Institutional supercycles: an evolutionary macro-finance approach

SOAS, University of London

Thornhaugh Street, Russell Square, London WC1H 0XG
Room: Paul Webley Wing (Senate House), SALT
13 Nov 2019 5 p.m. – 7 p.m.

SOAS University of London is hosting a research seminar by Yannis Dafermos (SOAS) who will present his co-authored paper with Daniela Gabor (UWE Bristol) and Jo Michell (UWE Bristol) titled 'Institutional supercycles: an evolutionary macro-finance approach'. 

Abstract: We build upon the Minskyan concepts of ‘thwarting mechanisms’ and ‘supercycles’ to develop a framework for the analysis of the evolutionary interactions between macrofinancial, institutional and political processes. This provides a novel perspective on the evolution of advanced economies since WWII. We argue that these economies have experienced two supercycles, which we label the ‘industrial capitalism’ and ‘financial globalisation’ supercycle. For each, we apply a four-phase classification system, based on the effectiveness of institutions, customs and political structures for stabilising the macrofinancial system. We explore whether the post-GFC evolutionary changes can lead to the emergence of a ‘green’ supercycle.

Link to the event