries with stronger democratic institutions, countries with floating exchange rate regimes, and independent central banks with more staff tend to have larger boards.

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Bibliographic Info

Article provided by Elsevier in its journal European Journal of Political Economy.

Volume (Year): 24 (2008)
Issue (Month): 4 (December)
Pages: 817-832

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Handle: RePEc:eee:poleco:v:24:y:2008:i:4:p:817-832

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Web page: http://www.elsevier.com/locate/inca/505544

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Keywords: E52 E58 E61 Committee Council Governance Decision making Monetary policy;

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References

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Citations

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Cited by:
  1. Horvath, Roman & Rusnak, Marek & Smidkova, Katerina & Zapal, Jan, 2011. "Dissent voting behavior of central bankers: what do we really know?," MPRA Paper 34638, University Library of Munich, Germany.
  2. Jan Marc Berk & Beata Bierut, 2009. "Communication in a monetary policy committee: a note," DNB Working Papers 226, Netherlands Central Bank, Research Department.
  3. Attila Csajbók, 2008. "The use of staff policy recommendations in central banks," MNB Working Papers 2008/4, Magyar Nemzeti Bank (the central bank of Hungary).
  4. Szilárd Erhart & Jose-Luis Vasquez-Paz, 2007. "Optimal monetary policy committee size: Theory and cross country evidence," MNB Working Papers 2007/6, Magyar Nemzeti Bank (the central bank of Hungary).
  5. Berdiev, Aziz N. & Kim, Yoonbai & Chang, Chun Ping, 2012. "The political economy of exchange rate regimes in developed and developing countries," European Journal of Political Economy, Elsevier, vol. 28(1), pages 38-53.
  6. Marc-André Gosselin, 2007. "Central Bank Performance under Inflation Targeting," Working Papers 07-18, Bank of Canada.
  7. Badinger, Harald & Nitsch, Volker, 2014. "National representation in supranational institutions: The case of the European Central Bank," Journal of Comparative Economics, Elsevier, vol. 42(1), pages 19-33.
  8. Potrafke, Niklas, 2013. "Minority positions in the German Council of Economic Experts: A political economic analysis," European Journal of Political Economy, Elsevier, vol. 31(C), pages 180-187.
  9. Helge Berger & Volker Nitsch, 2008. "Too many Cooks? Committees in Monetary Policy," CESifo Working Paper Series 2274, CESifo Group Munich.
  10. Florin Cornel DUMITER & Horatiu Florin SOIM, 2012. "Bank of England’s monetary policy committee – assessing the importance and the implication upon monetary policy," Anale. Seria Stiinte Economice. Timisoara, Faculty of Economics, Tibiscus University in Timisoara, vol. 0, pages 61-67, May.
  11. Berk, Jan Marc & Bierut, Beata K., 2011. "Communication in a monetary policy committee," European Journal of Political Economy, Elsevier, vol. 27(4), pages 791-801.
  12. Harald Badinger & Volker Nitsch, 2011. "National Representation in Multinational Institutions: The Case of the European Central Bank," CESifo Working Paper Series 3573, CESifo Group Munich.
  13. Anke Weber, 2010. "Communication, Decision making, and the Optimal Degree of Transparency of Monetary Policy Committees," International Journal of Central Banking, International Journal of Central Banking, vol. 6(3), pages 1-49, September.

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