Maturity of institucional management in central banks: a comparative analysis of the Central Reserve Bank of Peru and the Deutsche Bundesbank (2020-2025)
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Abstract
This study aimed to compare the maturity of institutional management at the Central Reserve Bank of Peru (BCRP) and the Deutsche Bundesbank during the 2020–2025 period through the application of the Multidimensional Institutional Maturity Model for Central Banks (MMMIBC). Methodologically, the study adopted a qualitative approach, a descriptive-comparative scope, and a non-experimental design, based on a multiple-case study and documentary analysis of official sources. The MMMIBC comprised three pillars: institutional governance, organizational capabilities, and institutional assurance, operationalized through eight analytical dimensions. The results revealed high levels of institutional maturity in both institutions, although with differentiated strengths. The BCRP stood out for the stability of its governance, institutional autonomy, strategic planning, and consistency of its transparency and internal control mechanisms, whereas the Deutsche Bundesbank demonstrated greater strengths in digital transformation, human talent management, integrated risk management, innovation, and international coordination. It is concluded that the institutional maturity of central banks does not depend exclusively on a country's level of economic development, but rather on their capacity to integrate governance, organizational capabilities, and assurance mechanisms. Furthermore, the MMMIBC constitutes an analytical tool that can be applied in future comparative research and adapted to the study of other highly complex public institutions.
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