central banks

TOSHIFUMI KITAMURA/AFP/Getty Images

By Jonathan Soble

Sermons from the IMF tend to make Japanese leaders fidget nervously in their pews – all fire and brimstone about budget deficits and the need for austerity. But Christine Lagarde’s warning about the evils of deflation is more likely to elicit a full-throated “amen”.

Successive Japanese administrations have promised to end deflation – the “ogre”, in Ms Lagarde’s description, that has menaced the country’s economy since the late 1990s. But under Shinzo Abe, prime minister since December 2012, and his central bank governor, Haruhiko Kuroda, deflation-fighting has become the overriding priority.

They have been getting results so far: prices of consumer goods excluding fresh food are rising nearly 1 per cent year-on-year, thanks to the Bank of Japan’s ultra-accommodative monetary policy and the related plunge in the value of the yen, which has pushed up the cost of imports. Read more

Janet Yellen’s nomination for the Fed chairmanship is a significant mark in the history of female central bankery – mainly because there isn’t much of a history.

As Claire Jones, the FT’s economics reporter, points out: advanced economy central banks are severely lacking in female representation in their upper echelons.

In other markets, however, women have more of a presence in monetary policy. Outside of advanced economies, the list of women at the head of central banks is longer than the list of women on the ECB governing council (0).

Gill Marcus (Getty)

South Africa: Gill Marcus spent time in the UK as her parents were anti-apartheid activists in South Africa. She joined the ANC and worked for its department of information and publicity, then returned to South Africa after the ANC ban was lifted. She was appointed deputy minister of finance in 1996 and became deputy governor of the South African Reserve bank in 1999. After a few years working outside the central bank system, she was appointed governor in November 2009. In 2010 she said, “Developing countries are more conscious of women’s emancipation – we’ve all got better statistics in relation to gender than in the developed world. Read more