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El Banco Central de Chile en Comparación con los Bancos Centrales del Mundo

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  • Marcelo Ochoa
  • Klaus Schmidt-Hebbel

Abstract

How does the performance of the Central Bank of Chile (CBCH) compare to other central banks and in which dimensions? This paper summarizes the results of several studies that report international comparisons of different features of central banking and monetary policy. The evidence places the CBCH among the top central banks in the world in the following areas: size, legal and operational independence; transparency, and quality of the inflation report; quantity and quality of the research papers; and efficiency of monetary policy reflected by its accuracy in meeting inflation targets, its counter-cyclical stance, and its contribution to overall macroeconomic stability.

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File URL: http://www.bcentral.cl/estudios/documentos-trabajo/pdf/dtbc367.pdf
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Bibliographic Info

Paper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 367.

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Date of creation: Jun 2006
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Handle: RePEc:chb:bcchwp:367

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Postal: Casilla No967, Santiago
Phone: (562) 670 2000
Fax: (562) 698 4847
Web page: http://www.bcentral.cl/
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  1. César Calderón & Roberto Duncan & Klaus Schmidt-Hebbel, 2004. "Institutions and Cyclical Properties of Macroeconomic Policies," Working Papers Central Bank of Chile 285, Central Bank of Chile.
  2. Stephen G. Cecchetti & Alfonso Flores-Lagunes & Stefan Krause, 2004. "Has Monetary Policy Become More Efficient? A Cross Country Analysis," NBER Working Papers 10973, National Bureau of Economic Research, Inc.
  3. Schmidt-Hebbel, Klaus & Tapia, Matias, 2002. "Inflation targeting in Chile," The North American Journal of Economics and Finance, Elsevier, vol. 13(2), pages 125-146, August.
  4. World Bank, 2006. "World Development Indicators 2006," World Bank Publications, The World Bank, number 8151, August.
  5. Cukierman, Alex & Webb, Steven B & Neyapti, Bilin, 1992. "Measuring the Independence of Central Banks and Its Effect on Policy Outcomes," World Bank Economic Review, World Bank Group, vol. 6(3), pages 353-98, September.
  6. Frederic S. Mishkin, 2004. "Can Central Bank Transparency Go Too Far?," NBER Working Papers 10829, National Bureau of Economic Research, Inc.
  7. repec:nbr:nberwo:12876 is not listed on IDEAS
  8. Stephen Morris & Hyun Song Shin, 2002. "Social Value of Public Information," American Economic Review, American Economic Association, vol. 92(5), pages 1521-1534, December.
  9. Klaus Schmidt-Hebbel & Cesar Calderon & Roberto Duncan, 2004. "The quality of institutions and cyclical properties of macroeconomic policies," Econometric Society 2004 Latin American Meetings 350, Econometric Society.
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