Financial, Monetary and Tax Futures
Programme leaders: Andrew Baker and Andrew Hindmoor
This research programme seeks to explain the political, institutional, economic, technological and cultural dynamics of change in the financial and monetary sphere since the financial crash of 2008, based on three related themes.
Theme one addresses efforts to regulate and manage systemic financial risks through the so-called ‘macroprudential’ financial stability agenda. How is this changing the role of policy agencies and central banks and what kinds of political bargains and social contracts should accompany this evolving systemic stabilisation function?
Theme two asks how the changing political and economic environment associated with low growth is shaping macroeconomic policy. What is driving changing patterns in fiscal and monetary policy and how is the relationship between both altered by the evolution of technologies of debt management and the politics and techniques of money creation? What are the implications of this for questions of public interest and challenges such as widening inequality and ecological degradation?
Theme three focuses on the operation of large global financial centres and the evolution of offshore, evaluating both the positive and negative macroeconomic effects of these activities and the dynamics of competition in the financial sector. How is financial-sector influence being contested politically and with what consequences? How is the politics of taxation changing and creating new attitudes to taxation and problems of tax evasion and avoidance?
Recent and Forthcoming Publications:
- Andrew Baker, ‘Varieties of Economic Crisis, Varieties of Ideational Change: How and Why Financial Regulation and Macroeconomic Policy Differ?’, New Political Economy, 20(3), 2015 pp.342-66.
- Andrew Baker, ‘The G20 and Monetary Policy Stasis’, International Organizations Research Journal, 9(4), 2014, pp.19-31.
- Andrew Baker, ‘The Gradual Transformation? The Incremental Dynamics of Macroprudential Regulation’, Regulation & Governance, 7(4), 2013, pp.417-34.
- Andrew Baker, ‘The New Political Economy of the Macroprudential Ideational Shift’, New Political Economy, 18(1), 2013, pp. 112-39.
- Stephen Bell & Andrew Hindmoor, Masters of the Universe, Slaves of the Market, Harvard University Press, 2015.
- Stephen Bell & Andrew Hindmoor, ‘Taming the City? Ideas, Structural Power and the Evolution of British Banking Policy amidst the Great Financial Meltdown’, New Political Economy, 20(3), 2015, pp. 454-74.
- Stephen Bell & Andrew Hindmoor, ‘The ideational shaping of state power and capacity: Winning battles but losing the war over Bank Reform in the US and UK’, Government and Opposition, 49(3), 2014, pp. 342-68.
- Craig Berry, Andrew Gamble, Colin Hay, Tom Hunt & Tony Payne ‘Reforming the Treasury, reorienting British capitalism’, SPERI Policy Brief No.21, 2016.
- Liam Stanley, ‘Legitimacy gaps, taxpayer conflict, and the politics of austerity in the UK’, British Journal of Politics & International Relations, 18(2), 2016.
- Liam Stanley & Todd Hartman, ‘Welfare recipients, public opinion and ‘deservingness’‘, SPERI Policy Brief No. 22, 2016.
- Andrew Baker and Andrew Hindmoor are collaborating on numerous funding projects relating to the political economy of macroprudential regulation, financial stability and spillover effects, and the changing politics of central banking.
- Andrew Baker is conducting research on the conceptual, analytical and political purchase of the notion of a finance curse, how non-governmental organisations and civil society movements are contesting financial-sector influence and the implications of this for both financial regulation and monetary policy.
- Andrew Hindmoor is working on a new project to assess the nature and degree to which banking regulation since the crisis has been overhauled.
- Liam Stanley is currently conducting research into how austerity has been governed in the UK, focusing on the phasing and timing of spending cuts and on the wider cultural meaning of austerity.
- Liam Stanley and Todd Hartman are currently leading on a British Academy/Leverhulme-funded project that uses experimental surveys to explore the willingness of taxpayers to ‘pay for the poor’ in an age of austerity and public reactions to notions of ‘an undeserving rich’.