Transparency: Bacen versus Bank of England

Vol. 25 No. 4 (2005)

Oct-Dec / 2005
Published March 27, 2020
PDF-Portuguese (Português (Brasil))
PDF-Portuguese (Português (Brasil))

How to Cite

Andrade, Eduardo de Carvalho. 2005. “Transparency: Bacen Versus Bank of England”. Brazilian Journal of Political Economy 25 (4):357-69. https://centrodeeconomiapolitica.org/repojs/index.php/journal/article/view/647.

Transparency: Bacen versus Bank of England

Eduardo de Carvalho Andrade
Professor do Ibmec São Paulo. Rua Maestro Cardim 1170
Brazilian Journal of Political Economy, Vol. 25 No. 4 (2005), Oct-Dec / 2005, Pages 357-369

Abstract

The aim of this paper is to compare the degree of transparency of the Brazilian Central Bank (Bacen) with the one verified in the Bank of England (BoE). In order to accomplish this objective, an indicator of transparency is built based on the information that each central bank provides to the public about its monetary policy, its expectation about the future of the economy, its intervention in the financial market, and if there are clear limits and restrictions to the release of information to the general public. The analysis suggests that the Bacen is less transparent and has a less individualistic Monetary Policy Committee in comparison with the BoE. Moreover, it indicates some procedures that could be adopted by the Bacen in order to make its monetary policy more transparent.

JEL Classification: E0, E5.


Keywords: Central Bank Transparency Brazilian Central Bank Bank of England