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Fears that bank regulation or capital controls could lead to a “balkanisation” of global capital markets are overstated and should not constrain policy action to address the problems created by volatile short term capital flows and excessive credit creation, says Adair Turner, Senior Fellow at the Institute for New Economic Thinking and former chairman of the United Kingdom Financial Services Authority.

The state has long used law to back private money—with dire consequences, then and now

Banks have long had undue influence in society. But with the rapid expansion of a financial sector that transforms all debts and assets into tradable commodities, we are faced with something far worse: financial markets with an only abstract, inflated, and destabilizing relationship with the real economy. To prevent another crisis, finance must be domesticated and turned into a useful servant of society. 

Creating the post-2008 global safety net for mega-banks

Institute grantee Boyce cited for integrating ‘ecological, developmental and justice-oriented approaches’ into economics

Language has always been a way to divide, conquer, classify, and control, but it also helps to constitute who we are and what we think. 

In what sense are central banks really independent? From whom are they independent? For whom in society do they deliver?

How must the European institutional structure be modified to fortify the euro zone?

It is high time to look more closely at the labor cost competitiveness myth.

The most crucial issue in European policy, and one on which no big party campaigned and no important public discussion took place, was the fiscal policy stance for the next few years.

Why Pushing on a String Has Never Worked

How could the new SDR allocation help developing countries?

A dollar-denominated global economy means the Fed is at once the bankers bank and government bank, as well as both U.S. central bank and global central bank — managing that hybrid is the challenge of our time

All of a sudden, tiny Cyprus is making headlines. How could such a small country, with an economy approximately the size of the State of Maranhao, create such big problems?

Updating Hawtrey for the Shadow Banking System

Company law in the US and UK fails to acknowledge that authorities’ propensity to rescue giant banks from the consequences of insolvency assigns taxpayers a coerced and badly structured equity stake in too-big-to-fail institutions.

A look at Dodd-Frank’s impact

This essay argues that the Achilles heel of the international monetary and financial system is that it amplifies the “excess financial elasticity” of domestic policy regimes, ie it exacerbates their inability to prevent the build-up of financial imbalances, or outsize financial cycles, that lead to serious financial crises and macroeconomic dislocations.

Two years after the 2015 Paris Agreement, where we stand today is better than you may think 

The study seeks to explain why the instruments of central banking inevitably break down over time.

How convincing is the model analysis by Bernanke and Blanchard? How empirically relevant are their mechanisms causing inflation – and how robust and plausible are their econometric findings?

Central banks can encourage climate-friendly investments by offering financial institutions favorable haircuts on green collateral

William Lazonick has shown how the doctrine of “shareholder value” has hurt wages in the United States. But in Latin America, where family corporations dominate, the story is more complicated.

Liquidity versus Solvency

Adair Turner in conversation with Nasser Munjee, moderated by David Webb

Which households are more exposed to financial risk and to what extent is their debt systemically relevant?

The BIS offers a comprehensive picture of the state of the world economy, and of dysfunctional policies holding it back

An alternative to Dynamic Stochastic General Equilibrium (DSGE) models

Wage suppression—not monopoly power—is fueling corporate profits and the growing gap between rich and poor

Like master illusionists, bank accountants conceal losses from federal regulators, putting the whole economy at risk

Carmen Reinhart and Kenneth Rogoff tell the history of financial crisis as a tale of excessive public debt. But what more commonly drives financial instability, says Moritz Schularick, is excessive private debt.

Were the sharp increases in prices during 2020-2022 due to fundamental shifts in supply and demand or are they attributable to excessive market speculation?

Austerity measures have battered the region and created instability throughout the Eurozone. Here’s one way out of the mess.

President Franklin D. Roosevelt’s policies allowed the United States to avoid the perils of right-wing populism that plunged Europe into war in the 1930s — Europe should learn from his example

What lessons need to be drawn on this anniversary?

