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Central bankers in twelve countries between 1950 and 2000: the making of a global elite
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economic History.ORCID iD: 0000-0002-4628-1501
2017 (English)In: Financial Elites and European Banking: Historical Perspectives / [ed] Cassis, Youssef & Giuseppe Telesca, Oxford: Oxford University Press, 2017, 1Chapter in book (Other academic)
Abstract [en]

This article accounts for the development of central bankers as a global elite in the second half of the 20th century. The study is based on data on the professional, political and academic ”human capital endowment” of the central bank governors in office between 1950 and 2000 in twelve OECD countries. Although many national differences can be observed, four more general shifts in central bank governor ”types” have been identified: (1) the civil servant central banker of the 1950s and 1960s economic ‘golden age’; (2), the central bank politicians of the 1970s; (3) the market oriented governors of the 1980s; and (4), the independent academic and global elite from the 1990s and onward. A key observation is that ”what makes for a credible central banker” has changed over time, and especially following events such as economic recessions or financial crises. Longer trends, such as the growth in the supply and demand of higher education, and the rise of economics as the central banker education of choice, have also shaped the central bank elite’s characteristics.

Place, publisher, year, edition, pages
Oxford: Oxford University Press, 2017, 1.
Keyword [en]
Central banks bankers elites competence experience
National Category
Economic History
Research subject
Economic History
Identifiers
URN: urn:nbn:se:uu:diva-322025OAI: oai:DiVA.org:uu-322025DiVA: diva2:1095750
Available from: 2017-05-15 Created: 2017-05-15 Last updated: 2017-05-22

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Citation style
  • apa
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Output format
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