Upcoming Events

Rethinking Growth: Towards a Wellbeing Economy for Ireland, 25th- 26th June 2024.

Event: Rethinking Growth: Towards a Wellbeing Economy for Ireland

When:  Tuesday  25th June 2024 – Wednesday 26th June at 5pm

Where: Venue: Dargan Auditorium, Trinity Business School

Website: https://rethinking-growth.ie/

Tickets: Registration page here

Programme

 

If you can’t make it in person please email info@rethinking-growth.ie  reference “Online participation” in subject line for online participation.

Thank you! Hope to see you there !

(Dr Martin Sokol, member of the conference organising committee).

“Climate Obstruction in Finance, Banking, & the Field of Economics”. Presented by Martin Sokol and Jennie C. Stephens at the CPN-CSS Network Conference 2024

Martin Sokol recently presented a joint paper with Jennie C. Stephens at the CPN-CSS Network Conference 2024 (Critical Policy Studies Network / Climate Social Science Network). Online, March 14th -15th

You can now view the slides from the presentation: PDF (slides)

ESG Insights publish “Central banks should be fighting the climate crisis – here’s why” into Portuguese.

Delighted to see Martin Sokol and Jennie Stephens article on why  central banks should be fighting climate crisis (from The Conversation UK) has been translated into Portuguese and published by ESG Insights in Brazil. View the article here

 

GEOFIN Blog #18 – Central banks should be fighting the climate crisis – here’s why (by Martin Sokol and Jennie. C. Stephens)

Central banks should be fighting the climate crisis – here’s why

Martin Sokol, Trinity College Dublin and Jennie C. Stephens, Northeastern University

Climate finance was a major focus at the recent COP28 summit, but one set of game-changing institutions remains largely missing in such conversations: central banks.

Central banks are public institutions, charged with maintaining economic stability through controlling the supply of money in an economy. These banks have enormous power to catalyse a more just, equitable and climate-stable future.

However, our recent research points out that their policies have been slowing down – rather than speeding up – transformative climate action. The problem is these banks focus on financial stability in the near term, which means propping up a status quo which promotes further climate instability. And that means they are making things more unstable in the long term.

Our research suggests that long-term stability cannot be achieved without first disrupting and transforming the existing financial system. One way to do this would be for central banks to use tools already available to them to trigger a short-term intentional disruption in order to redirect financial flows and create greater stability in the long-term – we call this “creative disruption”.

Short-term v long-term stability

Central banks generally try to keep the economy stable by controlling inflation through interest rates. With climate disruptions causing more and more instability every year, many central banks are starting to take the climate more seriously. Yet, when price stability is threatened by increasing inflation or when the overall financial stability is questioned by a looming financial crisis, central banks quickly forget about the climate.

For example, recent aggressive increases in interest rates have disproportionately hit the renewable energy sector and made it harder for people and governments to raise money for other measures that would help cut emissions or adapt to climate change. From a long-term perspective and from a climate justice lens, this is counterproductive.

To maintain short-term economic stability when COVID hit, central banks around the world quickly lent money to commercial banks in a variety of ways – even at negative interest rates. But no strings were attached, so banks lent this money to the fossil fuel industry and other wealthy corporate interests, among others.

During the pandemic many central banks also increased the money supply, in a process called quantitative easing, to stimulate the economy, and some of this money ended up in the pockets of carbon intensive industries. These efforts to stabilise financial markets reinforced and exacerbated huge inequities in wealth and power, and were a missed opportunity to increase support for a green economy.

Central banking, climate-justice style

That’s why in our latest research we analysed central banks from the lens of climate justice. Climate justice is an approach to climate action that goes beyond a narrow focus on decarbonisation and emissions and focuses on social change and economic equity as a way to make people less vulnerable to climate change. This means restructuring the financial system to work for the benefit of all people rather than just the top 1%.

So instead of stabilising markets by supporting corporate interests and the financial sector in the short-term, we suggest that central banks need to start prioritising long-term stability. An intentional short-term “creative disruption” would reverse established financial flows and would start funnelling investments towards the most vulnerable.

For example, central banks could use their power to create money to help local governments finance ambitious climate infrastructure projects or directly support community-oriented public investment programmes.

Rather than continuing to focus narrowly on inflation to determine economy-wide interest rates, central banks could create different interest rates for different kinds of investments – establishing high interest rates for carbon-intensive activities and low or zero-interest rates for renewable energy. The Bank of Japan is one of a few central banks that have already started experimenting with such schemes.

