Outputs (125)

Preventing financial ruin: How the West India trade fostered creativity in crisis lending by the Bank of England (2025)
Journal Article

This paper contributes to the understanding of the complex relationship between British economic performance during the Napoleonic wars and the ‘West Indies’, as the Caribbean slave colonies were called. Not only did profits from slave‐based commerce... Read More about Preventing financial ruin: How the West India trade fostered creativity in crisis lending by the Bank of England.

Does nature finance pose macroeconomic risks? Analysis using a stock-flow consistent model with land (2025)
Presentation / Conference Contribution

States, international organisations, financial institutions and businesses are increasingly seeking to mobilise large financial flows to fund ecosystem restoration. This paper asks what these new financial flows mean for the macroeconomy, and how mac... Read More about Does nature finance pose macroeconomic risks? Analysis using a stock-flow consistent model with land.

Reforming Doctoral Education in Uzbekistan: Models, rules and norms of behaviour (2025)
Journal Article

Doctoral education (DE) plays a crucial role in nurturing the next generation of scholars and thought leaders and serves as a means for frontier knowledge creation and innovation within the economy. The centrality of DE to knowledge creation and skil... Read More about Reforming Doctoral Education in Uzbekistan: Models, rules and norms of behaviour.

Financial dominance: Why the ‘market maker of last resort’ is a bad idea and what to do about it (2025)
Journal Article

Financial regulation, influenced by mainstream models of banks as sources of liquidity risk, rather than post-Keynesian models of banks as liquidity providers, fostered the growth of the repo market and shadow banking from the 1980s on. In the repo m... Read More about Financial dominance: Why the ‘market maker of last resort’ is a bad idea and what to do about it.

Behavioral biases and over-indebtedness in consumer credit: Evidence from Malaysia (2025)
Journal Article

Over-indebtedness in relation to consumer loans represents an important issue for consumers as it impacts their financial well-being. Identifying the risk factors associated with over-indebtedness is crucial in overcoming this problem. Existing liter... Read More about Behavioral biases and over-indebtedness in consumer credit: Evidence from Malaysia.

Women’s labor-supply adjustment to the COVID-19 shock: An intersectional analysis (2024)
Book Chapter

In this chapter, we use monthly Current Population Survey data from January 2018 through November 2022 to study the labor-supply adjustment of White, Hispanic, and Black women to the COVID-19 shock in comparison to their co-ethnic men by focusing on... Read More about Women’s labor-supply adjustment to the COVID-19 shock: An intersectional analysis.

Open systems (2024)
Book Chapter

This is a chapter on "Open Systems" for the Encyclopedia of Evolutionary and Institutional Economics. It describes the history and applications of this concept within economics discourse. The main focus is on the contributions by Kenneth Boulding and... Read More about Open systems.

Crowding in during the Seven Years’ War (2024)
Journal Article

We present a financial history of the Seven Years’ War (1756–1763) using a new dataset derived from the Bank of England minutes. We argue that the war and the associated actions of the Bank of England led to a transformation of the financial system.... Read More about Crowding in during the Seven Years’ War.

On the economics of cross-border reparation payments: The case for a bank of international reparations (2024)
Journal Article

This essay considers the challenge of ensuring that international reparation payments are effective in benefiting the recipient countries of the reparations. In order to ensure that these financial flows provide long-term benefit to the recipient eco... Read More about On the economics of cross-border reparation payments: The case for a bank of international reparations.

Pension funds, bonds and gilt market stability (2024)
Book Chapter

In September 2022 UK gilt yields rose by 130 basis points over the course of a couple of days. Fearing broader financial instability, the Bank of England intervened. These events showcased in spectacular fashion an irony of modern market-based financ... Read More about Pension funds, bonds and gilt market stability.

Theorising non-bank financial intermediation (2024)
Journal Article

The expansion of non-bank financial intermediation (NBFI) presents a challenge for monetary theories which emphasise the macroeconomic significance of commercial bank lending. The heterodox literature which has emerged since the 2008 crisis falls rou... Read More about Theorising non-bank financial intermediation.

Banks are different: Why bank-based versus market-based lending is a false dichotomy (2024)
Journal Article

This paper introduces modern readers to ‘banking theory’, that is, to the understanding of the banking system that was held by academics and practitioners in the early years of the twentieth century. This theory contrasts with the theoretic framework... Read More about Banks are different: Why bank-based versus market-based lending is a false dichotomy.

Karl Polanyi’'s and K. William Kapp’'s arguments on social costs: Is there a common “revolutionary” raison d’'être? (2024)
Journal Article

This article examines Karl Polanyi's and K. William Kapp's social cost proposals to test their suitability for a “revolutionary” Social Ecological Economics that radically breaks with neoclassical and neoliberal paradigms. Whilst some coherence is re... Read More about Karl Polanyi’'s and K. William Kapp’'s arguments on social costs: Is there a common “revolutionary” raison d’'être?.

Individualism, universalism and climate change (2024)
Journal Article

Is “individualism” pure selfishness?. The climate change literature often assumes so. However, individualism can be seen as capturing values aligned with self-determination and self-achievement but also universalism. Indeed, cultural psychology recog... Read More about Individualism, universalism and climate change.

Profit aus Glaubenmachen - Gewinn aus Dichtung: Wirtschaft als Wahrheitskampf (2023)
Book Chapter

Die Wirtschaftswissenschaft der Moderne befasst sich maßgeblich mit der Frage, was der Markt ist bzw. wie vom Markt zu denken ist. Aus eigener Erfahrung teilen wir hier die Einsicht des Wirtschaftsphilosophen Philip Mirowski (2013), dass die in der H... Read More about Profit aus Glaubenmachen - Gewinn aus Dichtung: Wirtschaft als Wahrheitskampf.

CORE Econ: A neoclassical synthesis for the twenty-first century? (2023)
Journal Article

This paper provides a critical review of CORE Econ’s The Economy and associated materials. It argues that there is a need for reworked economics textbooks and that CORE Econ’s approach to this project – to replace mathematical abstractions with relev... Read More about CORE Econ: A neoclassical synthesis for the twenty-first century?.

Rentiers and distributive conflict in Brazil (2000–2019) (2023)
Journal Article

The paper examines the determinants of rentier income in contemporary financialised capitalist economies by analysing the case of Brazil. It argues that different drivers of rentier income may have comparable potential to channel a substantial share... Read More about Rentiers and distributive conflict in Brazil (2000–2019).

What is heterodox economics? Insights from interviews with leading thinkers (2023)
Journal Article

This article investigates heterodox economics, drawing on data from interviews we conducted with leading economists, using thematic analysis to identify three core concerns of our respondents: realism, power, and pluralism. Heterodox economists appea... Read More about What is heterodox economics? Insights from interviews with leading thinkers.

Macroeconomic policy at the end of the age of abundance (2023)
Journal Article

Progressive policy proposals influenced by post-Keynesian economics emphasise the use of fiscal policy and income redistribution to maintain aggregate demand at levels which achieve full employment. Given persistent evidence of weak demand, excess ca... Read More about Macroeconomic policy at the end of the age of abundance.

Bearing risk: Why 'derisking' finance is an oxymoron (2023)
Digital Artefact