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Priests of ProsperityHow Central Bankers Transformed the Postcommunist World$
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Juliet Johnson

Print publication date: 2016

Print ISBN-13: 9781501700224

Published to Cornell Scholarship Online: August 2016

DOI: 10.7591/cornell/9781501700224.001.0001

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The Transformation Campaign

The Transformation Campaign

(p.82) 4 The Transformation Campaign
Priests of Prosperity

Juliet Johnson

Cornell University Press

This chapter describes the coordination and evolution of the transnational central banking community's training and technical assistance programs and explores the transformation campaign's overall effects in postcommunist states. While the transnational central banking community encouraged postcommunist governments to adopt legislation granting independence to their central banks, it came into its own with the campaign to transform the beliefs and practices of postcommunist central bankers. Driven by a desire to preserve international financial stability and to draw new members into the community, established central bankers individually and collectively deployed their extensive organizational, human, and material resources to develop training and technical assistance programs for the postcommunist central banks. Postcommunist central bankers welcomed this assistance because of the community's international status and model, the challenge of managing the complex postcommunist economic environment, and the social and material incentives for joining the community.

Keywords:   transnational central banking, banking community, postcommunist governments, postcommunist central bankers, financial stability, postcommunist economy

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