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The impact of central bank transparency on systemic risk-Evidence from Central and Eastern Europe

机译：中央银行透明度对系统性风险的影响-来自中欧和东欧的证据

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摘要

The aim of this paper is to analyze the impact of central bank transparency on systemic risk in emerging banking markets using a sample composed of 34 banks from Central and Eastern Europe for a period spanning from 2005 through 2012. Results indicate a positive and significant relationship between central bank transparency and financial institutions' contribution to systemic risk. On the other side, increased central bank transparency significantly reduces the idiosyncratic risk of banks. The relationship is influenced by the restrictiveness of regulatory framework. We argue that a more transparent central bank is beneficial for the banking sector from a microprudential perspective. However, it may create incentives for financial institutions to engage in risky activities and through herd behavior may increase individual contribution to the risk of the banking system.
机译：本文的目的是使用2005年至2012年期间由来自中欧和东欧的34家银行组成的样本分析中央银行透明度对新兴银行市场中系统风险的影响。结果表明，两者之间存在正相关关系中央银行的透明度和金融机构对系统风险的贡献。另一方面，中央银行透明度的提高大大降低了银行的特殊风险。这种关系受监管框架的限制性影响。我们认为，从微观审慎的角度来看，更加透明的中央银行对银行业是有益的。但是，这可能会刺激金融机构从事风险活动，并且通过羊群行为可能会增加个人对银行系统风险的贡献。

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