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Independence within Government : A Comparative Perspective on Central Banking in Norway 1945-1970

Author

Listed:
  • Christian Venneslan
  • Ragnar Trøite
  • Christoffer Kleivset
  • Bastian Klunde

Abstract

This article surveys the degree of central bank independence in Norway between 1945 and 1970. By comparing the developments in Norway with those of Sweden and the United Kingdom, it is shown that the Norwegian central bank had less room for maneuver than in the other countries. In spite of a high legal independence, the actual performance of central bank operations was almost completely subordinated the instructions given by the Ministry of Finance. A particular vivid, dirigiste environment followed the experiences of the 1930s and the war in Norway, curtailing any effort to make the central bank an independent institution in the machinery of state economic management that followed the return to peace.

Suggested Citation

  • Christian Venneslan & Ragnar Trøite & Christoffer Kleivset & Bastian Klunde, 2012. "Independence within Government : A Comparative Perspective on Central Banking in Norway 1945-1970," Working Paper 2011/20, Norges Bank.
    • Handle: RePEc:bno:worpap:2011_20
    as

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    File URL: https://www.norges-bank.no/en/news-events/news-publications/Papers/Working-Papers/2011/WP-201120/
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    References listed on IDEAS

    as
    1. Cukierman, Alex, 2008. "Central bank independence and monetary policymaking institutions -- Past, present and future," European Journal of Political Economy, Elsevier, vol. 24(4), pages 722-736, December.
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    6. Klomp, Jeroen & de Haan, Jakob, 2009. "Central bank independence and financial instability," Journal of Financial Stability, Elsevier, vol. 5(4), pages 321-338, December.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Central bank independence; monetary policy; institutional design;
    All these keywords.

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • N44 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: 1913-

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