We study whether there is any evidence of convergence of central bank transparency in 112 countries from 1998 to 2019 using Phillips and Sul panel club convergence technique. The results don't find evidence of a single club convergence of central bank transparency. Instead, our result reveals four clubs converging to their unique transition path. Further, we found that countries with high financial depth, trade openness, central bank independence, effective government, and inflation increase the likelihood of convergence to a higher club 1. Our findings have policy implications for central bankers and developing economies struggling with low transparency.

中文翻译：

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全球央行透明度是否趋同？来自俱乐部融合角度的证据


我们使用 Phillips 和 Sul 面板俱乐部趋同技术研究 1998 年至 2019 年间是否有任何证据表明 112 个国家的央行透明度趋同。结果没有发现央行透明度单一俱乐部趋同的证据。相反，我们的结果显示四家具乐部正在走向他们独特的转型道路。此外，我们发现，金融深度、贸易开放度、央行独立性、政府效率和通胀水平较高的国家，会增加向更高级别俱乐部 1 靠拢的可能性。我们的研究结果对于央行行长和透明度较低的发展中经济体具有政策意义。