Central banks can also create zero or negative-interest rates for climate justice investments. Imagine households could insulate homes, install heat pumps and solar panels – and get paid for it. And the most vulnerable communities should be served first, not last. If central banks can use negative interest rates to save banks during the COVID crisis, they surely can use such tools to save people and the planet in the climate crisis. Innovations like this could transform the financial landscape, and reshape the financial injustices that dominate today. And there is much more central banks can do.

Central banks have the power and the tools to trigger a rapid transformation towards a more just, fossil-fuel free future at a global scale. Instead of continuing to use their power to accelerate climate chaos, central banks could catalyse a shift toward a more equitable financial system. Going forward, the transformative role of central banks needs to be at the top of the climate policy agenda.


Martin Sokol, Associate Professor of Economic Geography, Trinity College Dublin and Jennie C. Stephens, Dean’s Professor of Sustainability Science & Policy, Northeastern University

This article is republished from The Conversation under a Creative Commons license. Read the original article.


How to cite:

Sokol, M. and Stephens, J.C. (2023) Central banks should be fighting the climate crisis – here’s why. GEOFIN Blog #18. Dublin: GEOFIN research, Trinity College Dublin.

Available online at https://geofinresearch.eu/outputs/blog/


Further information:

More information about GEOFIN can be found here: https://geofinresearch.eu/

GEOFIN blogs are available here: https://geofinresearch.eu/outputs/blog/


Download the blog: PDF

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New blog by Jennie C. Stephens and Martin Sokol: Why the Fed should treat climate change’s $150B economic toll like other national crises it’s helped fight

View the blog post here

 

GEOFIN Blog #17 – Why the Fed should treat climate change’s $150B economic toll like other national crises it’s helped fight (by Jennie C. Stephens and Martin Sokol)

Climate disasters are now costing the United States US$150 billion per year, and the economic harm is rising.

The real estate market has been disrupted, as home insurance rates skyrocket as wildfire and flood risks rise with the warming climate. Food prices have gone up with disruptions in agriculture. Health care costs have increased as heat takes a toll. Marginalized and already vulnerable communities that are least financially equipped to recover are being hit the hardest.

Despite this growing source of economic volatility, the Federal Reserve – the U.S. central bank that is charged with maintaining economic stability – is not considering the instability of climate change in its monetary policy.

Earlier this year, Fed Chair Jerome Powell declared unequivocally: “We are not, and we will not become, a climate policymaker.”

Powell’s rationale is that to maintain the Fed’s independence from politics and political cycles, it should use its tools narrowly to focus on its core mission of economic stability. That includes price stability, meaning keeping inflation low and maximizing employment. In Powell’s view, the Fed should stay away from social and environmental concerns that are not tightly linked to its statutory goals.

However, it is getting increasingly difficult for central banks to ensure stability if they do not integrate climate instability into their monetary policies.

As researchers with expertise in climate justice and central banks, we recently published a paper reviewing the monetary policy tools available to central banks around the world that could help slow climate change and reduce climate vulnerabilities.

With the new U.S. National Climate Assessment and other research making clear that U.S. policies and actions are insufficient to minimize climate instability and manage the growing economic costs, we believe it’s time to reconsider the role of central banks in responding to the climate crisis.

Rethinking interest rates

One thing central banks could do is set lower interest rates for renewable energy development. The Bank of Japan has used this strategy.

The Fed’s aggressive increases in interest rates in response to rising inflation have slowed the transformation toward a more sustainable society by supporting fossil fuels and making investments in renewable energy infrastructure more expensive. Offshore wind power has been particularly hard hit, with multiple multibillion-dollar projects canceled as higher interest rates raised the projects’ costs.

One way to introduce differentiated rates would be to create a special lending facility under which commercial banks could borrow money from the central bank at preferential interest rates if used for renewable energy deployment or other climate-friendly investments. Whether the Fed already has authorization to do that depends on interpretation of its current mandate.

While the U.S. Federal Reserve has not done it before, China’s central bank has used similar tools to incentivize renewable energy, and the Bank of Japan’s lending facility offers zero-interest loans for green investments.

Nudging banks to rethink investments

Despite the Fed’s proclaimed efforts not to pick winners and losers, its monetary policies have taken steps that favor established industries and companies, including the fossil fuel industry.