Contrary to the neoclassical loanable funds theory, historical bond yields show Keynes was right that “convictions” anchor long-term interest rates

By helping abate the liquidity crisis, incidences of banks becoming insolvent are reduced, and hence moral hazard in its severest form is minimized.

This research project develops a novel framework to capture both instantaneous and dynamic contagion mechanisms arising in financial networks when balance sheet linkages across entities exist.

By helping abate the liquidity crisis, incidences of banks becoming insolvent are reduced, and hence moral hazard in its severest form is minimized.

It Could Fall On You.

Repeat after me: How much pipe should Fed plumbers lay if Fed plumbers like to lay pipe?

In the following conversation, law and economics expert Walker Todd explains how a financialized system creates havoc and why it’s time to rethink banking

This research project explores the origins of covered mortgage bonds and tests for the impact of financial development on economic growth by analyzing the Prussian Landschaften.

Monetary policy should be guided much more by financial sector developments and much less by near-term targets for inflation.

Political economist, author, and public speaker Ann Pettifor talks about her latest book, The Case for a Green New Deal, which not only lays out the urgency for such a deal, but also proposes a roadmap for both national and global financial reform to make it possible.

A four percent growth goal for first term of the next president is not only possible, but is what we should strive to achieve.

A critique of Mankiw’s Macroeconomics

This research project builds on theory indicating that credit flows to the real sector have systematically different effects from financial flows to asset markets.

The impact of the post-meltdown Federal Reserve policy of ultra-low interest rates and Quantitative Easing (QE) on income and wealth inequality has become an important policy and political issue.

In his latest annual address at Cass Business School, Visiting Professor Lord Adair Turner warned that the world is caught in a ‘debt overhang’.

This research project recounts the intellectual history of the dollar as an international reserve currency, starting with World War I, which brought the international gold standard to an end, and continuing all the way up to the present global financial crisis.

This research project seeks to understand the linkages between the changes in the financial economy and the behavior of households in the real economy.

This research project explores the causes and consequences of the rise of China’s shadow banks based on the Modern Money Theory and its extension on the analysis on modern financial systems.

Financial Globalization and the Nation State

What fraction of total economic growth accrues to the top 10%, top 1%, etc.? How does growth per capita of the bottom 90% compare to overall growth? Zucman discusses his research and efforts to bring more hard data into the inequality dialogue.

The 2008 financial crisis was a shock to faith in entirely free financial markets. But the neoliberal assumptions underlying the previously dominant “Washington Consensus” continue to inform much Western commentary on China’s economy.

After FTX’s collapse, crypto looked finished. Yet Washington revived it, culminating in Trump’s GENIUS Act and a surprising Democratic shift. How did money and affluence predict pro-crypto votes, amid widening deregulation and cyber risk?

The project provides new ideas and policy proposals to contain the spread of systemic risk in the financial system through appropriate regulation of financial markets and intermediaries, as well as the design of monetary policy.

Central to John Maynard Keynes (1941) original Bretton Woods proposal was an international clearing union that would issue a new international currency by fiat called bancor. Among other functions, this international central bank would finance the stabilization of individual commodity prices through commodity buffer stocks.

A critical reappraisal of the case in favor of monetary tightening pressed by inflation hawks is overdue.

The current paper returns to the key questions of wages and incomes and how wealth effects cripple reliance on interest rates to control inflation.

Why the E-DSGE Framework Is Not Fit for Purpose and What to Do About It

Instead of rewarding the taxpayers and employees who actually create value for the tech giant, Apple is doling out massive stock buybacks

Are there alternative, less socially costly, ways to bring inflation down?

Contrary to its image as a cash-strapped, transparent public service, Wikipedia is a wealthy NGO with close ties to big tech companies that it tries to obscure

The United States economy has come apart, with the rich getting richer and workers’ incomes not advancing at all.

The idea is finally catching on, but many still miss how deeply it’s driving inflation, masking wage losses, and complicating recovery.

