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Independence within Government : A Comparative Perspective on Central Banking in Norway 1945-1970


  • Christian Venneslan


  • Ragnar Trøite
  • Christoffer Kleivset
  • Bastian Klunde


This article surveys the degree of central bank independence in Norway between 1945 and 1970. By comparing the developments in Norway with those of Sweden and the United Kingdom, it is shown that the Norwegian central bank had less room for maneuver than in the other countries. In spite of a high legal independence, the actual performance of central bank operations was almost completely subordinated the instructions given by the Ministry of Finance. A particular vivid, dirigiste environment followed the experiences of the 1930s and the war in Norway, curtailing any effort to make the central bank an independent institution in the machinery of state economic management that followed the return to peace.

Suggested Citation

  • Christian Venneslan & Ragnar Trøite & Christoffer Kleivset & Bastian Klunde, 2012. "Independence within Government : A Comparative Perspective on Central Banking in Norway 1945-1970," Working Paper 2011/20, Norges Bank.
  • Handle: RePEc:bno:worpap:2011_20

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    References listed on IDEAS

    1. Cukierman, Alex, 2008. "Central bank independence and monetary policymaking institutions -- Past, present and future," European Journal of Political Economy, Elsevier, vol. 24(4), pages 722-736, December.
    2. Bruce K. MacLaury, 1976. "Perspectives on Federal Reserve independence - a changing structure for changing times," Annual Report, Federal Reserve Bank of Minneapolis.
    3. Eijffinger, S. & De Hann, J., 1995. "The Political Economy of Central Bank Independence," Papers 9587, Tilburg - Center for Economic Research.
    4. Cukierman, Alex & Webb, Steven B & Neyapti, Bilin, 1992. "Measuring the Independence of Central Banks and Its Effect on Policy Outcomes," World Bank Economic Review, World Bank Group, vol. 6(3), pages 353-398, September.
    5. Berger, Helge & de Haan, Jakob & Eijffinger, Sylvester C W, 2001. " Central Bank Independence: An Update of Theory and Evidence," Journal of Economic Surveys, Wiley Blackwell, vol. 15(1), pages 3-40, February.
    6. Klomp, Jeroen & de Haan, Jakob, 2009. "Central bank independence and financial instability," Journal of Financial Stability, Elsevier, vol. 5(4), pages 321-338, December.
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    More about this item


    Central bank independence; monetary policy; institutional design;

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • N44 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: 1913-

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