Median bank has had four governors in past 20 years

Governor turnover probably does not reflect independence

The turnover rate of central bank governors – often used by researchers as a proxy for central bank independence – is highly variable.

Data collected from 28 central banks in our Governance Benchmarks 2022 found a handful of respondents had only two governors during the past 20 years. The highest number of governors that any central bank reported having was in excess of 10.

Between the two extremes, the vast majority of banks reported having three, four or five governors within that two-decade

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