Daniela Gabor's Outputs (28)

The (European) derisking state (2023)
Journal Article

The emerging green capitalist state in the Global North is a derisking state. The derisking state enlists private capital into achieving public policy priorities by tinkering with risk/returns on private investments in sovereign bonds, currency, soci... Read More about The (European) derisking state.

Derisking developmentalism: A tale of green hydrogen (2023)
Journal Article

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.

The return of austerity imperils global health (2023)
Journal Article

Recognising the world's lack of preparedness for the COVID-19 pandemic, international organisations like the World Health Organization, World Bank, and International Monetary Fund are calling for extensive additional funding to strengthen pandemic pr... Read More about The return of austerity imperils global health.

Institutional supercycles: An evolutionary macro-finance approach (2023)
Journal Article

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

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

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?.

Critical macro-finance: A theoretical lens (2020)
Journal Article

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

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

© 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

© 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

© 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

© 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

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

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

© 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

Learning from Japan: The European Central Bank and the European Sovereign Debt Crisis (2014)
Journal Article

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 Emerging Europe (2013)
Journal Article

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 Emerging Europe.

The return of political risk: Foreign-owned banks in Eastern Europe (2013)
Journal Article

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

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

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

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

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.

(De)Financialization and crisis in Eastern Europe (2010)
Journal Article

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.

Central banking and financialization. A Romanian account of how Eastern Europe became subprime (2010)
Book

The International Monetary Fund and its New Economics (2010)
Journal Article

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.

Coping in the subprime region
Journal Article

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.

From rhetorics to practice in monetary policy: A Romanian perspective
Presentation / Conference Contribution

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.