For example, the Fed supported the financial sector unconditionally during the COVID-19 pandemic to keep credit available to limit economic harm. Its massive purchases of corporate bonds resulted in subsidies to the fossil fuel sector.

Our analysis suggests two ways to help manage climate change now: The Fed can reinterpret its current statutory duties and start viewing climate action as a critical part of its role in maintaining economic stability within its existing mandate, as the European Central Bank has done, or the mandate of the Fed can be changed by Congress to explicitly include “green” transformation objectives, similar to the U.K.‘s mandate for the Bank of England.

Either of these options could empower the Fed to address climate change and support the government, businesses, banks, households and communities in financing climate mitigation and adaptation efforts.

Two maps showing extreme heat days rising almost everywhere and extreme precipitation increasingly common, particularly in the Eastern U.S.
Rising temperatures exacerbate climate risks, including droughts, wildfires and extreme storms. Global temperatures have already warmed by more than 1 degree Celsius (1.8 Fahrenheit) compared to preindustrial times. The projected changes with 2 C (3.6 F) of warming, which the world is on pace to exceed this century, are relative to the 1991-2020 average.
Fifth National Climate Assessment

The Fed could also discourage banks and investors from investing in assets that ultimately harm the economy – for instance, by setting collateral requirements for banks that would reduce the attractiveness of holding carbon-intensive assets. The European Central Bank recently announced that it would tilt purchases of corporate bonds toward “green” assets.

The Fed has recently taken steps to push large financial institutions to monitor climate-related risks in their portfolios, drawing the ire of Republicans, who claimed the bank had no authority to consider climate change. Whether this risk management approach will pressure banks to change their lending patterns is not yet clear.

The Fed and other central banks could go further and mandate energy transition planning with an eye toward economic stability. The European Union developed a whole new sustainable finance framework designed to discourage investment in economic activities that do not support an energy transition along the lines of the European Green Deal, which aims to turn Europe into a climate-neutral continent with no one left behind. The European Central Bank is obligated to support EU economic policies, including the green transition.

The Fed has used creative tools before

Many times in its 110-year history, the Fed has provided financial support to the U.S. government during major crises, such as wars and recessions, by offering direct lines of credit or by directly purchasing Treasury bonds. During the pandemic, it took extraordinary steps to keep U.S. businesses running.

Now that the U.S. is facing rising costs from the climate crisis, we believe the Fed should treat climate change with the same urgency and importance.

In our analysis of the tools available to central banks, we took a climate justice perspective, looking beyond greenhouse gas emission reductions to incorporate social justice and economic equity. Instead of focusing on supporting corporate interests and the financial sector in the short term to stabilize markets, we believe central banks could prioritize longer-term stability by funneling investments toward vulnerable communities and people.

The Bank of England, the European Central Bank and other central banks are already implementing some pro-climate measures. At the Fed, Powell seems more concerned with political backlash than the economic damage to the U.S. economy outlined in the latest climate assessment.

We believe it is past time that the Fed consider climate destabilization as a major economic crisis and use more of the tools in the central bank toolbox to tackle it.The Conversation

Jennie C. Stephens, Dean’s Professor of Sustainability Science & Policy, Northeastern University and Martin Sokol, Associate Professor of Economic Geography, Trinity College Dublin

This article is republished from The Conversation under a Creative Commons license. Read the original article.

_________________________________________________________________________

How to cite:

Stephens, J.C. and Sokol, M. (2023) Why the Fed should treat climate change’s $150B economic toll like other national crises it’s helped fight’. GEOFIN Blog #17. Dublin: GEOFIN research, Trinity College Dublin.

Available online at https://geofinresearch.eu/outputs/blog/

_________________________________________________________________________

Further information:

More information about GEOFIN can be found here: https://geofinresearch.eu/

GEOFIN blogs are available here: https://geofinresearch.eu/outputs/blog/

_________________________________________________________________________

Download the blog: PDF

Back to GEOFIN blogs

New blog by Martin Sokol and Jennie C. Stephens: Central banks, the climate crisis and the need for a ‘creative disruption’

View the blog post here

 

GEOFIN Blog #16 – Central banks, the climate crisis and the need for a ‘creative disruption’ (by Martin Sokol and Jennie C. Stephens)

