Banking Crises and the Selection and Survival of Women Finance Ministers

• In Event: Policymakers as Individuals

Abstract

Women remain underrepresented in executive posts, especially high-prestige and “masculine” cabinet portfolios. Yet, in recent years a growing number of states have appointed women to the finance ministry—a powerful position typically reserved for male politicians. When, where, and why do women serve as finance ministers? After cataloguing women’s appointments across the globe and over time, we argue that women are likely to first be appointed to the finance ministry in crisis conditions. We test this “glass cliff” hypothesis using original data on women’s appointments to finance ministries worldwide from 1990-2017. Consistent with our expectations, we find that banking crises are associated with breaks from the male-dominated status quo. Once selected for the position, moreover, our supplementary analysis shows that even during crises, men and women are equally likely to remain in the post. Together, these results suggest that in some instances women can seize on crises as political opportunities.

Authors

• Tiffany D. Barnes, University of Kentucky

• Brenna Gail Armstrong

• Diana Z. O'Brien, Rice University

• Daina Chiba, University of Essex