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CNB Transparency and Monetary Policy

Author

Listed:
  • Katja Gattin Turkalj

    (The Croatian National Bank, Croatia)

  • Igor Ljubaj

Abstract

Central bank transparency implies clarity and openness in the implementation of monetary policy and comprehensive communication with the professional and general public. Transparency includes various aspects, primarily the transparency of monetary policy instruments as well as procedural transparency and transparency of implementation. It is closely connected to central bank independence, which implies the highest level of accountability. In addition, transparency is significantly determined by the monetary policy framework and, particularly, by the exchange rate arrangement. Literature measuring central bank transparency is relatively scarce, and established measures are biased in favour of inflation targeting regimes, which in the literature are considered the most transparent. Therefore, essential monetary framework characteristics can, by itself, make individual central banks more or less transparent. If various monetary policy frameworks and exchange rate arrangements are considered, the CNB's transparency is around the average of peer countries, while regarding financial stability, it is significantly above the average. The Croatian National Bank increased its transparency from 2010 to 2017, in line with the general trends.

Suggested Citation

  • Katja Gattin Turkalj & Igor Ljubaj, 2017. "CNB Transparency and Monetary Policy," Surveys 25, The Croatian National Bank, Croatia.
    • Handle: RePEc:hnb:survey:25
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    File URL: http://www.hnb.hr/repec/hnb/survey/pdf/s-025.pdf
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    More about this item

    Keywords

    transparency; central bank; monetary policy; CNB;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

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