How should central banks respond to the worsening climate crisis that threatens to destabilise the economy and society? As climate disruptions become more frequent and intense, it seems clear that changes in central banks and their monetary policies are urgently needed. One bold, innovative approach is for central banks to create an intentional disruption of the financial system to change course to allow for major shifts in financial flows. In our recent paper in Climate and Development (Stephens and Sokol, 2023) we argue that a short-term ‘creative disruption’, informed by the principles of ‘climate justice’, could trigger a financial transformation to redirect financial flows and investments toward climate vulnerable communities rather than continuing to reinforce financial markets that benefit wealthy investors and large corporations. Climate justice, an approach to climate action that goes beyond decarbonisation and greenhouse gas emissions reduction (Stephens, 2022), focusses on the urgent need to prioritize social justice and economic equity as a way to reduce climate vulnerabilities. Central banking that is fit for purpose in the age of ‘polycrisis’ needs to embrace climate justice principles as these are fundamental for achieving transformative change towards a more equitable, just, healthy, and sustainable future for all.

This idea of a ‘creative disruption’ goes against the prevailing wisdom about how central banks should respond to climate change risks, which is to maintain financial stability at all costs. Indeed, financial stability is one of the key aims of central banks and their monetary policies. So why would any central bank want to ‘disrupt’ the financial system? The reason is simple; long-term stability requires transformation and transformation requires disruption. The proposal for an intentional ‘creative disruption’ recognises that it does not make sense to keep stabilising an inherently unstable system that is also causing climate chaos. We argue that central banks’ current focus on near-term financial stability is short-sighted because it undermines longer-term stability. The current global financial system is inherently unstable, and decades of financialization has made the system even more crisis-prone. The climate crisis, which is getting worse in part due to central banks’ monetary policy that continues to incentivize and support fossil fuel investments, contributes to expanding inevitable volatility.

While many central banks are increasing their ‘green’ rhetoric, they are still supporting fossil fuel reliance and other investments that are accelerating climate change. In their narrow pursuit of near-term financial stability, the actions of central banks are putting long-term ecological and financial stability at risk. Unless transformative change is made, climate-induced financial crises are inevitable, and these forthcoming crises will have dire consequences for many, especially among those who are already marginalized. Many of the same vulnerable households, communities and regions who are already bearing the brunt of the climate crisis will also suffer the most from forthcoming financial upheavals.

With a ‘climate justice’ approach, a shift away from continuing to prop-up an unjust, inequitable and unstable financial system is essential. Instead of waiting for a climate-related financial calamity to arrive, climate justice principles call for a pro-active, short-term disruption of the financial system, with the aim of securing long-term, durable stability and sustainability. The goal and strategy of such a disruption would be to allow for investments that provide direct support for hard-working families, disadvantaged people and vulnerable communities. While the market economy is well known for its ability to produce  ‘creative destruction’, the urgent need for transformative climate justice requires a creative disruption (not destruction).

Advocacy for ‘creative disruption’ recognises that central banks now play a central role in managing  ‘financial chains’ (Sokol, 2023), a term that refers to the interconnected flow of money and power in financialised economies (see figure). When central banks incentivize financial flows to benefit some and disadvantage others, they are also manipulating the flow of power by empowering some while disempowering others. Transformative climate justice requires disrupting the flows of both money and power, which means managing financial chains in a new and different way. Central banks, therefore, have a key role to play in the much-needed transformative change that is necessary for a better future. Instead of being part of the problem, central banks can become a central part of the solution. The idea of this proposed ‘creative disruption’ is to turn the financial system upside down. Instead of central banks propping up investments in financial markets, central banks could incentivize investments in vulnerable communities, facilitate community wealth-building and support climate resilience. Central banks could promote stability by reversing the existing flows of value and power away from the richest 1% towards workers and families.

There is a growing range of tools in central banks’ toolbox that could be mobilised for this proposed ‘creative disruption’ for climate justice. For example, ‘green’ quantitative easing could be implemented to support urgently needed climate resilience investments. A ‘climate bailout’ could involve central banks acquiring fossil fuel assets in order to close them down. And direct monetary financing of households could be deployed to support the most vulnerable in society. By applying these and other measures (see Stephens and Sokol, 2023, for more), central banks could trigger a rapid phase-out of fossil fuels and redirect the power and influence of financial flows towards a more just, renewable-based future that prioritizes public needs rather than corporate profits.

