We explore whether the transparency in banks' lending activities enhances the harmonization of credit terms that a bank … information on loan characteristics and performance. We find that loans originated under the transparency regime share more … convergence in their credit terms, suggesting that transparency facilitates learning across a bank's different geographic regions …

indeed have improved transparency in the sense that information is now released to the markets at an earlier time and with …

, implying the possible effects of the FOMC’s transparency. On the other hand, we find little evidence that the common forecast …

Transparency has become an almost universal virtue among central banks. The paper tests empirically, for the case of … the Federal Reserve, two hypotheses about central bank transparency derived from the debate of Morris and Shin (2002) and …, but may reduce it when uncertainty is low. The findings underline the limits to transparency and stress the need for …

. This practice is remarkable, as it seems to contradict the virtue of transparency by requiring central banks to withhold … the limits to central bank transparency. …