Not a steamroller, a 3D process: Scientization at the Bank of England

Aurélien Goutsmedt, Francesco Sergi (), François Claveau and Clément Fontan ()
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Francesco Sergi: LIPHA - Laboratoire Interdisciplinaire d'étude du Politique Hannah Arendt Paris-Est - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel, UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12
François Claveau: UdeS - Université de Sherbrooke, CIRST - Centre interuniversitaire de recherche sur la science et la technologie - UdeM - Université de Montréal - UQAM - Université du Québec à Montréal = University of Québec in Montréal
Clément Fontan: UCLouvain, ISPOLE

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Abstract: This article investigates the scientization process in central banks, using the Bank of England (BoE) as a case study. Its main goal is to clarify the interactions and tensions among three dimensions of scientization: contributory, policymaking and legitimizing. To do so, we outline an ideal type of contributory scientization in central banks, whereby they become active contributors to science. The article derives empirically observable characteristics for this ideal type, regarding leadership and staff profiles, use of internal resources, composition of external networks, and publication and discursive outputs. The BoE is then contrasted to this ideal type of a central bank thoroughly involved in contributory scientization. The empirical material includes archives and interviews as well as three databases providing quantitative information from the 1970s to 2019. We find that the development of contributory scientization is strategically motivated, often generating tensions with policymaking and legitimizing dimensions. Our findings suggest that scientization in central banks is best understood as a three-dimensional, non-linear process, rather than a steamroller.

Keywords: Central bank; Scientisation; Expertise; Depoliticisation; Word embedding (search for similar items in EconPapers)
Date: 2025-04-22
New Economics Papers: this item is included in nep-cba, nep-his, nep-hpe and nep-mon
Note: View the original document on HAL open archive server: https://hal.science/hal-04267004v2
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Published in Finance and Society, 2025, ⟨10.1017/fas.2025.8⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04267004

DOI: 10.1017/fas.2025.8

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