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Best Practices in Central Bank Organizational Culture, Learning and Structure: The Case of the Moroccan Central Bank
Author(s) -
Momani Bessma,
St. Amand Samantha
Publication year - 2015
Publication title -
economic notes
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.274
H-Index - 19
eISSN - 1468-0300
pISSN - 0391-5026
DOI - 10.1111/ecno.12044
Subject(s) - statute , accounting , corporate governance , business , best practice , central bank , transparency (behavior) , organizational culture , independence (probability theory) , organizational structure , reputation , excellence , public relations , economics , management , finance , political science , monetary policy , law , monetary economics , statistics , mathematics
This paper provides both theoretical and empirical evidence that maintains that a central bank's organizational structure, culture and learning system are important for achieving best governance practices in emerging market economies. It argues that a central bank's organizational structure and culture facilitate the effective implementation of governance practices that have been enacted by law or in a strategic plan, with specific reference to central bank independence, communication, transparency, professionalization, technical excellence and reputation risk management. Qualitative interviews and a review of the bank's primary documents showed that the progress made by the Bank al‐Maghrib over the last two decades in establishing best governance practices in policies and legal statutes is, to a significant extent, being matched by reforms to its internal processes, but there remains room for improvement.