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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. Blinder, Alan S., 2007. "Monetary policy by committee: Why and how?," European Journal of Political Economy, Elsevier, vol. 23(1), pages 106-123, March.
  5. Helge Berger & Tonny Lybek & Volker Nitsch, 2006. "Central Bank Boards Around the World; Why Does Membership Size Differ?," IMF Working Papers 06/281, International Monetary Fund.
  6. Jan Marc Berk & Beata K. Bierut, 2004. "The Effects of Learning in Interactive Monetary Policy Committees," Tinbergen Institute Discussion Papers 04-029/2, Tinbergen Institute.
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