, will have negative effects on welfare. This paper studies the welfare effects of varying levels of transparency in a model …

This paper presents in a systematic (normative) manner the salient features of a SWF‘s governance structure, in … policy and setting of the risk tolerance level in order to ensure consistent risk-bearing capacity and greater accountability …

accumulate a buffer of liquid assets, or strengthen transparency to communicate solvency. While a liquidity buffer provides … complete insurance against small shocks, transparency covers also large shocks but imperfectly. Due to leverage, an unregulated … bank may choose insufficient liquidity buffers and transparency. The regulatory response is constained: while liquidity …

In this paper, we analyze how lack of credibility and transparency of monetary and fiscal policies undermines the … credible and lack transparency. If policies are imperfectly credible, then transparency helps private agents to learn the …-country evidence that monetary policy transparency and fiscal credibility reduce the incidence of export price volatility on output …