To steer humanity towards a more stable future, central banks also need to disrupt the self-defeating imperative of endless growth. Given that humanity is pushing past the earth’s planetary boundaries, a new approach to monetary policy aligned with climate justice principles and ecological health will have to be coordinated with a range of other policies as well. This also requires new kinds of global coordination. The urgency for transformative change is growing as climate chaos expands around the world. This change requires new ways of thinking about transforming financial systems. An intentional ‘creative disruption’ triggered by central banks could be the catalyst that is needed to achieve such transformation.

Dr Martin Sokol

Associate Professor

Department of Geography

Trinity College Dublin, Ireland

Email: sokolm@tcd.ie

Prof Jennie C. Stephens

Dean’s Professor of Sustainability Science & Policy

Northeastern University, School of Public Policy & Urban Affairs, Boston, MA USA

Climate Justice Fellow at Harvard-Radcliffe

https://www.jenniecstephens.com/

 

Figure: Central banks and financial chains in a financialised economy

(Source: Stephens and Sokol, 2023)

 

 

References:

Sokol, M. (2023). Financialisation, central banks and ‘new’ state capitalism: The case of the US Federal Reserve, the European Central Bank and the Bank of England. Environment and Planning A: Economy and Space, 55(5), 1305-1324. https://doi.org/10.1177/0308518X221133114

Stephens, J. C. (2022). Feminist, Antiracist Values for Climate Justice: Moving Beyond Climate Isolationism. In J. Agyeman, T. Chung-Tiam-Fook, & J. Engle (Eds.), Sacred Civics: Building Seven Generation Cities. Routledge.

Stephens, J. C., and Sokol, M. (2023). Financial innovation for climate justice: central banks and transformative ‘creative disruption’. Climate and Development, 1-12. https://doi.org/10.1080/17565529.2023.2268589

_________________________________________________________________________

How to cite:

Sokol, M. and Stephens, J.C. (2023) Central banks, the climate crisis and the need for a ‘creative disruption’. GEOFIN Blog #16. Dublin: GEOFIN research, Trinity College Dublin. Available online at https://geofinresearch.eu/outputs/blog/

_________________________________________________________________________

Further information:

More information about GEOFIN can be found here: https://geofinresearch.eu/

GEOFIN blogs are available here: https://geofinresearch.eu/outputs/blog/

_________________________________________________________________________

Acknowledgements:

GEOFIN project received funding from the European Research Council (ERC) Consolidator Grant under the European Union’s Horizon 2020 research and innovation programme (Grant Agreement No. 683197).

Download the blog: PDF

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Jennie Stephens & Martin Sokol joint publication is just out: Financial innovation for climate justice: central banks and transformative ‘creative disruption’.

 

 

Read Jennie C. Stephens & Martin Sokol latest publication entitled Financial innovation for climate justice: central banks and transformative ‘creative disruption’, Climate and Development. (Open access)

Call for Papers – IGC 2024:

35th International Geographical Congress, Dublin, Ireland (24th – 30th August 2024)

https://igc2024dublin.org/

C.09: Dynamics of Economic Spaces

In-person paper session:

Financial innovations for transformative climate and economic justice

Session organisers:

  • Martin Sokol (Associate Professor of Geography, Trinity College Dublin, Ireland) – sokolm@tcd.ie
  • Jennie Stephens* (Professor of Sustainability Science and Policy, Northeastern University, Boston, USA; Radcliffe-Salata Climate Justice Fellow at Harvard 2023-2024, Cambridge, USA) – j.stephens@northeastern.edu (*Session Chair)

Session abstract:

Financial systems have potential to be both drivers of and barriers to the transformative changes that are urgently needed to advance climate justice and promote economic justice. Fossil fuel phaseout and transformation toward a more stable, equal, healthier society based on a more caring solidarity economy requires financial innovation. Recognition of the central role that financial innovations, financial flows, and financial processes have on transformative social change is rapidly growing, and collective calls for fundamental transformation of financial systems are becoming more frequent.

This session invites contributions which explore different kinds of financial innovations that would advance climate justice and economic justice. Papers focused on financial innovations of all kinds are welcome – from public banks to private finance innovations; from transformative monetary and fiscal policies to bank lending, worker-owned cooperatives and community cooperatives. Papers situated at various geographical scales are also welcome from macro-innovations designed to transform the global financial system as a whole; to multinational financial institutions; to radical national and transnational central bank interventions and transformative financial regulations; as well as innovations at local levels, including community banks, alternative local currency schemes or micro-level financial innovations for climate justice. Innovations that link these scales together are invited, including contributions relating to the Global North, Global South, Global East, and everything in between. Both conceptual and empirical-based papers are welcome.

