Financial Stability Working Group


Join us to study novel approaches to monetary economics and bridge the intellectual gap between finance and macroeconomics. Dive into the rise of financial globalization, new forms of banking intermediation, and the implications of new  payment systems.


Iván Weigandi (University of Leeds, UK)
Marina Clavijo (SOAS University of London)
Giacomo Rella (Roma Tre University, Italy)


Mandate (2024)

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?

Projects Planned 

  • Money View Symposium (February 2024)
  • Money View Reading Group (2024)
  • Money And Finance Reading Group (2024)
  • 28th FMM Conference (October 2024)
  • Stablecoin: Shaping the Future of Money (2024)
  • Webinars: sharing the research of the working group members
  • LPFMI@European Central Bank (ECB) in Frankfurt, Germany (2024-2025)
  • Webinar: Political economy of South Asia (in collaboration with other Working Groups)

Existing partnerships and cooperation 

  • Macroeconomic Policy Institute (IMK, Germany)
  • Post Keynesian Economic Society (PKES, UK)
  • French Association of Political Economy (AFEP, France)
  • French Association for the Development of Keynesian Studies (ADEK, France)
  • Demand-led Growth Workshop at Universidade Federal do Rio de Janeiro (Brazil)
  • Centro Celso Furtado Institute (Brazil)
  • Maybe Boston University CDG Center (where Merling is)
  • LPFMI Ecosystem (ECB, Federal Reserve Bank Chicago, FNA, European Securities Market Authority, Financial Risk and Stability Network)


You’re welcome to join any webinar or reading group at any time. You’re also invited to apply to present or participate in an any in-person workshop in your area. 



The latest updates and announcements, sent out to all working group members via email.
event news image
Next Session of Money and Finance Reading Group
Hi everyone, The next session of Money and Finance Reading…
July 18, 2024
event news image
Tomorrow’s hybrid session of Money and Finance Reading Group with Professor J. Toporowski
Hi everyone, This is a reminder of tomorrow’s hybrid session…
July 4, 2024
event news image
Hybrid Session of Money and Finance Reading Group Next Friday!
Hi everyone, We will have the first hybrid session of…
June 28, 2024
1 2 3 56
loader animation


back to top


back to top


back to top