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

IMF Working Papers, May 5, 2023

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Canonical URL: Who are Central Banks? Gender, Human Resources, and Central Banking

Authors: Mariarosaria Comunale, Petra de Bruxelles, Kalpana Kochhar, Juliette Raskauskas, Filiz D Unsal
Published: May 5, 2023
Series: IMF Working Papers
DOI: https://doi.org/10.5089/9798400241208.001

Study title: Who are Central Banks? Gender, Human Resources, and Central Banking
Authors: Mariarosaria Comunale, Petra de Bruxelles, Kalpana Kochhar, Juliette Raskauskas, Filiz D Unsal
Publication date: May 5, 2023
Scope: Novel multidimensional survey directed at eight central banks in advanced economies (G7 national central banks and the European Central Bank)
Purpose: Analyze women’s participation across seniority levels, employment trends, and human resources practices; construct a comprehensive index of gender equality (Human Resources Gender Index, HRGI)

Survey coverage: eight central banks in advanced economies (G7 national central banks and the European Central Bank)
Constructed measure: Human Resources Gender Index (HRGI) — a comprehensive index summarizing multiple aspects of gender equality within central banks
Aspects surveyed: women’s participation by seniority level, employment trends, human resources practices, hiring, promotion, contract types, and pay

Central banks have room for improvement in:
- Inclusion of women in economics professions
- Inclusion of women in managerial positions
- Provision of full time contracts to women
Women in central banking face a gender pay gap
International Financial Institutions (the International Monetary Fund, the World Bank Group, and the Organization for Economic Co-operation and Development) perform better in terms of gender equality compared with the surveyed central banks

The HRGI index, hiring and promotion of women, and their contract types are associated with output and credit gaps, indicating macro-critical importance
Certain country characteristics are related to gender equality:
- Women in high-level positions
- Government effectiveness
- Corruption