Female Leadership and the Gendered Impacts of Financial Crises: Are Female‐Led Governments Better Able to “Weather the Storm?”

Objectives While studies have found that women are often more economically and politically vulnerable during economic crises and downturns, a growing body of work has found that increased female leadership can have multiple positive effects upon societies, particularly in policy areas germane to women. Bringing these contrasting dynamics to bear on financial crises, we examine the extent to which female leadership, particularly representation in the executive branch, can offset the gendered consequences of financial crises. Methods We analyze data on female membership in cabinet positions and financial crises from 1980–2019. Results Increased representation of females in cabinet‐level positions helps ameliorate some of the effects of financial crises, particularly those related to the distribution of public services and the economic opportunities provided to women. Conclusions Our findings advance knowledge on the nexus between female leadership and crises, suggesting that just as female leaders may be called up to lead countries out of crises, they may be better able to help countries navigate post‐financial crisis situations.