Studies in Central Bank Legitimacy, Currency and National Identity

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Studies in Central Bank Legitimacy, Currency and National Identity

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Title: Studies in Central Bank Legitimacy, Currency and National Identity
Four Cases from Danish Monetary History
Author: Ravn Sørensen, Anders
Abstract: In this dissertation I examine the historical relationship between Danish national identity and monetary organization, defined as the Danish currency kronen and the Danish central bank Nationalbanken. The ambition of my analysis is twofold: firstly, I aim to understand the role of national identity in legitimating Danish monetary organization. Secondly, I analyze the importance of the Danish currency and Nationalbanken in the construction of national identity. As such, the dissertation focuses on the mutually configuring relationship between monetary legitimacy and national identity. Following ideas from organizational institutionalism, one of the basic assumptions in the dissertation is that all organizations, including central banks, must be aligned with, or at least not contradict, the values, norms and symbols of the surrounding national culture. To analyze this potential alignment historically in a Danish context, national identity is applied as an analytical concept that conditions the actions and decisions of organizations placed in a national setting. In the dissertation, national identity is understood as the continuous reproduction and interpretations of the cultural elements of the nation as well as individual identification with these elements. This definition of national identity allows for an analysis that involves more than how monetary organization become legitimate. Every attempt to align kronen and Nationalbanken with national identity constitutes, concurrently, a reproduction of national identity. Thus, while a central bank and national currency might require alignment with national identity to be perceived as legitimate, monetary organization also reproduces and bolsters national identity.
URI: http://hdl.handle.net/10398/8975
Date: 2014-09-09

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