Who are Central Banks? Gender, Human Resources, and Central Banking

WhoareCentralBanks? Gender,HumanResources,andCentralBanking MariarosariaComunale,PetradeBruxelles,KalpanaKochhar,JulietteRaskauskas,andD.FilizUnsal WP/23/91 IMFWorkingPapersdescriberesearchinprogressbytheauthor(s)andarepublishedtoelicitcommentsandtoencouragedebate. TheviewsexpressedinIMFWorkingPapersarethoseoftheauthor(s)anddonotnecessarilyrepresenttheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement. 2023 MAY ©2023InternationalMonetaryFundWP/23/91 IMFWorkingPaper ResearchandHumanResourcesDepartments WhoareCentralBanks?Gender,HumanResources,andCentralBanking* PreparedbyMariarosariaComunale,PetradeBruxelles,KalpanaKochhar,JulietteRaskauskas,andD.FilizUnsal AuthorizedfordistributionbyChrisPapageorgiouandCatrionaPurfieldMay2023 IMFWorkingPapersdescriberesearchinprogressbytheauthor(s)andarepublishedtoelicitcommentsandtoencouragedebate.TheviewsexpressedinIMFWorkingPapersarethoseoftheauthor(s)anddonotnecessarilyrepresenttheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement. ABSTRACT:Centralbanks,astheepitomeoftheeconomicsprofessionandthemainparagonofpublicinstitutions,canrevealkeyinsightsintogenderpatterns.Wecreateanovelmultidimensionalsurveydirectedateightcentralbanksinadvancedeconomies(G7nationalcentralbanksandtheEuropeanCentralBank),coveringseveralaspectsofgender,suchaswomen’sparticipationatdifferentsenioritylevels,employmenttrends,andhumanresourcespractices.Theseelementsaresummarizedinanewcomprehensiveindexofgenderequality—HumanResourcesGenderIndex(HRGI).Weshowthatthesecentralbankshaveroomforimprovementintheinclusionofwomenineconomicsprofessions,managerialpositions,andwithfulltimecontracts.Womenincentralbankingalsofaceagenderpaygap.Incomparison,InternationalFinancialInstitutions(theInternationalMonetaryFund,theWorldBankGroup,andtheOrganizationforEconomicCo-operationandDevelopment)performbetterintermsofgenderequality.TheHRGIindex,hiringandpromotionofwomen,andtheircontracttypesareassociatedwithoutputandcreditgaps,thusbeingofmacro-criticalimportance.Inreturn,somecountrycharacteristicscanberelatedtogenderequality,suchaswomeninhigh-levelpositions,governmenteffectiveness,andcorruption. *Thispaperispartofaresearchprojectonmacroeconomicpolicyinlow-incomecountries(IATIIdentifier:GB-1-202960)supportedbytheU.K.’sForeign,CommonwealthandDevelopmentOffice(FCDO).TheviewsexpressedhereinarethoseoftheauthorsandshouldnotbeattributedtotheIMF,itsExecutiveBoard,oritsmanagement,theFCDO,ortheOECD.D.FilizUnsalandJulietteRaskauskaswereworkingattheIMFwhenmostofthisworkwasconducted.D.FilizUnsaliscurrentlywiththeOECD,onleavefromtheIMF.TheauthorswouldliketothankalltheCentralBanksandinstitutionsthatparticipatedinthesurvey,andMartinČihák,FozanFareed,GuidoFriebel,JiajiaGu,KarenMathiasen,IrisMwanza,MoniqueNewiak,ChrisPapageorgiou,DharanaRijal,andRatnaSahay,aswellastheparticipantstotheIMFResearchDepartment-DevelopmentMacroeconomicsDivisioninternalseminar,tothewebinar:“PathwaystoGenderEqualityInCentralBanks”organizedbytheInternationalEconomicAssociation,BancodelaRepúblicadeColombia,andtheBancodeEspaña,,andtotheG7CeBaDiDiversity,Equity,andInclusionSummit2022attheDeutscheBundesbankforcommentsandsuggestions. IMFWORKINGPAPERSWhoareCentralBanks?Gender,HumanResources,andCentralBanking RECOMMENDEDCITATION:Comunale,Mariarosaria;PetradeBruxelles;KalpanaKochhar;JulietteRaskauskas;andD.FilizUnsal,2023,“WhoareCentralBanks?Gender,HumanResources,andCentralBanking”.IMFWorkingPaperWP/23/91 JELClassificationNumbers: O15,J16,E58 Keywords: Centralbanks;gender;humanresources;inequality Author’sE-MailAddress: mcomunale@imf.orgpdebruxelles@imf.orgkalpana.kochhar@gatesfoundation.orgraskauskasjuliette@gmail.comdunsal@imf.orgfiliz.unsal@oecd.org INTERNATIONALMONETARYFUND3 WORKINGPAPERS WhoareCentralBanks? Gender,HumanResources,andCentralBanking PreparedbyMariarosariaComunale,1PetradeBruxelles,2KalpanaKochhar,3JulietteRaskauskas,4andD.FilizUnsal5 1ResearchDepartment,DevelopmentMacroeconomicsDivision,InternationalMonetaryFund,mcomunale@imf.org 2HumanResourcesDepartment,InternationalMonetaryFund,pdebruxelles@imf.org 3DevelopmentPolicyandFinance,Gatesfoundation,kalpana.kochhar@gatesfoundation.org 4ResearchDepartment,DevelopmentMacroeconomicsDivision,InternationalMonetaryFund,raskauskasjuliette@gmail.com 5ResearchDepartment,DevelopmentMacroeconomicsDivision,InternationalMonetaryFund,dunsal@imf.organdOrganizationforEconomicCo-operationandDevelopment,filiz.unsal@oecd.org Contents 1.Introduction3 2.Literaturereview4 3.Descriptionofthesurvey7 4.Evidenceforcentralbanks8 5.Empiricalresults12 6.Conclusions15 Appendix17 References22 1.Introduction Centralbanksareatthecoreoftheeconomicsprofession,formavitalpartofthetrainingofeconomistsworldwide,andarethemainparagonofpublicinstitutions.Ifcentralbanksareunequalintheirstructure,andifthislackofdiversityispersistent,thenthenormsandvaluescomingoutofthosebanksmaynotupholdgenderequalityinsocieties(OMFIF,2021).However,regardlessofthesecharacteristicsandroles,notmuchisknownaboutcentralbanks’genderpatterns,astheliteraturehasdirecteditsfocusm