Alexander Michaelides

General seminars
amse seminar

Alexander Michaelides

Imperial College London
(In)dependent Central Banks
Joint with
Vasso Ioannidou, Sotirios Kokas, Thomas Lambert

IBD Amphi

Îlot Bernard du Bois - Amphithéâtre

5-9 boulevard Maurice Bourdet
13001 Marseille

Monday, September 18 2023| 11:30am to 12:45pm

Nicolas Clootens: nicolas.clootens[at]
Romain Ferrali: romain.ferrali[at]


Since the 1980s many countries have reformed the institutional framework governing their central banks to increase operational independence. Collecting systematic biographical information, international press coverage, and independent expert opinions, we find that over the same period appointments of central bank governors have become more politically motivated, especially after significant legislative reforms aiming to insulate central banks and their governors from political interference. We also show that politically-motivated appointments reflect lower de facto independence, and are associated with worse inflation and financial stability outcomes. Given the increase in central banks' powers worldwide, our findings inform the debate about their political accountability and credibility.