Finance & Inequality

Introduction

FEPS, in collaboration with Foundation Jean Jaurès and Leeds University Business School (United Kingdom) and the Macroeconomic Policy Institute (IMK) have set up a research project with the aim to generate a detailed multi-layered, and multi-locational analysis of the European financial system. The objective of this research project is  to formulated concrete policy recomendations for its reorganization and restructuring.

The project brings together scholars from different disciplines (economic and geography) and geographies (both within and beyond Europe) to complement, extend and deepen existing analyses of the European financial sector.

This project aims to answer the following research questions:

  • What is the quantitative and qualitative access to finance of different economic actors in Europe? How does this access relate to different geographic areas and socio-economic characteristics?
  • What are the connections between financial crises, global financial competition, and too-big-to-save megabanks?
  • How viable are smaller, locally based financial intermediaries as sustainable vehicle for carrying out economically-productive loans and for making financial transaction services widely available?
  • Can cross-border capital flows unbalance core-periphery relations?
  • How have the inequality dynamics shaped the changing structure of the European financial system?
  • What concrete policy measures - both in terms of regulation and alternative financial system design - make finance work for all segments of society?

The project will span two years and will include a series of roundtable discussions and polcy related writing.


Principal Investigators

Prof. Gary Dymski, Divisional Director of Research, Leeds University Business School (United Kingdom)

Dr Elva Bova, Senior Economist, Foundation for European Progressive Studies

Project Manager, Foundation Jean Jaurès

Dr Annina Kaltenbrunner, Lecturer, Leeds University Business School (United Kingdom)

Dr Thomas Theobald, Head of Unit, Macroeconomic Policy Institute (IMK)


Seminars and Roundtable Discussions

FEPS-AIRE-FJJ-Boeckler Foundation Finance and Inequality, 2015 Leeds Universiry 

Roundtable discussion, 21st of November 2014, Leeds University

Roundtable discussion between researchers and policy makers: 23rd January 2014, FEPS

Interdisciplinary workshop on Finance and Inequality in Europe, 1st November 2013, Leeds University


Research and policy related output 

Jeffers, E. (2016) What is so special about European Shadow banking? Study

Behringer J., Stephan S, Theobald, T., (2016) Macroeconomic factors behind financial instability: Evidence from Granger causality tests. Study

Campbell, A. and Moffat, P. (2016). Ring-fencing Banks: who is doing it, why and will it work? Study

Bazillier, R. and Hericourt, J. (2016) The nexus inequalityfinance, a new Gordian knot for economic policy? Study

Dymski, G. and Kaltenbrunner, A. (2016). How finance globalized: A tail of two cities. Study

Dannreuther, C. (2016). CMU and SMEs – structural power and the EU. Study

Ertuk, I. (2016). Post-crisis central bank unconventional policies and financialised transmission channels. Study

Mykhayliv, D. (2016) Economic Efficiency and Profitability of Social Banks. Study

Campbell, A. and Moffat, P. (2015) Ring-fencing banks: who is doing it, why and will it work? Policy Viewpoint No.6, April 2015

Dannerhuter, C. (2015) We need a democracy of credit for SMEs. FEPS Policy Brief, April 2015

Dymski, G. and Kaltenbrunner, A. (2014) Beyond Europe's financial bifurcation point: Policy proposals for a more stable and more equitable financial system. FEPS Economic Policy Brief No.4

Erturk, I. (2015) ECB and democratic accountability and transparency. A governance mechanism is needed. FEPS Policy Brief, April 2015 


Selected background material

Bazillier, R. (2013) Equality Must be the Core of Economic Policies. 17 Propositions for Equality and Efficiency, in Stetter, E. Duffer, K. and Skrzypek, A. (2013) For a New Social Deal, Next Left Books, Vol. 6, FEPS and Renner Institut

Bazillier, R. (2012) A New Socio-Economic Paradigm: Jobs, Equality and Sustainability, in Stetter, E. Duffer, K. and Skrzypek, A. (2013) Building New Communities, Next Left Books, Vol. 5, FEPS and Renner Institut

Bazillier, R. and B. Najman (2012), "Labour and Financial Crises, is Labour paying the price of the Crisis?"Last version (April 2012) LEO WP 2010.30

Cozzi, G. and Griffith-Jones, S. (2014).Bringing Europe back to life using investment. Economic Policy Viewpoint n.4. July 2014

Cozzi, G. (2013) The Eurozone and the Need for a Paradigm Shift, FEPS Studies

Cozzi, G. (2012) Capital Controls, in Toporowski, J. and Michell, J. (eds) Handbook of Critical Issues in Finance, Edward Elgar: Cheltenham

Dymski, G.A. (2005) Financial Globalization, Social Exclusion and Financial Crisis, International Review of Applied Economics, 19(4):439-457

Dymski, G.A. (2010) Why the Subprime Crisis is difference: a Minskyian Approach, Cambridge Journal of Economics, 34(2): 239-255

Gabor, D. (2014) Banking Union: a response to Europe’s fragile financial integration dreams? FEPS-UWE Bristol Policy Brief n.3 

Griffith-Jones, S. Kollatz-Ahnen, M. Andersen, L. and Hansen, S. (2012) Shifting Europe from Austerity to Growth: A Proposed Investment Programme for 2012-2015, FEPS-IPD-ECLM Policy Brief