Women in central banking: a focus on the controversial power–authority relation

The issue of gender diversity in central banking is more complex than what might appear at first glance. Indeed, one of the striking features of the structures and organizations of central banks is the underrepresentation of women. Furthermore, women working in central banks are generally notentrusted with leading positions within the inner organizations. Central banking is even ‘notorious' for its male-dominated and ‘closed-off' culture. To be sure, this feature is not specific to central banks, in the sense that it is also prevalent in other fields and institutions: in most organizations, despite noticeable transformations, male overrepresentation still exists. The aim of this chapter is to understand the gender reality of the milieu, and why male dominance still remains entrenched. While the majority of extant research focuses on examining the correlation between gender and monetary policy so far, I shed light on the broader model of central bank governance (including the process of designing monetary policy). I seek to identify the operation and gendered distribution of key decision-making bodies within central banks.