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Chasing unicorns: The European single safe asset project (2018)
Journal Article
Gabor, D., & Vestergaard, J. (2018). Chasing unicorns: The European single safe asset project. Competition and Change, 22(2), 139-164. https://doi.org/10.1177/1024529418759638

© 2018, © The Author(s) 2018. For the past 20 years, Economic and Monetary Union (EMU) institutions have sought to engineer a single safe asset that would provide a credible store of value for capital market participants. Before 2008, the European Ce... Read More about Chasing unicorns: The European single safe asset project.

Goodbye (Chinese) Shadow Banking, Hello Market-based Finance (2018)
Journal Article
Gabor, D. (2018). Goodbye (Chinese) Shadow Banking, Hello Market-based Finance. Development and Change, 49(2), 394-419. https://doi.org/10.1111/dech.12387

© 2018 International Institute of Social Studies Shadow banking in developing and emerging countries (DECs) oscillates between two semantic poles. One definition is typically deployed by scholars for the narrow analysis of non-bank financial intermed... Read More about Goodbye (Chinese) Shadow Banking, Hello Market-based Finance.

The digital revolution in financial inclusion: international development in the fintech era (2016)
Journal Article
Gabor, D., & Brooks, S. (2017). The digital revolution in financial inclusion: international development in the fintech era. New Political Economy, 22(4), 423-436. https://doi.org/10.1080/13563467.2017.1259298

© 2016 Informa UK Limited, trading as Taylor & Francis Group. This paper examines the growing importance of digital-based financial inclusion as a form of organising development interventions through networks of state institutions, international de... Read More about The digital revolution in financial inclusion: international development in the fintech era.

The (impossible) repo trinity: The political economy of repo markets (2016)
Journal Article
Gabor, D. (2016). The (impossible) repo trinity: The political economy of repo markets. Review of International Political Economy, 23(6), 967-1000. https://doi.org/10.1080/09692290.2016.1207699

In its capacity as debt issuer, the state has played a growing role in financial life over the last 30 years. To examine this role and connect it to shadow banking, the paper develops the concept of the ‘repo trinity’, which captures a set of policy... Read More about The (impossible) repo trinity: The political economy of repo markets.

Banking on bonds: The new links between states and markets (2015)
Journal Article
Gabor, D., & Ban, C. (2016). Banking on bonds: The new links between states and markets. Journal of Common Market Studies, 54(3), 617-635. https://doi.org/10.1111/jcms.12309

This article examines a neglected structural transformation in European finance: the growing importance of government debt as collateral for Europe's repo markets, where banks borrow cash against collateral. Seduced by the promises of repo market-dri... Read More about Banking on bonds: The new links between states and markets.

A step too far? The European financial transactions tax on shadow banking (2015)
Journal Article
Gabor, D. (2016). A step too far? The European financial transactions tax on shadow banking. Journal of European Public Policy, 23(6), 925-945. https://doi.org/10.1080/13501763.2015.1070894

This paper focuses on the European Commission's proposals to include the repo market – a market systemic to European (shadow) banking – in the financial transactions tax (FTT). It asks why the FTT governments negotiating under the enhanced co-operati... Read More about A step too far? The European financial transactions tax on shadow banking.

The IMF's Rethink of Global Banks: Critical in Theory, Orthodox in Practice (2015)
Journal Article
Gabor, D. (2015). The IMF's Rethink of Global Banks: Critical in Theory, Orthodox in Practice. Governance, 28(2), 199-218. https://doi.org/10.1111/gove.12107

© 2014 Wiley Periodicals, Inc. The International Monetary Fund's (IMF) new financial interconnectedness agenda, developed in response to postcrisis calls from G20 to better understand systemic financial institutions, deploys a critical approach that... Read More about The IMF's Rethink of Global Banks: Critical in Theory, Orthodox in Practice.

Mark my words: Discursive central banking in crisis (2014)
Book Chapter
Gabor, D., & Jessop, B. (2014). Mark my words: Discursive central banking in crisis. In C. Scherrer, B. Jessop, & B. Young (Eds.), Financial cultures and crisis dynamics, 294-315. Routledge

Learning from Japan: The European Central Bank and the European Sovereign Debt Crisis (2014)
Journal Article
Gabor, D. (2014). Learning from Japan: The European Central Bank and the European Sovereign Debt Crisis. Review of Political Economy, 26(2), 190-209. https://doi.org/10.1080/09538259.2014.881010

What shapes central banks’ learning from the policy experiments of their peers? Both economic ideas and organizational interests play important roles. Thus, New Keynesian ideas led central banks to interpret Japan’s experience with quantitative easin... Read More about Learning from Japan: The European Central Bank and the European Sovereign Debt Crisis.

The return of political risk: Foreign-owned banks in Eastern Europe (2013)
Journal Article
Gabor, D., & Kudrna, Z. (2013). The return of political risk: Foreign-owned banks in Eastern Europe. Europe-Asia Studies, 65(3), 548-566. https://doi.org/10.1080/09668136.2013.779458

Political risk—risk that investments are damaged by policy action of authorities—increased during the financial crisis due to controversies about the distribution of accumulated losses among stakeholders. Authorities interconnected by cross-border ba... Read More about The return of political risk: Foreign-owned banks in Eastern Europe.

