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Revolution Without Revolutionaries: Interrogating the Return of Monetary Financing

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  • Gabor, Daniela

Abstract

This paper disentangles the claims that we are witnessing a revolution in central banking - the return of large interventions in government bond markets. It argues that not all central bank purchases of government bonds are alike, but they should be evaluated against the objectives of the interventions and the broader macro-financial setup of the economy. It distinguishes two regimes of monetary financing – shadow vs subordinated – across objectives of intervention, targets, institutional hierarchy, macroeconomic paradigm, and accumulation regime/distribution of political power. Shadow monetary financing, it argues, offers a weak framework for monetary-fiscal interactions, one that actively undermines both the rethink of fiscal rules, and fiscal support for the low-carbon transition.

Suggested Citation

  • Gabor, Daniela, 2021. "Revolution Without Revolutionaries: Interrogating the Return of Monetary Financing," SocArXiv ja9bk, Center for Open Science.
    • Handle: RePEc:osf:socarx:ja9bk
    DOI: 10.31219/osf.io/ja9bk
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    Cited by:

    1. William Oman & Romain Svartzman, 2021. "What Justifies Sustainable Finance Measures? Financial-Economic Interactions and Possible Implications for Policymakers," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 22(03), pages 03-11, May.
    2. Adam Tooze, 2021. "Debating Central Bank Mandates," Working Papers 1, Forum New Economy.
    3. Eric Lonergan & Mark Blyth, 2021. "The Prudence Principle: A New Framework for Eurozone Fiscal Policy," Working Papers 6, Forum New Economy.
    4. Martin Sokol & Leonardo Pataccini, 2022. "Financialisation, regional economic development and the coronavirus crisis: a time for spatial monetary policy? [The financialization of home and the mortgage market crisis]," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 15(1), pages 75-92.
    5. Nina Eichacker, 2022. "Institutional constraints, liquidity provision, and endogenous money in the Eurozone core and periphery before and after crises: A preliminary comparison of the Eurozone Crisis and the Coronavirus Pan," PSL Quarterly Review, Economia civile, vol. 75(303), pages 403-424.
    6. Olk, Christopher & Schneider, Colleen & Hickel, Jason, 2023. "How to pay for saving the world: Modern Monetary Theory for a degrowth transition," LSE Research Online Documents on Economics 120343, London School of Economics and Political Science, LSE Library.
    7. Giordano, Matteo & Goghie, Alexandru-Stefan, 2023. "From Policy to Regime: the changing posture of the ECB between liquidity and collateral through the lens of Monetary Regime," SocArXiv rw3ms, Center for Open Science.

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