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Central Bank Transparency – Implications and Importance

Author

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  • Florin DUMITER

    (”Vasile Goldis” Western University of Arad)

Abstract

The concept of central bank transparency is, sometimes, enriched in the accountability notion. In this sense, it can be seen a distinction between transparency – a premise of central bank accountability and transparency – who is seen just as a consequence of the accountability act. In my opinion, transparency, although is linked with some degree of central bank accountability, must be analyzed and seen in an individualized manner. From the moment that central bank becomes accountable she is responsible for some precise objectives - the most important is price stability – transparency represents the main instrument conceived for attaining more accurate and precise these objectives. Attaining these objectives must be facilitated through an improved communication strategy with the wide public and financial market regarding the targets and actions which need to be accomplished for attaining the objectives. The central bank transparency effects must be overseen as a higher importance regarding accountability and efficiency impacts over the market.

Suggested Citation

  • Florin DUMITER, 2011. "Central Bank Transparency – Implications and Importance," Finante - provocarile viitorului (Finance - Challenges of the Future), University of Craiova, Faculty of Economics and Business Administration, vol. 1(13), pages 175-180, December.
  • Handle: RePEc:aio:fpvfcf:v:1:y:2011:i:13:p:175-180
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    Keywords

    central bank transparency; accountability; efficiency;

    JEL classification:

    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects

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