Karnit Flug ( he, קרנית פלוג; born January 9, 1955) is a Polish-born Israeli economist and government official who served as the 9th governor of the
Bank of Israel from 2013 to 2018. She was the first, and to date the only, woman to hold that position.
Biography
Karnit Flug graduated with a master's degree in economics from
Hebrew University of Jerusalem in 1980, and a PhD in economics from
Columbia University
Columbia University (also known as Columbia, and officially as Columbia University in the City of New York) is a private research university in New York City. Established in 1754 as King's College on the grounds of Trinity Church in Manhatt ...
in 1985. In 1984 she joined the
International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster glo ...
as an economist, then returned to Israel in 1988 and joined the Research Department of the
Bank of Israel. In 1994 Dr. Flug was on leave from the central bank for two years, assigned to work at the
Inter-American Development Bank in Washington D.C. as a Senior Research Economist. She returned to BoI in 1997 while appointed deputy director of the Research Department, then elevated to Department's Director and a member of the Bank's senior management in June 2001, a position she held for ten years.
In July 2011, Flug appointed by the Israeli Government as deputy governor of the Bank of Israel, on the recommendation of the BoI Governor
Stanley Fischer. She served as Acting Governor from July 2013 until November, after Fisher's resignation. In October 2013, she was officially nominated to be the next Governor of the Bank of Israel by Prime Minister
Benjamin Netanyahu
Benjamin "Bibi" Netanyahu (; ; born 21 October 1949) is an Israeli politician who served as the ninth prime minister of Israel from 1996 to 1999 and again from 2009 to 2021. He is currently serving as Leader of the Opposition and Chairman of ...
, edging out initially chosen former BoI chief
Jacob Frenkel, ending several months of uncertainty. On November 13, 2013, she was sworn in as governor, becoming the first woman to take the position.
Awards and recognition
Flug won an "A" grade three times in
Global Finance Magazine's annual Central Banker Report Cards, and was repeatedly considered one of the best bank governors in the world.
Published works
* Karnit Flug, Nitsa (Kaliner) Kasir and Ofer Gur, "Absorption of Soviet Immigrants into the Israeli Labor Market: Occupational Substitution and Retention", in: "''Immigrants: Liability or Asset?''", Naomi Carmon (editor), p. 279-378, 1993.
* Karnit Flug and Nitsa (Kaliner) Kasir, "Labor Costs in Israeli Industry", ''Economic Review'', Vol. 67, p. 21-44, 1993.
* Karnit Flug and Nitsa (Kaliner) Kasir,
The Absorption in the Labor Market of Immigrants from the CIS - the Short Run ''The Economy Quarterly'', 1995.
* Karnit Flug, Nitsa (Kaliner) Kasir and Ofer Gur, "The Absorption of Soviet Immigrants into the Labour Market: Aspects of Occupational Substitution and Retention", in: "''Russian Jews on Three Continents – Migration and Resettlement''", Lewin-Epstein, Ro'u and Ritterbans (editors), p. 433-470, 1997.
* Karnit Flug and Nitsa (Kaliner) Kasir
Poverty and Employment and the Gulf between them, ''Israel Economic Review'', Vol. 1, p. 55-80, 2003.
* Karnit Flug and Nitsa (Kaliner) Kasir,
The Single Parent Law, Labor Supply and Poverty, ''Israel Economic Review'', Vol. 4, NO. 1, April, p. 59-110, 2006.
See also
*
Women in Israel
References
External links
Profileat the
Bank of Israel
{{DEFAULTSORT:Flug, Karnit
1955 births
Living people
Hebrew University of Jerusalem Faculty of Social Sciences alumni
Columbia University alumni
Israeli women economists