Policy hype but vintage fiscal economics from Godley, Lerner, and Keynes

Like the Great Depression and the stagflation of the ’70s, the anemic growth of the U.S. economy can’t be understood or remedied without changes in economists’ thinking

Dr Kandeh Yumkella is a development economist, founder and CEO of The Energy Nexus Network (TENN), a regional hub for sustainable energy solutions and serves as a Member of Parliament in Sierra Leone. Previously Dr Yumkella served as Under-Secretary-General and Special Representative of the UN Secretary-General for Sustainable Energy for All and founding chief executive officer for the Sustainable Energy for All (SE4All) Initiative (2013–2015). He also served as Director-General of the UN Industrial Development Organization (UNIDO, 2005–2013), mobilising global consensus for SDG7 and 9. He is a member of the High-Level Group of the Africa-Europe Foundation, co-chair of the Africa Europe Foundation Strategy Group on Energy, and member of various international advisory bodies, boards, and commissions.

A money view of SDRs

University of Bonn and Sciences Po economics professor Moritz Schularick talks to Rob about the soon-to-be-released book, Leveraged, which he edited based on papers from an INET-sponsored conference. The book takes a close look at what we have learned about the costs and causes of financial fragility since 2008.

The Federal Reserve is experiencing something new in its history: sustained and sizable operating losses. These losses—currently running at more than $100 billion a year on an annualized basis—stem largely from the sharp rise in short-term interest rates, which has increased the interest the Fed pays on bank reserves while the income from its long-term securities portfolio remains comparatively low.

Fears of ‘stagflation’ have come back to haunt macroeconomic policy makers all over the globe

Austerity policies will slow recovery and should be rejected

This research project develops a “Money View” analysis of the recent evolution of China’s financial system.

The current bout of exchange rate anxiety is really just a symptom of the fact that China’s transition from an export-led growth strategy to one propelled by domestic consumption is proceeding far less smoothly than hoped.

If we can measure mobility, we can raise a better society.

It is not just all about banking system liquidity

Michael Pettis, Non-Resident Senior Fellow at the Carnegie-Tsinghua Center for Global Policy, talks to Rob Johnson about how trade wars really are class wars and how nationalist conflict is shaping US-China relations and fracturing Europe.

Oral contraception created a population that, today, is disproportionately inclined to save, resulting in low to negative real interest rates. Excess eurozone savings can only be accomodated by raising sovereign debt levels

Learning How to Swap

Looming behind the aforementioned narratives of postwar economics is a notion – economics as engineering – which at times appears as a metaphor and at times stands for a straight depiction of economists’ professional milieu and practices.

INET is all about thinking new things, and indeed academia is supposed to inspire great thoughts.

(Way) Beyond Diamond-Dybvig

This paper examines the effects of intra-financial lending – claims between financial institutions – on aggregate investment and credit to the non-financial sector in the United States.

The Great Recession seems to be a natural experiment for macroeconomics showing the inadequacy of the predominant theoretical framework — the New Neoclassical Synthesis — grounded on the DSGE model.

The ECB has always been the protagonist of the eurozone crisis story.

Venture-backed “tech capital” is reshaping U.S. politics through campaign finance, platform gatekeeping, defense/AI procurement, and policy entrepreneurship. In an interview with Nick French, INET’s Research Director Thomas Ferguson discusses these channels of influence, examining their macro-distributional consequences, and outlining guardrails to restore democratic accountability and broadly shared gains.

When the survival constraint bites

An award created as a concession to market-minded bankers needs to recognize the centrality of social-democratic policies to the wellbeing of industrialized economies

Author and law professor Maurice Stucke warns that as fundamental privacy rights vanish, your personal data can and will be used against you.

In the past decade, the volume of literature in the history of economics has been of 500 articles and just under 50 books a year. The graph below traces the count in two year intervals (articles left axis, books right axis). The absolute volume is stable but given the growth of economic literature in the period, stable might be rebranded as static.

Shaped by the 2008 financial crisis, a new generation of economists is expanding the boundaries of economic thinking on credit cycles, private debt, and financial stability.

Bloomberg

Economics can either fuel conflict or pave the way to lasting peace, the choice is ours.