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

Author

Listed:
  • 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.

Suggested Citation

  • Marcelo Ochoa & Klaus Schmidt-Hebbel, 2006. "El Banco Central de Chile en Comparación con los Bancos Centrales del Mundo," Working Papers Central Bank of Chile 367, Central Bank of Chile.
  • Handle: RePEc:chb:bcchwp:367
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    File URL: http://si2.bcentral.cl/public/pdf/documentos-trabajo/pdf/dtbc367.pdf
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    References listed on IDEAS

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    1. Frederic S Mishkin, 2004. "Can Central Bank Transparency Go Too Far?," RBA Annual Conference Volume,in: Christopher Kent & Simon Guttmann (ed.), The Future of Inflation Targeting Reserve Bank of Australia.
    2. Frederic S. Miskin & Klaus Schmidt-Hebbel, 2007. "Does Inflation Targeting Make a Difference?," Central Banking, Analysis, and Economic Policies Book Series,in: Frederic S. Miskin & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Se (ed.), Monetary Policy under Inflation Targeting, edition 1, volume 11, chapter 9, pages 291-372 Central Bank of Chile.
    3. Stephen G. Cecchetti & Alfonso Flores-Lagunes & Stefan Krause, 2006. "Has Monetary Policy become more Efficient? a Cross-Country Analysis," Economic Journal, Royal Economic Society, vol. 116(511), pages 408-433, April.
    4. 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 353-398, September.
    5. 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.
    6. Stephen Morris & Hyun Song Shin, 2002. "Social Value of Public Information," American Economic Review, American Economic Association, vol. 92(5), pages 1521-1534, December.
    7. 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.
    8. World Bank, 2006. "World Development Indicators 2006," World Bank Publications, The World Bank, number 8151, April.
    9. 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.
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    Cited by:

    1. Jorge Ponce, 2010. "A Normative Analysis of Banking Supervision: Independence, Legal Protection and Accountability," Money Affairs, Centro de Estudios Monetarios Latinoamericanos, vol. 0(2), pages 141-181, July-Dece.
    2. Miguel Sarmiento, 2010. "Central Bank Economic Research: Output, Demand, Productivity, and Relevance," Money Affairs, Centro de Estudios Monetarios Latinoamericanos, vol. 0(2), pages 211-240, July-Dece.
    3. Kevin Greenidge & Lisa Drakes, 2010. "Tax Policy and Macroeconomic Activity in Barbados," Money Affairs, Centro de Estudios Monetarios Latinoamericanos, vol. 0(2), pages 182-210, July-Dece.
    4. Esteban Colla de Robertis, 2010. "Monetary Policy Committees and the Decision to Publish Voting Records," Money Affairs, Centro de Estudios Monetarios Latinoamericanos, vol. 0(2), pages 97-139, July-Dece.

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