All Publications
Complete collection of research papers from the Money as Finance Research Network
Back to Featured PublicationsSpeculation, financial fragility and stock-flow consistency
Analyzes the relationship between speculation and financial instability using stock-flow consistent modeling. Explores how speculative behavior interacts with balance sheet dynamics to generate financial fragility in capitalist economies.
In: The Great Recession and the contradictions of contemporary capitalism, Edward Elgar Publishing
Dollar liquidity, financial vulnerability and monetary sovereignty
Examines how dollar-denominated debt affects monetary sovereignty and financial stability in emerging economies. Demonstrates the constraints that offshore dollar funding places on domestic monetary policy autonomy and economic development.
Development and Change, 54(5), 1087-1113
Theorising non-bank financial intermediation
Develops a comprehensive theoretical framework for understanding non-bank financial intermediation. Challenges traditional banking theory by analyzing how shadow banking creates systemic risks through complex chains of financial intermediation.
Review of Keynesian Economics, 12(2), 181-196
Do shadow banks create money? Financialisation and the monetary circuit
Investigates the money-creating capacity of shadow banking institutions using monetary circuit theory. Argues that understanding shadow banking requires analyzing the institutional structure of money creation beyond traditional commercial banks.
Metroeconomica, 68(2), 354-377
Post Keynesians and Circuitists on money and uncertainty
Provides a comprehensive synthesis of Post Keynesian and Circuitist approaches to money and uncertainty. Develops a unified framework showing how these schools complement each other in understanding monetary phenomena.
Journal of Post Keynesian Economics, 23(1), 27-48
Post Keynesian approaches to endogenous money: a time framework explanation
Develops a temporal framework for understanding endogenous money creation. Distinguishes between different time horizons in monetary analysis and shows how this resolves apparent contradictions in Post Keynesian monetary theory.
Review of Political Economy, 15(3), 291-314
Monetary economics after the global financial crisis
Assesses the evolution of endogenous money theory following the 2008 global financial crisis. Examines how central bank interventions and unconventional monetary policies have validated core Post Keynesian insights about money creation.
European Journal of Economics and Economic Policies, 17(3), 339-355
The Monetary Circuit Theory, Financialisation and the Rise of the Non-Bank Financial Intermediaries
Applies monetary circuit theory to analyze the growth of non-bank financial intermediation. Shows how financialization has transformed the monetary circuit, creating new channels for money creation and systemic risk outside traditional banking.
Review of Political Economy (forthcoming)
Dollar debt in FX swaps and forwards: huge, missing and growing
Reveals a massive "hidden" dollar debt market through FX derivatives worth approximately $60 trillion. Demonstrates how this off-balance-sheet funding creates systemic vulnerabilities and challenges traditional views of international capital flows.
BIS Quarterly Review, September 2017
Back to the future: Intellectual challenges for monetary policy
Critically examines the intellectual foundations of contemporary monetary policy. Argues for a return to pre-modern synthesis insights about money, finance, and the real economy to address current policy challenges.
Economic Papers: A Journal of Applied Economics and Policy, 40(4), 273-287
Monetary and Fiscal Policy: Privileged powers, entwined responsibilities
Analyzes the fundamental relationships between monetary and fiscal policy. Argues that their operational boundaries are more intertwined than commonly recognized, with important implications for policy coordination and central bank independence.
SUERF Policy Note, No. 238
On money, debt, trust, and central banking
Explores the fundamental relationships between money, debt, and trust in modern financial systems. Examines how central banking has evolved and the challenges facing monetary authorities in maintaining stability and confidence in an interconnected global economy.
Cato Journal, 39, 267-286
Whither inflation targeting as a global monetary standard?
Critically assesses the future of inflation targeting as the dominant monetary policy framework. Questions whether this approach remains adequate for addressing contemporary challenges including financial stability, climate change, and evolving economic structures.
BIS Working Papers, No. 1170
Interest and Capital: The Monetary Economics of Michał Kalecki
Comprehensive examination of Kalecki's monetary economics, revealing his sophisticated understanding of interest rates, capital formation, and financial markets. Shows how Kalecki's insights remain relevant for contemporary monetary and financial theory.
Oxford University Press
What Keynes learned from Kalecki: a brief introduction to the fiscal theory of debt management
Explores the intellectual relationship between Keynes and Kalecki, particularly regarding fiscal policy and debt management. Demonstrates how Kalecki's insights influenced Keynesian thinking about the role of government finance in economic stabilization.
In: Monetary Economics, Banking and Policy, Routledge, 90-102
Anwar Shaikh and the classical theory of interest: a critical note
Critical examination of Anwar Shaikh's approach to interest rate theory within the classical framework. Evaluates the theoretical foundations and implications of Shaikh's contribution to understanding interest rates in capitalist economies.
Cambridge Journal of Economics, 44(2), 465-474
Payment vs. funding: The law of reflux for today
Updates Fullarton's law of reflux for modern financial conditions. Distinguishes between payment systems and funding markets to analyze how money creation and destruction work in contemporary market-based credit systems.
INET Working Paper Series
Breaking free of the triple coincidence in international finance
Challenges the assumption that GDP boundaries, decision-making units, and currency areas coincide. Shows how this "triple coincidence" misleads analysis of international capital flows and exchange rate dynamics in a world of global finance.
Economic Policy, 31(87), 409-451
Monetary Economics: An Integrated Approach
Foundational text integrating stock-flow consistent modeling with Post Keynesian monetary theory. Provides comprehensive framework for analyzing monetary economies that respects accounting identities and institutional realities. Introduction and Chapters 1-4 recommended.
Palgrave Macmillan
Dollarization of the eurozone
Analyzes the increasing dependence of European financial markets on dollar funding and instruments. Examines how this "dollarization" affects European monetary sovereignty and the international role of the euro.
New Left Review, 125, 19-33