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A short history of transparency and central banks in the academic literature

Author

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  • Eric Dehay

    (RIME-Lab - Recherche Interdisciplinaire en Management et Économie Lab - ULR 7396 - UA - Université d'Artois - Université de Lille)

  • Nathalie Levy

Abstract

Central banks underwent a "transparency revolution" during the 90s. Rather than considering it have been guided by a cost-benefit analysis, we assume that it is also a response imposed by a changing environment. The purpose of this text is to highlight the events or major trends that have brought about this revolution. A systematic review of the academic literature makes it possible to identify the concomitant themes that led to the questioning of the secret practices around central banks. It appears that the adoption of inflation targeting in the conduct of monetary policy and the creation of the euro, followed by the financial crisis and a growing general demand for greater transparency in the economic and political spheres, were the decisive events of the revolution.

Suggested Citation

  • Eric Dehay & Nathalie Levy, 2020. "A short history of transparency and central banks in the academic literature," Post-Print hal-03223916, HAL.
    • Handle: RePEc:hal:journl:hal-03223916
    Note: View the original document on HAL open archive server: https://univ-artois.hal.science/hal-03223916
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    File URL: https://univ-artois.hal.science/hal-03223916/document
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    Keywords

    Transparency; Central banks;

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