Deadline: Friday 12th January 2024

Submissions:

Abstracts (max. 250 words) must be submitted via submission portal. Details here: https://igc2024dublin.org/call-for-abstracts/. You will find our session under Congress Commission C.09: Dynamics of Economic Spaces. While submitting your abstract you will be able to indicate if you also intend to attend the RGS-IBG 2024 conference in London (28th – 30th August 2024). IGC is working with the RGS to ensure that delegates who wish to attend both conferences will be able to do so.

Please also email a copy of your abstract to sokolm@tcd.ie and j.stephens@northeastern.edu.

Thank you! See you in Dublin in August 2024!

Dr. Ia Eradze- Visiting scholar to Geography Department Trinity College Dublin.

 

Geofin Research team was delighted to have hosted visiting scholar Dr. Ia Eradze  in June 2023 and most grateful for her presentation on “Crypto Currency Mining in Georgia: sovereignty revisited”  on 28th June 2023.

 

 

 

 

 

New article by Alicja Bobek  Marek Mikuš and Martin Sokol “Making sense of the financialization of households: state of the art and beyond”

Congratulations to Alicja Bobek  Marek Mikuš and Martin Sokol on their latest GEOFIN research collaboration just published “Making sense of the financialization of households: state of the art and beyond” , Socio-Economic Review, 2023.

This article is available online from Socio: Socio-Economic Review and PDF

 

New article by Leonardo Pataccini: “The (un)usual suspects? Exploring the links between illicit financial flows, Russian money laundering and dependent financialization in the Baltic states”

Congratulations to Leonardo Pataccini GEOFIN research fellow, on the publication is his latest work “The (un)usual suspects? Exploring the links between illicit financial flows, Russian money laundering and dependent financialization in the Baltic states.

This article is available online from: Competition & Change

GEOFIN Project lookback

 

GEOFIN Journal Articles

  • Sokol, M (2022) Financialisation, central banks and ‘new’ state capitalism: The case of the US Federal Reserve, the European Central Bank and the Bank of England. Environment and Planning Economy and Space.  DOI: 10.1177/0308518X221133114
  • Pataccini, L. (2022) From post-socialist transition to the COVID-19 crisis: cycles, drivers, and perspectives of subordinate financialization in Latvia. Journal of Baltic Studies.  DOI: 10.1080/01629778.2022.2092881
  • Dal Maso, G. (2022) Past and present financialization in Central Eastern Europe: the case of Western subsidiary banks. Journal of Balkan and Near Eastern Studies, 24:1, 60-77. DOI: 10.1080/19448953.2021.1992185
  • Sokol, M. and Pataccini, L. (2021) Financialisation, regional economic development and the coronavirus crisis: a time for spatial monetary policy?, Cambridge Journal of Regions, Economy and Society. DOI: 10.1093/cjres/rsab033
  • Pataccini, L. (2021) Europeanisation as a driver of dependent financialisation in East-Central Europe: insights from the Baltic states. New Political Economy,  DOI: 10.1080/13563467.2021.1994542
  • Klinge, T. J., Fernandez, R., & Aalbers, M. B. (2021) Whither corporate financialization? A literature review. Geography Compass, e12588. DOI: 10.1111/gec3.12588
  • Sokol, M. and Pataccini, L. (2020) Winners And Losers In Coronavirus Times: Financialisation, Financial Chains and Emerging Economic Geographies of the Covid-19 Pandemic. Tijdschrift voor Economische en Sociale Geografie 111(3): 401-415. DOI: 10.1111/tesg.12433
  • Mikuš, M. (2019) Contesting household debt in Croatia: the double movement of financialization and the fetishism of money in Eastern European peripheries. Dialectical Anthropology 43(3): 295-315. DOI: 10.1007/s10624-019-09551-8
  • Sokol, M. (2017) Financialisation, financial chains and uneven geographical development in Europe: Towards a research agenda. Research in International Business and Finance (RIBAF), Vol. 39, Part B, pp. 678-685. Invited contribution. DOI: 10.1016/j.ribaf.2015.11.007

