Since the start of the Global Financial Crisis in 2008, research on central banking has gained momentum due to unusual levels of central bank activism and unconventional monetary policy measures in many countries. While these policies drew significant attention to advanced economy central banks, there has been much less academic focus on central banking in emerging economies. This book extends the research on the political economy of central banking by focusing on the emerging economies in Asia, Africa, Latin America, and the European periphery. Central banks are at the heart of economic policymaking, and their decisions have a significant impact on the social and economic well-being of citizens. Adopting an interdisciplinary political economy perspective, the contributions in this book explore the reciprocal relations between politics, economics, and central banks, and how the global and domestic political economy contexts influence central bank practices. The chapters employ diverse theoretical perspectives such as institutional and organizational theory, developmental state resource dependency, and gender studies, drawing on disciplines ranging from politics, international relations, public policy, management, finance, and sociology. This book will appeal to academics and students of central banking, political economy, and emerging economies, as well as professionals and policymakers engaged with central banks, monetary policy, and economic development.

chapter 1|20 pages


Political economy of central banking in emerging economies
ByMustafa Yağcı

part Part 1|70 pages

Global influences on central banking in emerging economies

chapter 2|16 pages

Institutional metamorphosis

The backlash against independent central banking
ByIoannis Glinavos

chapter 3|17 pages

Central banks and institutional evolution in transition

ByChristopher A. Hartwell

chapter 4|18 pages

Building confidence ‘on the ground’

Encounters between finance and the central banks of South Africa and Turkey
ByAyca Zayim

chapter 5|17 pages

The impact of political-technocratic consensus on institutional stability and change

Monetary and financial governance in Argentina and Chile
ByMax Nagel

part Part 2|24 pages

Central banking in the European periphery

chapter 6|22 pages

The impact of European economic governance and EU accession negotiations on the central banks in candidate countries

The case of the National Bank of Serbia
ByTatjana Jovanić

part Part 3|34 pages

Central Banking in Africa

chapter 7|17 pages

The political economy of central banking in Nigeria

A resource dependence perspective
ByFranklin Nakpodia, Titilayo Ogunyemi, Folajimi Ashiru

chapter 8|15 pages

The independence of the South African Reserve Bank

Coming full circle in 25 years?
ByJannie Rossouw, Vishnu Padayachee

part Part 4|33 pages

Central Banking in Latin America

chapter 9|17 pages

Gender diversity as a tool to make central banks progressive institutions

The case of the Central Bank of Ecuador
ByGuillaume Vallet

chapter 10|14 pages

The political economy of Brazil’s enigmatic Central Bank, 1988–2018

ByMario G. Schapiro, Matthew M. Taylor

part Part 5|48 pages

Central Banking in Asia

chapter 11|24 pages

Interpreting the evolution of the monetary regime in Russia

The political economy of rent seeking and central banking
ByNikolay Nenovsky, Cornelia Sahling

chapter 12|18 pages

The PBOC in the “new era” of Chinese political economy

ByOrhan H. Yazar

chapter |4 pages


New avenues of research on central banking in emerging economies
ByMustafa Yağcı