Managing Capital Accounts in Emerging Markets: Lessons from the Global Financial Crisis (2012)
Journal Article
Gabor, D. (2012). Managing Capital Accounts in Emerging Markets: Lessons from the Global Financial Crisis. Journal of Development Studies, 48(6), 714-731. https://doi.org/10.1080/00220388.2011.649257

AbstractThe global financial crisis forcefully highlighted the importance of curbing the impact of large and volatile capital inflows on growth and financial stability in developing countries. It led the IMF to reconsider its long-standing rejection... Read More about Managing Capital Accounts in Emerging Markets: Lessons from the Global Financial Crisis.

The power of collateral: The ECB and geographies of bank funding (2012)
Journal Article
Gabor, D. (2012). The power of collateral: The ECB and geographies of bank funding. https://doi.org/10.2139/ssrn.2062315

This paper explores the importance of geographies of bank funding for the design of central banks’ crisis interventions in financial markets. It first distinguishes between market-based and bank-based measures to then focus on the collateral manageme... Read More about The power of collateral: The ECB and geographies of bank funding.

The road to financialization in Central and Eastern Europe: Revisiting the early policies and politics of stabilizing transition (2012)
Journal Article
Gabor, D. (2012). The road to financialization in Central and Eastern Europe: Revisiting the early policies and politics of stabilizing transition. Review of Political Economy, 24(2), 227-249. https://doi.org/10.1080/09538259.2012.664333

Early stabilization policies played an important part in the financialization of the formerly planned economies. The excess demand narrative, one of the least contested ‘problems’ of post-socialist transformation, structured central banks’ liquidity... Read More about The road to financialization in Central and Eastern Europe: Revisiting the early policies and politics of stabilizing transition.

The Road to Financialization in Central and Eastern Europe: The Early Policies and Politics of Stabilizing Transition (2012)
Journal Article
Gabor, D. V., & Gabor, D. (2012). The Road to Financialization in Central and Eastern Europe: The Early Policies and Politics of Stabilizing Transition. Review of Political Economy, 24(2), 227-249. https://doi.org/10.1080/09538259.2012.664333

Narratives of macroeconomic stabilization played an important part in the financialization of the formerly planned economies. The excess demand narrative, one of the least contested 'problems' of post-socialist transformation, shaped central banks' l... Read More about The Road to Financialization in Central and Eastern Europe: The Early Policies and Politics of Stabilizing Transition.

Political risk, crisis and foreign-owned banks in New Member states (2012)
Journal Article
Gabor, D., & Kudrna, Z. (2012). Political risk, crisis and foreign-owned banks in New Member states. Europe-Asia Studies, 65(3), 548-566. https://doi.org/10.1080/09668136.2013.779458

The financial crisis renewed attention to risks disregarded during boom years, including political risks stemming from transnational banking within the EU. The need to distribute crisis-related losses prompted authorities in Hungary, Austria, Romania... Read More about Political risk, crisis and foreign-owned banks in New Member states.

(De)Financialization and crisis in Eastern Europe (2010)
Journal Article
Gabor, D. (2010). (De)Financialization and crisis in Eastern Europe. Competition and Change, 14(3-4), 248-270. https://doi.org/10.1179/102452910X12837703615373

This paper investigates how financialization pressures in Eastern Europe shaped vulnerabilities to the 2007 global deleveraging and to what extent policy responses to crisis have sought to reinforce or delink from financialization. It explores the te... Read More about (De)Financialization and crisis in Eastern Europe.

The International Monetary Fund and its New Economics (2010)
Journal Article
Gabor, D. (2010). The International Monetary Fund and its New Economics. Development and Change, 41(5), 805-830. https://doi.org/10.1111/j.1467-7660.2010.01664.x

This article focuses on a key element of the IMF's agenda for change: the repackaging of its economics of crisis around inflation targeting. It examines how this new policy regime redefines the political economy of the IMF's policy advice, and contex... Read More about The International Monetary Fund and its New Economics.

From rhetorics to practice in monetary policy: A Romanian perspective (2008)
Journal Article
Gabor, D. (2008). From rhetorics to practice in monetary policy: A Romanian perspective. Comparative Economic Studies, 50(3), 511-534. https://doi.org/10.1057/ces.2008.24

In August 2005, the National Bank of Romania changed its monetary policy framework in an attempt to sharpen its influence on monetary conditions in the economy. It replaced the strategy of targeting monetary aggregates used since 1990 with inflation... Read More about From rhetorics to practice in monetary policy: A Romanian perspective.

Coping in the subprime region
Journal Article
Gabor, D. Coping in the subprime region. Journal of Development Studies,

This paper focuses on Eastern Europe’s experience before and during the 2007-2009 crisis to discuss emerging countries’ options to address global liquidity cycles. It argues that sequencing strategies envisaging capital controls as last-resort option... Read More about Coping in the subprime region.