Welcome to the Chair of International Macroeconomics
Professorin Dr. Lena Dräger - Professorin Dr. Beatrice Weder di Mauro
NEW VoxEU article
No smoking gun: Private shareholders, governance rules, and central bank financial behaviour
Bernhard Bartels, Barry Eichengreen, Beatrice Weder di Mauro
14 November 2016
Recent events have heightened concerns that central banks with private shareholders might differ in their financial behaviour from purely public central banks, perhaps focusing excessively on profits, dividends, and risks to their balance sheets. Using information on shareholding and new data on governance rules for 35 central banks, this column finds no significant difference in financial behaviour based on ownership, due, it would appear, to governance arrangements restraining policy toward private shareholders and, more generally, affecting central bank behaviour....