英国作业:中央银行Central banking [5]
论文作者:www.51lunwen.org论文属性:短文 essay登出时间:2015-10-23编辑:chenyuting点击率:8033
论文字数:2843论文编号:org201510191507174698语种:英语 English地区:英国价格:免费论文
关键词:英国央行monetary policy
摘要:本文主要讲述了中央银行的发展特点,中央银行在过去的几十年中发生了显著的变化,其中最重要的一个特点是透明,自治。中央银行有着很大程度的透明度。
me time the statements made by the central bank are far too less transparent. What it means to say is that the central bank should be more transparent enough so that its monitory policy at the same time its future plans can be easily understood by even a layman who might have little knowledge about the norms and policies of the central bank.
By central bank being more transparent, the economic policy outcome can be know to a certain extend through various means, but it cannot be said that by central bank being transparent, all the aspects related to it can be easily viewed at. The concept of transparency differs from person to person, while so concentrate on the decision making process, others may look into the fact of policy making etc. Therefore it can be said that there is no universal meaning to central bank and varies from person to person and country to country. For example the transparency of central bank in India might not be same as the transparency in England besides taking into some common facts.
According to some of the eminent economist, central bank should have an optimal degree of transparency mainly for the monitory policy, but on analysing the facts by few others about whether central bank should be more transparent or not, two aspects can be taken into account, one is the uncertainty and the other is information overload. If central banks becomes more transparent, it could lead to uncertainty, that is, when lots of information are provided to the public, they tend to look at the complexity of monitory policy making and the uncertainly around it which might not be as complex as it seems to be. The second is the high degree of information overload or confusion. If large amount of information is being disclosed to the public, there is a high risk of information getting overloaded or confused. Therefore analyst say central bank should have an optimal transparency.
Kuttner and Posen states that when central bank becomes more transparent, there is less volatility in the exchange rate. Yet other important factors supporting central bank transparency are the fiscal and monitory policy coordination, political pressures, accountability etc.
According to Faust and Sevensson, transparency can be segregated into three divisions, the least transparent where in the public does not know about the employment goals as well as the intentions, this has also been stated by Cukierman and Meltzer. In the second division, that is if central bank in highly transparent, the inflation intention can atleast be know by the public and finally in the case of extreme transparency, both the intentions as well as the employment goals can be seen.
It can seen that Jensen another eminent economist has also taken up a similar structure to that of Faust and Svensson where the difference is that while Faust and Svensson focus on the future credibility effect of central bank, Jensen's focus was on the marginal cost of inflation.
Some argue that by increasing its disclosure doesn't completely increase the transparency, to support this economist states that banks have been an opaque institution from the past itself. Greenspan says that transparency is not reached at by just simply giving quantitative disclosure; it should be both quantitative and at the same time should be relevant and meaningful. Moreover disclosure is costly, that is when central bank publishes informat
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