Central bank governors may have accumulated too much gold because of their personal biases
The prevalence of older governors who had experienced the pre-WWI gold standard may have led to problematically high gold accumulation by central banks during the Bretton Woods era.
This is one of the main findings of a recent paper published by the International Monetary Fund. In Do old habits die hard? Central banks and the Bretton Woods gold puzzle, Eric Monnet and Damien Puy link reserve management practices to the personal histories of central bank governors.
Comparing the identity and