IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-05312184.html
   My bibliography  Save this paper

How to Make Central Banks’ Structural Power ‘Great Again’

Author

Listed:
  • Sophie Harnay

    (UPN - Université Paris Nanterre)

  • Laurence Scialom

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

  • Guillaume Vallet

    (CREG - Centre de recherche en économie de Grenoble - UGA - Université Grenoble Alpes)

Abstract

Central bank regimes have proved to be capable of evolution and to be highly malleable over time. In light of this, central banks' ability to perform their mission in order to promote the common good has come under greater scrutiny recently. This paper aims to shed new light on this literature on central banks' possible evolving role by revisiting Susan Strange's concept of structural power, which we apply to central banks. We argue that although it is doubtless that central banks hold structural power, the latter has been corrupted with the rise of financialization with respect to the ontology of this power: there is evidence of a growing gap between central banks' institutional framework inherited from the 1990s and their policies implemented since the recent crises and turmoil. We argue that time is ripe to make central banks' structural power ‘great again', which involves the definition of a more democratic framework for central banks. This would imply a move from the concept of structural power to that of structural authority.

Suggested Citation

  • Sophie Harnay & Laurence Scialom & Guillaume Vallet, 2025. "How to Make Central Banks’ Structural Power ‘Great Again’," Post-Print hal-05312184, HAL.
    • Handle: RePEc:hal:journl:hal-05312184
    DOI: 10.1080/09538259.2025.2565649
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a
    for a similarly titled item that would be available.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-05312184. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.