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Dragging a heavy load to the central bank:influence of experienced natural and man-made disasters on central bankers’ behaviour

Author

Listed:
  • Maqsood Aslam
  • Etienne Farvaque

    (LEM - Lille économie management - UMR 9221 - UA - Université d'Artois - UCL - Université catholique de Lille - Université de Lille - CNRS - Centre National de la Recherche Scientifique)

  • Franck Adonis Malan

Abstract

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.

Suggested Citation

  • Maqsood Aslam & Etienne Farvaque & Franck Adonis Malan, 2022. "Dragging a heavy load to the central bank:influence of experienced natural and man-made disasters on central bankers’ behaviour," Post-Print hal-03701446, HAL.
    • Handle: RePEc:hal:journl:hal-03701446
    DOI: 10.1080/13504851.2022.2073327
    as

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    Keywords

    Conservatism; Inflation; Natural disasters; Wars; Hyperinflation;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E71 - Macroeconomics and Monetary Economics - - Macro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on the Macro Economy

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