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Fabian Pape

Fabian Pape

ESRC Doctoral Research Fellow

PhD Candidate



I am a political economist trained in Politics and International Relations (Sussex), Development Studies (SOAS, University of London) and Social Science Research (Warwick). I started my PhD programme in October 2017 on a '1+3' ESRC Doctoral Training Partnership scholarship and a University of Warwick PAIS PhD studentship. My thesis is provisionally entitled, 'Money Market Changes and the Federal Reserve after the Global Financial Crisis'. My supervisors are Matthew Watson and Chris Clarke.

I am one of the organisers of the Warwick Critical Finance Group, and a research assistant in the ESRC project ‘Transformation of Public Debt Management’ at the University of Edinburgh.

Research Interests

My doctoral research focuses on the institutional transformation of US money markets since the global financial crisis, with particular focus on the interplay of central banking, money market plumbing and macroprudential reforms. My research starts from the assumption that the monetary system is fundamentally a payments system that is structured around a web of interlocking balance sheets. Liquidity here emerges as a key governmental problem conditioned both by private sector balance sheet dynamics and their entanglements with public authorities. My research has implication for our understanding of financial stability regulation and the shifting modalities of monetary-fiscal coordination.


Pape, F. (2021) ‘Governing global liquidity: Federal Reserve swap lines and the international dimension of US monetary policy’, New Political Economy, 1-18.

Pape, F. (2020) ‘Rethinking liquidity: a critical macro-finance view’, Finance and Society, 6(1): 67-75.

Dutta, S., Kremers, R., Pape, F. and Petry, J., (2020) ‘Critical Macro-Finance: an introduction’, Finance and Society, 6(1): 34-44

Murau, S., Pape, F. and Pforr, T. (2021) ‘The Hierarchy of the Offshore US-Dollar System: on Swap Lines, the FIMA Repo Facility and Special Drawing Rights’, Global Economic Governance Initiative (GEGI) Study, Boston University, February.