This paper quantifies transparency of monetary policy in the three EU New Member States that have adopted direct inflation targeting strategy. Two measures of transparency are applied. The institutional measure reflects the extent to which a central bank discloses information that is related to...

Fiscal transparency became a topic of lively public and academic debate in the aftermath of the Mexican and Asian financial crises. The concept of fiscal transparency is, however, largely of a qualitative nature and is therefore something of a challenge to measure. This paper proposes an index...

This paper discusses the link between the deficit bias in public finance and institutional settings. The Polish experience is put in a wider context and provides an extensive discussion of possible institutional reforms that may be implemented to stabilise the path of fiscal policy and reduce...