Party Politics and the Survival of Central Bank Governors
نویسنده
چکیده
Legally independent central banks leave elected politicians with little direct control over monetary policy. The most important indirect channel of influence for governments thus consists in appointing ‘responsive’ central bank officials and removing ‘hostile’ ones. This premise is tested by examining the effect of partisan ties between central bank governors and governments or presidents in 30 European democracies between 1945 and 2012. Drawing on an original data set containing information on the party affiliations of 195 governors, event history models are employed to show that affiliation with a party represented in the executive (the government or the presidency) has a large and significant positive effect on governor survival. However, affiliation with an opposition party only increases governors’ hazards during the first four years of their term, suggesting that the impact of the party label may be overridden as more reliable information about a governor becomes available.
منابع مشابه
Feminism and Abortion in the United States’ Party Politics
Abstract The feminist movement in the United States like other countries has tried to establish equality for women. From the first attempts to gain constitutional right for vote, up to the current radical demands, feminists have struggled to make changes in the U.S. party politics and obtain their rights within the parties. One of the important issues in which women played a key role in party ...
متن کاملMeasuring Liquidity Risk Management and Impact on Bank Performance in Iran
A bank as a business units needs to have liquid assets which can be easily converted into cash at short notice. Thus the concept of liquidity risk management is important for any commercial banks. The impact of liquidity position in management of banks have remained significant, though very elusive in the process of investment analysis vis-à-vis bank portfolio management. In addition, liquidity...
متن کاملThe Role of Political Parties in Empowering Women’s Positions in the UK Parliament
Women’s political representation has been for decades ahead of women’s rights movement. However, women presence in politics is not only limited to women political participation but their position in party politics as well. This paper aims to analyze the role of parties in empowering women at the UK parliament and tries to contribute towards the existing literature through presenting an interdis...
متن کاملLegal Analysis of bank in the Iranian commercial market based on the theory of transaction costs
Understanding the necessity of establishing a bank in Iran requires a correct realizing of the mechanism of the money market in an era in which banks had no place or position. At that time distrusting on the borrower credits, lack of reliable information about the number and place of lenders, rising interest rates and the prevalence of high- interest borrowing were some of the costs that transa...
متن کاملThe Politics of Need: Examining Governors’ Decisions to Oppose the “Obamacare” Medicaid Expansion
This article explains governors’ decisions to support or oppose Medicaid expansions offered under the 2010 Patient Protection and Affordable Care Act. We theorize that governors’ decisions to oppose the funding should depend on both political demands and the level of need in the state, though politics and need are often in tension. We find that governors’ partisanship and the composition of the...
متن کامل