GEOFIN Working Papers

  • Sokol, M. (2017) Western banks in Eastern Europe: New geographies of financialisation (GEOFIN research agenda). GEOFIN Working Paper No. 1. Dublin: GEOFIN research, Trinity College Dublin.
  • Bobek, A. (2019) Financialisation of households: a preliminary literature review. GEOFIN Working Paper No. 2. Dublin: GEOFIN research, Trinity College Dublin.
  • Mikuš, M. (2019) Financialization of the state in post-socialist East-Central Europe: conceptualization and operationalization. GEOFIN Working Paper No. 3. Dublin: GEOFIN research, Trinity College Dublin.
  • Mikuš, M. (2019) Financialization of the state in post-socialist East-Central Europe: analysis of secondary quantitative data. GEOFIN Working Paper No. 4. Dublin: GEOFIN research, Trinity College Dublin.
  • Mikuš, M. (2019) Financialization of the state in Croatia: a preliminary analysis. GEOFIN Working Paper No. 5. Dublin: GEOFIN research, Trinity College Dublin.
  • Rodik, P. (2019) Household debt in Croatia: An overview of recent trends. GEOFIN Working Paper No. 6. Dublin: GEOFIN research, Trinity College Dublin.
  • Rodik, P. (2019) Croatia: socio-economic context and sub-national overview for the study of financialisation of households. GEOFIN Working Paper No. 7. Dublin: GEOFIN research, Trinity College Dublin.
  • Rodik, P. (2019) Chaining households to financial markets: Micro-level interest-bearing strategies of Western banks in Croatia. GEOFIN Working Paper No. 8. Dublin: GEOFIN research, Trinity College Dublin
  • Mikuš, M. (2020) Financialization of the state in Croatia: findings of an interview-based case study. GEOFIN Working Paper No. 9. Dublin: GEOFIN research, Trinity College Dublin.
  • Bobek, A. (2020) Financialisation of households in East-Central Europe: The view from the non-academic reports. GEOFIN Working Paper No. 10. Dublin: GEOFIN research, Trinity College Dublin.
  • Pataccini, L. (2020) Western Banks in the Baltic States: a preliminary study on transition, Europeanisation and financialisation. GEOFIN Working Paper No. 11. Dublin: GEOFIN research, Trinity College Dublin.
  • Bobek, A. (2021) Financialization of households in East-Central Europe: Insights from secondary statistical data. GEOFIN Working Paper No. 12. Dublin: GEOFIN research, Trinity College Dublin.
  • Sokol, M.(2022) Financialisation, central banks and the ‘new’ state capitalism in advanced market economies. GEOFIN Working Paper No. 13. Dublin: GEOFIN research, Trinity College Dublin.

GEOFIN Presentations

  • Sokol, M. and Stephens, J.C. (2023) Monetary Policy, Climate Crisis & Inequality:
    A Climate Justice Approach. Paper for the Annual Meeting of the American Association of Geographers (AAG). Session: Geographies of Monetary Policy I: Crisis, Inequality and Financial Power. Denver, USA, and online, 23-27 March 2023. | PDF
  • Pataccini, L. and Sokol, M. (2023) Green monetary and financial policies: missing geographies? Paper for the Annual Meeting of the American Association of Geographers (AAG). Session: Geographies of Monetary Policy I: Crisis, Inequality and Financial Power. Denver, USA, and online, 23-27 March 2023. | PDF
  • Sokol, M and Stephens, J (2022). Monetary Policy and ecological crisis: towards a climate justice approach. Paper presented at 26th FMM Conference Post-Keynesian Economics and Global Challenges, Berlin 20-22 October 2022. PDF (paper) |  PDF (Slides)
  • Pataccini, L, Sokol, M and Mikuš (2022) Growth models, dependent financialization and financial infrastructures in CEE: the case of the baltic states. RSA Central and Eastern Europe conference in Leipzig 2022. Special Session: Infrastructures of finance and finance as infrastructure in eastern Europe. | PDF
  • Pósfai, Z (2022) Dependent housing financialization in Hungary – post -2008 shifts.  Global Conference on Economic Geography in Dublin 7-10 June 2022  Special session: Financialisation: Disruptions, Displacements and Discontents | PDF
  • Pataccini, L (2022) Examining the Transmission mechanism of monetary policy in the euro area in the light of financialisation.  Global Conference on Economic Geography in Dublin 7-10 June 2022  Special session: Financialisation: Disruptions, Displacements and Discontents | PDF
  • Fernandez, R, Sokol, M and Pataccini L (2022) Monetary policy, varieties of capitalism and subordinate financialization: What Explains divergent economic geographies of (semi)-peripheries in East-Central Europe. Global Conference on Economic Geography in Dublin 7-10 June 2022  Special session: Financialisation: Disruptions, Displacements and Discontents | PDF
  • Bencekovic, S (2022) Mapping the Postsocialist Bankscapes: Sub-National Banking Geographies in Croatia. Global Conference on Economic Geography in Dublin 7-10 June 2022  Special session: Financialisation: Disruptions, Displacements and Discontents | PDF

