Research Project: Finance and Inequality

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. Objective of this research project is  to formulated concrete policy reccomendations 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:

1. 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?
2. What are the connections between financial crises, global financial competition, and too-big-to-save megabanks?
3. 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?
4. Can cross-border capital flows unbalance core-periphery relations?
5. How have the inequality dynamics shaped the changing structure of the European financial system?
6. 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 Giovanni Cozzi, Economic Advisor, Foundation for European Progressive Studies

Blaise Gonda, External Relations, Foundation Jean Jaurès

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

Project administrative coordinator: Ischi Graus, Foundation for European Progressive Studies

Seminars and Roundtable Discussions

Roundtable discussion, 21st of November 2014, Leeds University

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

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

Research and policy related output 

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

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

Gabor, D. (2014) Banking Union: a response to Europe’s fragile financial integration dreams? FEPS-UWE Bristol Policy Brief No.3

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. (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

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