Abbye Atkinson
Once pillars of American social provision, public pension funds now rely significantly on private investment to meet their chronically underfunded promises to America’s workers.
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Commodifying Marginalization”
Dan Awrey
For centuries, our systems of banking, money, and payments have been legally and institutionally intertwined.
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Unbundling Banking, Money, and Payments”
David M.P. Freund
A welfare state doesn’t distort the market; it just makes government aid fairer.
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Government has always picked winners and losers”
Nuno Ornelas Martins
Various research projects in economics developed at Cambridge share common philosophical presuppositions, within what can be termed as the Cambridge economic tradition.
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The Cambridge economic tradition and the distribution of the social surplus”
Sean Vanatta
In this essay, I make the case for the historical study of bank supervision—both that historical methods are necessary to understanding the shape and structure of supervision in the present and that the study of supervision will contribute to active and important historiographical debates.
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Histories of Bank Supervision”
Luke Herrine
This article argues for a fundamental rethinking of the function of consumer protection. It is time to abandon welfare economics and adopt what this article refers to as “moral economy”.
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Consumer Protection after Consumer Sovereignty”
Charalampos Fytros
The valuation of insurance liabilities has traditionally been dealt with by actuaries, who closely monitored underlying illiquid features
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The aporetic financialisation of insurance liabilities: Reserving under Solvency II.”
Onur Özgöde
Why does the Federal Reserve bail banks out in violation of a core principle of free-market capitalism: private gain–private loss?
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The emergence of systemic risk: The Federal Reserve, bailouts, and monetary government at the limits”
Danielle D'Onfro
The rise of cloud computing has dramatically changed how consumers and firms store their belongings. Property that owners once managed directly now exists primarily on infrastructure maintained by intermediaries.
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The New Bailments”
Alden Young
The three decades between 1989 and 2019, when the National Salvation regime of Islamists and the military ruled Sudan, are now frequently remembered by international and Sudanese policymakers, politicians, intellectuals, and business elites as “lost decades” or “decades of solitude”
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The Intellectual Origins of Sudan’s “Decades of Solitude,” 1989–2019”
Peter Conti-Brown & David A. Wishnick
The Federal Reserve (Fed) regularly faces novel challenges to its broad statutory mandates. Often, these challenges—from financial crises to pandemics to climate change—raise a critical question.
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Technocratic Pragmatism, Bureaucratic Expertise, and the Federal Reserve”
Abbye Atkinson
For the last fifty years, Congress has valorized the act of borrowing money as a catalyst for equality, embracing the proposition that equality can be bought with a loan.
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Borrowing Equality”
L. Randall Wray & Yeva Nersisyan
In this paper, we use the Modern Money Theory framework to analyze whether government debt (and deficits) in a country with its own sovereign currency presents a problem.
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Does the national debt matter?”
Mehrsa Baradaran
The financial system is unequal and exclusionary even as it is supported, funded, and subsidized by public institutions.
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Banking on Democracy”
Money on the Left Podcast: Money as a Constitutional Project with Christine Desan
The Money on the Left Editorial Collective presents a classic episode from our archives along with a previously unavailable transcript & graphic art. In this episode, we are joined by Christine Desan
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Money on the Left Podcast: Money as a Constitutional Project with Christine Desan”
Ester Barinaga
The financial crisis of 2008 resulted, among other, on a popular awareness that the monetary system was not working for the interest of the many.
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A Route to Commons-Based Democratic Monies? Embedding the Governance of Money in Traditional Communal Institutions”
Dan Awry & Kathryn Judge
This article argues that there is a fundamental mismatch between the nature of finance and current approaches to financial regulation.
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Why Financial Regulation Keeps Falling Short”
Einar Lie, University of Oslo
In the mid‐twentieth century a number of central banks around the western world lost their operational autonomy and were placed under government control.
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Losing Autonomy: The Norwegian Central Bank During the Second World War”
Robert Hockett, Cornell Law School
All societies must address two questions where the organization of productive activity is concerned. The first is whether production will be mainly publicly managed, privately managed, or 'mixed.'
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The Capital Commons: Digital Money and Citizens’ Finance in a Productive Commercial Republic”
Governor Lael Brainard, Federal Reserve
Speech by Governor Lael Brainard of the Federal Reserve at The Future of Money in the Digital Age, Sponsored by the Peterson Institute for International Economics and Princeton University’s Bendheim Center for Finance, Washington, D.C.
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Digital Currencies, Stablecoins, and the Evolving Payments Landscape”
Bruno Meyerhof Salama, University of California, Berkeley - School of Law
In spite of its name, economic analysis of law is mostly unconcerned with money and markets. In a recently published book.
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Book Review: Law and Macroeconomics as Mainstream”
Saule T. Omarova, Cornell Law School
The COVID-19 crisis forcefully underscored the urgency of digitizing sovereign money and ensuring broad access to affordable banking services.
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The People’s Ledger: How to Democratize Money and Finance the Economy”
Roger Svensson, Research Institute of Industrial Economics, Andreas Westermark,Sveriges Riksbank
A monetary system called periodic re-coinage was used during almost 200 years in large part of medieval Europe.
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Seigniorage through Periodic Recoinage: When the Validity of Money Was Restricted in Time”
Jamee Moudud, Sarah Lawrence College
This paper contributes to the literature on racial capitalism by deploying a key insight of the Law and Political Economy tradition, which is that politics acting through the law plays a constitutive role in the monetary hardwiring of economies and their property rights.
