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Financial Elites and European BankingHistorical Perspectives$
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Youssef Cassis and Giuseppe Telesca

Print publication date: 2018

Print ISBN-13: 9780198782797

Published to Oxford Scholarship Online: September 2018

DOI: 10.1093/oso/9780198782797.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 25 September 2021

Central Bankers in Twelve Countries between 1950 and 2000

Central Bankers in Twelve Countries between 1950 and 2000

The Making of a Global Elite

(p.182) 8 Central Bankers in Twelve Countries between 1950 and 2000
Financial Elites and European Banking

Mikael Wendschlag

Oxford University Press

This chapter studies 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 are observed, four more general shifts in central bank governor ‘types’ have been identified: (1) the civil servant central banker of the economic ‘golden age’ of the 1950s and 1960s; (2), the central bank politicians of the 1970s; (3) the market-oriented governors of the 1980s; and (4), the academic central banker from the 1990s onward. During the period studied, it is also possible to track the development of an international elite of central bankers, sharing similar backgrounds (academically and professionally) and views on monetary policy. 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.

Keywords:   central bankers, competence, financial elites, monetary policy, twentieth century

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