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Financial Crises and the Dismissal of Central Bank Governors: New Evidence

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  • I. Kadek Dian Sutrisna Artha
  • Jakob Haan

Abstract

This paper examines whether financial crises affect the likelihood that a central bank governor will be replaced. Employing a conditional fixed effects logit model for 101 countries during the period 1970–2007, we find that financial crises significantly increase the likelihood of a central bank governor turnover. When we decompose crises into banking, currency, and debt crises we find that banking crises and debt crises significantly increase the likelihood that a central bank governor will be replaced. Our results also suggest that financial crises increase the probability that a non‐government ally will be appointed as new central bank governor. Copyright © 2014 John Wiley & Sons, Ltd.

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  • I. Kadek Dian Sutrisna Artha & Jakob Haan, 2015. "Financial Crises and the Dismissal of Central Bank Governors: New Evidence," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 20(1), pages 80-95, January.
    • Handle: RePEc:wly:ijfiec:v:20:y:2015:i:1:p:80-95
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    Cited by:

    1. Masciandaro, Donato & Romelli, Davide, 2015. "Ups and downs of central bank independence from the Great Inflation to the Great Recession: theory, institutions and empirics," Financial History Review, Cambridge University Press, vol. 22(3), pages 259-289, December.
    2. de Haan, J. & Eijffinger, Sylvester, 2016. "The Politics of Central Bank Independence," Discussion Paper 2016-047, Tilburg University, Center for Economic Research.
    3. Carola Conces Binder, 2021. "Political Pressure on Central Banks," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 53(4), pages 715-744, June.
    4. Christine O. Strong, 2022. "Do commodity price shocks impact central bank governors' removals? Evidence from Africa," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(1), pages 1443-1460, January.
    5. Qureshi, Irfan, 2015. "Monetary Policy Shifts and Central Bank Independence," MPRA Paper 81646, University Library of Munich, Germany, revised Sep 2017.
    6. D. Masciandaro, 2019. "What Bird Is That? Central Banking And Monetary Policy In The Last Forty Years," BAFFI CAREFIN Working Papers 19127, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    7. Masciandaro, Donato & Romelli, Davide, 2018. "Central bankers as supervisors: Do crises matter?," European Journal of Political Economy, Elsevier, vol. 52(C), pages 120-140.
    8. Itai Agur & Carola Binder & Cristina Bodea & Claudio Borio & Italo Colantone & Ana Carolina Garriga & Federico Favaretto & Stefan Gerlach & Ernest Gnan & Ryszard Kokoszczynski & Masaaki Higashijima & , 2020. "Populism, Economic Policies and Central Banking," SUERF Studies, SUERF - The European Money and Finance Forum, number 2020/1 edited by Ernest Gnan and Donato Masciandaro, May.

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