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Central Bank boards around the world: Why does membership size differ?

  • Berger, Helge
  • Nitsch, Volker
  • Lybek, Tonny

This paper analyzes empirically differences in the size of central bank boards (or monetary policy committees) across countries. We discuss the possible determinants of a board's size. The empirical relevance of these factors is examined using a new dataset that covers the de jure membership size of 84 central bank boards at the end of 2003. We find that larger and more heterogeneous countries, countries with stronger democratic institutions, countries with floating exchange rate regimes, and independent central banks with more staff tend to have larger boards.

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Paper provided by Free University Berlin, School of Business & Economics in its series Discussion Papers with number 2008/5.

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Date of creation: 2008
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Handle: RePEc:zbw:fubsbe:20085
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  4. Helge Berger & Volker Nitsch, 2008. "Too Many Cooks? Committees in Monetary Policy," KOF Working papers 08-195, KOF Swiss Economic Institute, ETH Zurich.
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  14. RIBONI, Alessandro & RUGE-MURCIA, Francisco, 2006. "The Dynamic (In)efficiency of Monetary Policy by Committee," Cahiers de recherche 2006-02, Universite de Montreal, Departement de sciences economiques.
  15. Kiel, Alexandra & Gerling, Kerstin & Schulte, Elisabeth & Grüner, Hans Peter, 2003. "Information acquisition and decision making in committees: a survey," Working Paper Series 0256, European Central Bank.
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  29. Alain Ize, 2006. "Spending Seigniorage; Do Central Banks Have a Governance Problem?," IMF Working Papers 06/58, International Monetary Fund.
  30. Helge Berger & Jakob Haan, 2002. "Are small countries too powerful within the ECB?," Atlantic Economic Journal, International Atlantic Economic Society, vol. 30(3), pages 263-282, September.
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  43. repec:rus:hseeco:181565 is not listed on IDEAS
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