National culture and central bank transparency: Cross-country evidence

Central banking has been traditionally characterized by mystique and an organizational culture of secrecy. While in recent years there a shift towards greater transparency response to public demand for higher accountability independent central banks, the degree continues vary across countries. The present study examines whether how differences bank can be explained national secretiveness. Using large cross-country sample banks from around globe we document negative association between societal This finding is robust controls various country-specific attributes, use instrumental regressions lessen concerns about endogeneity.