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    National culture and central bank transparency

    Makrychoriti, Panagiota and Pasiouras, F. (2021) National culture and central bank transparency. Journal of International Financial Markets, Institutions and Money 72 (10131), ISSN 1042-4431.

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    Central banking has been traditionally characterized by mystique and an organizational culture of secrecy. While in recent years there has been a shift towards greater transparency around the globe, the degree of transparency continues to vary across countries. This is surprising because the transparency of central banks has been associated with positive economic outcomes, and it might also be related to integrity and ethical issues like social responsibility, the value of virtue of truthfulness for public trust, and the accountability of independent central banks to the public. The present study examines whether and how the differences in central bank transparency can be explained by a national culture of secretiveness. Using a large cross-country sample of central banks from around the globe we document a negative association between central bank transparency and a societal culture of secrecy. This finding is robust to the controls for various country-specific attributes, and the use of instrumental regressions to lessen concerns about endogeneity.


    Item Type: Article
    School: Birkbeck Faculties and Schools > Faculty of Business and Law > Birkbeck Business School
    Research Centres and Institutes: Accounting and Finance Research Centre
    Depositing User: Panagiota Makrychoriti
    Date Deposited: 06 Dec 2021 11:49
    Last Modified: 02 Aug 2023 18:14


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