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.

Adam Kerenyi
Nathalie Marins
Giacomo Rella



Research themes

  • Monetary theories with emphasis on endogenous money
  • Monetary policy and its interaction with fiscal policy
  • Financialization and shadow banking
  • Central bank digital currencies and regulation of crypto sector
  • Financial instability, crises, and the global financial cycle
  • Inflation dynamics
  • Liquidity problems and financial market infrastructure
  • New challenges for central banks: tackling the green transition and inequality
  • Currency hierarchy and financial subordination in developing economies
  • Public finance and debt sustainability

Research questions

  • What is money?
  • How will central bank digital currencies (CBDC) affect the nature and the future of money?
  • 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?
  • What is the role of central banks 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 the prominent role of the dollar in international trade and finance for global financial stability?
  • What are the challenges for developing economies in an asymmetric monetary order?

Projects Planned 

  • Money View Symposium (January 2023)
  • Pre-Conference at IARIW-Bank of Italy Conference in Naples, Italy (March 2023) 
  • Debt Sustainability Conference in Boston, US (April 2023)
  • Pre-Conference on Structuralism, Classical Political Economy, and Demand-Led Growth in Rio de Janeiro, Brazil (July 2023)
  • LPFMI@European Central Bank (ECB) in Frankfurt, Germany (June 2023)
  • Workshop with UDELAR and ECLAC in Montevideo, Uruguay (September 2023)
  • 27th FMM Conference (October 2023)
  • LPFMI@Federal Reserve Bank Chicago (FRBC) in Chicago, US (October 2023)
  • Pre-PK Conference: Economic Possibilities for our Children in Lille, France (November 2023)
  • Money View Online Course (2023)
  • Blockchain Webinar (2023)

Existing partnerships and cooperation 

  • Macroeconomic Policy Institute (IMK, Germany)
  • Federal Reserve Bank Chicago (FRBC)
  • Financial Risk and Stability Network (FRSN, 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)
  • FNA


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
Money in open economies – Hybrid Workshop
Dear all, The FSWG is holding a two-days hybrid event…
September 5, 2023
event news image
Workshop: Money in open economies
Dear all, The Financial Stability Working group is organizing a…
June 7, 2023
event news image
Extended deadline – YSI Pre-Conference @ IARIW
The deadline for the following Financial Stability WG project has…
November 21, 2022
1 2 3 47
loader animation


back to top


back to top


back to top