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Green monetary and financial policies: missing geographies? Martin Sokol and Leonardo Pataccini paper at the (AAG)

Martin Sokol and Leonardo Pataccini presented at the American Association of Geographers session:  Geographies of Monetary Policy I: Crisis, Inequality and Financial Power. Denver, USA, and online (23 March – 27 March 2023).

For view the presentation please click on this link: PDF

 

Past Events

RSA 2022 conference image

2022 RSA CEE conference in Leipzig, Germany (14-17 Sept)

Conference website: https://www.regionalstudies.org/events/2022-rsa-cee-programme/ Special Session SS05 at the 2022 RSA CEE conference in Leipzig, Germany (14-17 Sept 2022).  Session organisers: Marek Mikuš, Max Planck Institute for Social Anthropology, Germany Leonardo Pataccini, Trinity College Dublin, Ireland / University of Latvia Martin Sokol, Trinity College Dublin, Ireland Arguments centred on infrastructure have become increasingly influential across social sciences. […]

GCEG 2022 Dublin: Special Session 04_09 Financialisation: Disruptions, Displacements and Discontents

GCEG 2022 Dublin  –Special Session 04_09 Financialisation: Disruptions, Displacements and Discontents Session organisers: Leonardo Pataccini, Trinity College Dublin, Ireland / University of Latvia Martin Sokol, Trinity College Dublin, Ireland Jennie Stephens – Northeastern University – j.stephens@northeastern.edu Session description: Financialisation, a shorthand for the increasing power of finance over society and the economy, continues to reshape […]

Roundtables on central banks and monetary policy 2022 (online events)

Organisers:  Rodrigo Fernandez, Center for Research on Multinational Corporations (SOMO) Sara Murawski, The Transnational Institute (TNI) Leonardo Pataccini, Trinity College Dublin / University of Latvia Martin Sokol, Trinity College Dublin For more information on these events: contact Martin Sokol. These roundtable sessions focus on the most pressing issues related to central banking and monetary policy […]

GEOFIN Lunchtime Seminar on “Financialisation” with Alicja Bobek and Marek Mikuš (19th September 2019)

GEOFIN International Seminar Titles: “Subordinated financialisation? The role of financial investment, credit and debt in everyday lives of households in East-Central Europe” / “State financialisation in Croatia: Preliminary Findings of an interview-based case study ”Speakers: Dr Alicja Bobek (Trinity College Dublin) / Dr Marek Mikuš (Trinity College Dublin / Max Planck Institute for Social Anthropology, Halle) Date: Thursday 19th September 2019 […]

GEOFIN International Seminar with Larry Murphy “Financialization (un)limited: Restless capital, housing and home” (16th October 2018)

GEOFIN International Seminar Title: “Financialization (un)limited: Restless capital, housing and home” Speaker: Professor Laurence Murphy (University of University of Auckland) Date: Tuesday 16th October 2018 Time: 4-5pm Venue: M4, Museum Building, Trinity College Dublin Free event: All welcome Book your place via: Eventbrite About the speaker: Laurence Murphy is Professor of Human Geography in the […]

GEOFIN International Seminar with Fabio Contel “The financialization of the Brazilian territory (1964-2017): Main aspects” (19th April 2018)

GEOFIN International Seminar Title: “The financialization of the Brazilian territory (1964 – 2017): Main aspects” Speaker: Professor Fabio Betioli Contel (University of São Paulo, Brazil) Date: Thursday 19th April 2018 Time: 1-2pm Venue: GGSR-A, Museum Building, Trinity College Dublin Free event: All welcome Book your place via: Eventbrite About the speaker: Professor Contel holds a […]