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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, 'The macrofinancial turn in central banking: Money market changes and Federal Reserve policy after the global financial crisis'. My supervisors are Matthew WatsonLink opens in a new window and Chris ClarkeLink opens in a new window.

I am one of the organisers of the Warwick Critical Finance GroupLink opens in a new window, and a former research assistant in the ESRC project ‘Transformation of Public Debt ManagementLink opens in a new window’ at the University of Edinburgh.

Since September 2022, I am a Fellow in IPE at the Department of International Relations, LSE.

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 monetary policy, fiscal policy, and macroprudential stability reforms. While the existing literature has tended to analyse these functions separately, my research brings them together at the level of the Federal Reserve’s money market strategy. 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.


Murau, S., Pape, F. and Pforr, T. (2022) 'International monetary hierarchy through emergency US-dollar liquidity: a key currency approach', Competition and Change, online first.

Pforr, T., Pape, F. and Murau, S. (2022) ‘After the Allocation: What Role for the Special Drawing Rights System?’ Institute for New Economic ThinkingLink opens in a new window, Working Paper No. 180

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

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

Dutta, S., Kremers, R., Pape, F. and Petry, J., (2020) ‘Critical Macro-Finance: an introduction’, Finance and SocietyLink opens in a new window, 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) StudyLink opens in a new window, Boston University, February.