Dragging a heavy load to the central bank:influence of experienced natural and man-made disasters on central bankers’ behaviour
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12 mai 2022
- handle: 10670/1.495hc9
- hal: hal-03701446
- doi: 10.1080/13504851.2022.2073327
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info:eu-repo/semantics/altIdentifier/doi/10.1080/13504851.2022.2073327
Mots-clés
Conservatism Inflation Natural disasters Wars HyperinflationSujets proches
Catastrophes Calamities Bank officersCiter ce document
Maqsood Aslam et al., « Dragging a heavy load to the central bank:influence of experienced natural and man-made disasters on central bankers’ behaviour », HAL-SHS : économie et finance, ID : 10.1080/13504851.2022.2073327
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Résumé
How do natural and man-made disasters faced by central bankers in their impressionable years influence their decision-making? Using data on a large panel of central bankers from developing and developed countries, we find that central bankers who have experienced a larger number of natural as well as man-made disasters tend to act in a more conservative way. In particular, the experience of famines is the most traumatizing and influential. The results are robust to the inclusion of control variables and alternative measures of disasters, and reveal strong behavioural differences when comparing before and after the 2008 financial crisis.