Research themes

• Theories of money, finance and monetary policy: 
  • New perspectives on traditional theories.
  • Money View and Critical Macro-Finance. 
  • Post-Keynesian and other heterodox monetary theories. 
  • Modern Monetary Theory. 
  • Modern portfolio theories and behavioural finacce
• Central banking, monetary policy and their interaction with broad economic objectives and policies:
  • Fiscal policy, quasi-fiscal operations and debt management.
  • Environmental challenges. 
  • Structural change, trade and industrial policy. 
  • Inequality and ge
• International finance and financial stability: 
  • Cross-border financial flows, exchange rates markets and cross-currency lending. 
  • FX interventions, capital controls and exchange rate regimes. 
  • Cross-border payments and correspondent banking. 
  • Global crises
• Financialization of…: 
  • …public policies,
  • …everyday life and households, 
  • …the firm,
  • … housing, 
  • … nature.
• Emerging technologies and financial stability: 
  • Central bank digital currencies. 
  • Crypto assets, stablecoins and regulation. 
  • Artificial Intelligence in finance. 
  • Big techs in finance.
• Financial Institutions and market-based finance: 
  • Banks, NBFIs and shadow banking. 
  • Collateral markets, safe assets, and market liquidity. 
  • Central counterparties, and liquidity-settlement issues. 
  • Public and private finance debt sustainability. 
  • Development
• Quantitative Methods applied to monetary and financial systems research: 
  • Stock-Flow Consistent Analysis 
  • Agent-Based Models 
  • Others

Research questions

• What is money?
• How does the Credit Theory of Money differ from the Money Theory of Credit?
• How do emerging payment technologies impact financial stability? How will central bank digital currencies (CBDC) affect money’s nature and future?
• How can the financial system be modified to enable positive change for society?
• What is the role of central banks in enabling the green transition and in tackling inequalities?
• What tools can central banks use in response to their new challenges?
• Can the dominant role of the dollar in international trade and finance be challenged? What are the consequences of this prominent role for global financial stability? What role does correspondent banking play in shaping the stability of the financial land
• What are the challenges for developing economies in an asymmetric monetary order? What are the risks and benefits of market-based or local currency external funding?