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All Outputs (24)

Derisking developmentalism: A tale of green hydrogen (2023)
Journal Article
Gabor, D., & Sylla, N. S. (2023). Derisking developmentalism: A tale of green hydrogen. Development and Change, 54(5), 1169-1196. https://doi.org/10.1111/dech.12779

In the global race to scale up green hydrogen, a renewed appetite for the visible hand of the state once again promises to expand developmental space for low- and middle-income countries. On the African continent, several countries have announced gre... Read More about Derisking developmentalism: A tale of green hydrogen.

Institutional supercycles: An evolutionary macro-finance approach (2023)
Journal Article
Dafermos, Y., Gabor, D., & Michell, J. (2023). Institutional supercycles: An evolutionary macro-finance approach. New Political Economy, 28(5), 693-712. https://doi.org/10.1080/13563467.2022.2161497

We build upon the Minskyan concepts of ‘thwarting mechanisms’ and ‘supercycles’ to develop a framework for analysing the dynamic evolutionary interactions between macrofinancial, institutional and political processes. Thwarting mechanisms are institu... Read More about Institutional supercycles: An evolutionary macro-finance approach.

FX swaps, shadow banks and the global dollar footprint (2022)
Journal Article
Dafermos, Y., Gabor, D., & Michell, J. (2023). FX swaps, shadow banks and the global dollar footprint. Environment and Planning A, 55(4), 949-968. https://doi.org/10.1177/0308518X221128302

The era of dollar-based financial globalisation has seen a steady rise in the use of foreign exchange (FX) swaps. We provide a macrofinancial political economy perspective on the geography of FX swaps, and the spatial effects of central bank policies... Read More about FX swaps, shadow banks and the global dollar footprint.

Should central bank liquidity be a vehicle for fiscal disciplining? (2022)
Journal Article
Vestergaard, J., & Gabor, D. (2022). Should central bank liquidity be a vehicle for fiscal disciplining?. Cambridge Journal of Economics, 46(3), 491-509. https://doi.org/10.1093/cje/beac010

With notable exceptions, central banking scholars typically pay little attention to collateral frameworks, and therein, to the haircuts applied to the collateral assets pledged to access central bank liquidity. One such exception, Kjell Nyborg (2017)... Read More about Should central bank liquidity be a vehicle for fiscal disciplining?.

The Wall Street Consensus in pandemic times: What does it mean for climate-aligned development? (2021)
Journal Article
Dafermos, Y., Gabor, D., & Michell, J. (2021). The Wall Street Consensus in pandemic times: What does it mean for climate-aligned development?. Canadian Journal of Development Studies / Revue canadienne d'études du développement, 42(1-2), 238-251. https://doi.org/10.1080/02255189.2020.1865137

The COVID-19 pandemic has reinforced the dominance of what Daniela Gabor calls the Wall Street Consensus (WSC) as the hegemonic approach to sustainable development. Public commitments to “green recoveries” and climate resilience, growing fiscal defic... Read More about The Wall Street Consensus in pandemic times: What does it mean for climate-aligned development?.

Critical macro-finance: A theoretical lens (2020)
Journal Article
Gabor, D. (2020). Critical macro-finance: A theoretical lens. Finance and Society, 6(1), 45-55. https://doi.org/10.2218/finsoc.v6i1.4408

This forum contribution outlines four propositions of the critical macro-finance approach: (1) US-led financial globalization has structurally evolved around market-based finance, driven by the production of new asset classes and the Americanization... Read More about Critical macro-finance: A theoretical lens.

The rise of digital financialisation: The case of India (2020)
Journal Article
Jain, S., & Gabor, D. (2020). The rise of digital financialisation: The case of India. New Political Economy, 25(5), 813-828. https://doi.org/10.1080/13563467.2019.1708879

Traditional notions of financialisation require updating to study the reorganisation of finance around digital infrastructures. We introduce the concept of digital financialisation, defined as the often-coerced merging of two hitherto separate aspect... Read More about The rise of digital financialisation: The case of India.

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

© 2016 Informa UK Limited, trading as Taylor & Francis Group. 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 th... 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.

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.