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The Janus Faces of Money, Property, and Governance: Fiscal Finance, Empire, and Race”
Christine Desan, Harvard Law School
Neoclassical and credit approaches to money represent dramatically different theories of value.
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The Key to Value: The Debate over Commensurability in Neoclassical and Credit Approaches to Money”
Editors, Finance and Society
The editors of Finance and Society are pleased to announce the publication of vol. 6, no. 1 (2020).
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Just Published: Finance and Society, Vol. 6, No. 1”
Brian Gettler, University of Toronto
Money, often portrayed as a straightforward representation of market value, is also a political force, a technology for
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Colonialism’s Currency: Money, State and First Nations in Canada, 1820-1950”
Ayca Zayim, Mount Holyoke College
Despite the consensus that the power of finance constraints central banks under financial globalization, the variation in their autonomy from market forces at the micro level of monetary policymaking remains underexplored.
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Inside the Black Box: Credibility and Situational Power of Central Banks”
Francois R. Velde, Federal Reserve Bank of Chicago
A collection of texts printed in early seventeenth-century Naples exemplifies the intersection between economic history and the history of thought.
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The Money Doctors of Seventeenth Century Naples”
Corinne Zellweger-Gutknecht, University of Basel, Benjamin Geva, Osgoode Hall Law School, Seraina N. Gruenewald, Radbound University Nijmegen
The modern monetary system is controlled by the state and yet linked to private deposit banking. Monetary value held in deposits with commercial banks is known as ‘commercial bank money’ (CoBM).
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The ECB and € E-Banknotes”
L. Randall Wray, Bard College
Modern money theory (MMT) synthesizes several traditions from heterodox economics.
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The ‘Kansas City’ Approach to Modern Money Theory”
Vanessa Ogle, UC Berkeley
This article explores the question of what happened to European assets in the process of decolonization.
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‘Funk Money’: The End of Empires, The Expansion of Tax Havens, and Decolonization as an Economic and Financial Event”
Saule Omarova, Cornell Law School
This article examines fintech as a systemic force disrupting the currently dominant technocratic paradigm of financial regulation.
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Technology v Technocracy: Fintech as a Regulatory Challenge”
Perry G Mehrling, Pardee School of Global Studies, Boston University
Perry Mehrling talks to Boston Economic Club June 3, 2020 about the Coronavirus Crisis.
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Corona Crisis: Lessons of the Stress Test”
Mehrsa Baradaran, University of California Irvine
The New Deal created a separate and unequal credit market—high-interest, non-bank, installment lenders in black ghettos
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Jim Crow Credit”
Peter Conti-Brown and David A. Wishnick
The speed at which money moves between people and businesses in the United States lags well behind international standards.
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Private Markets, Public Options, and the Payment System”
Steffan Murau, Joe Rini & Armin Haas
Little has contributed more to the emergence of today's world of financial globalization than the setup of the international monetary system.
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The evolution of the Offshore US-Dollar System: past, present and four possible futures”
Gerald Epstein, University of Massachusetts Amherst
State and local finances, including for public education, have been hit hard by the COVID-19 crisis, leaving more than a $500 billion hole in their budgets.
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The Federal Reserve Public Education Emergency Finance Facility (PEEFF): A Proposal”
Why is this Happening?: Saving the Economy with Saule Omarova
Why is this Happening? Podcast Talks with Saule Omarova
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Why is this Happening? with Chris Hayes: Saving the Economy with Saule Omarova”
Yakov Feygin & Dominik A. Leusder
The global dollar system has few national winners.
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The Class Politics of the Dollar System”
Jamee K. Moudud, Sarah Lawrence College
At the heart of the constitutional theory of money is the argument that money is central to governance.
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Analyzing the Constitutional Theory of Money: Governance, Power, and Instability”
Aditya Bamzai, University of Virginia School of Law
The disputed scope of the President’s authority to remove subordinates in the executive branch, and to direct them in the performance of their functions
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Tenure of Office and the Treasury: The Constitution and Control over National Financial Policy, 1787 to 1867”
Alan M. White, CUNY School of Law
Banks are creatures of the market and creatures of the state.
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A. White, Banks as Utilities”
Jakob Feinig, Binghamton University
This paper proposes a novel approach for understanding money users’ relation to monetary governance institutions.
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J. Feinig, Toward a moral economy of money? Money as a creature of democracy”
Nadav Orian Peer, University of Colorado Law School
This Article explores the workings of Public Purpose Finance, and its role within the U.S. political economy.
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Public Purpose Finance: The Government’s Role as Lender”
Benjamin Geva, Osgoode Hall Law School of York University
An internal report submitted in March to the Committee on Payments and Market Infrastructures (CPMI) of the Bank for International Settlements (BIS), presents an initial analysis of Central Bank Digital Currency (CBDC).
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Central Bank Digital Currencies: The New Era of Modern-day Banking”
Dirk Niepelt, University of Bern
Central banks already issue digital money, but only to a select group of financial institutions.
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Digital money and central bank digital currency: An executive summary for policymakers”
Erik Gerding and Nadav Orian Peer
Financial Aspects of the COVID Crisis was a community teach-in in CU Law, held online on March 24, 2020.
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Financial Aspects of the COVID Crisis”
Recall this Book Podcast Talks with Christine Desan
This is the first of several RTB episodes about the history of money.
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[Recall This Buck I]: Chris Desan on Making Money”
Adair Turner and Paul Tucker
As the coronavirus pandemic spreads, two economics heavyweights debate the proposition. Replies will be updated in real time.
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Are Central Banks Impotent?”