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Fabian Pape

Fabian Pape

ESRC Doctoral Research Fellow

PhD Candidate


Advice and Feedback Hours:

Spring term by appointment


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, 'Liquidity and the State: Monetary Governance in the United States, 1900s-2010s'. My supervisors are Matthew Watson and Chris Clarke.

I am one of the organisers of the Warwick Critical Finance Group.

Research Interests

My doctoral research focuses on the political space opened up by the conceptual ambiguity of the term ‘liquidity’. Amongst policymakers and the economics profession, there is very little agreement about what liquidity actually means. Instead, we often encounter it as a metaphor. For example, we are told that during the global financial crisis, markets that were previously ‘awash with liquidity’ suddenly ‘dried up’. But how exactly do experts make sense of the policy challenges associated with liquidity if the concept itself remains so elusive?

To address this question, my research traces liquidity as a governmental problem from the founding of the Federal Reserve to the global financial crisis. Through a genealogy, I show that different conceptualisations of liquidity are underpinned by different politics, each generating calls for very different forms of intervention in the economy. More specifically, I ask how different political judgements and interpretative practices feed the diagnosis and negotiation of liquidity crises, legitimate specific courses of actions and economic discourses at the expense of others, and become incorporated into a coherent narrative of monetary governance.

Upcoming & Recent Presentations

(2019) "The (New) Anguish of Central Banking? Monetary Politics and Sovereign Power since the Crisis", International Studies Association's 60th Annual Convention, March 27-30, Toronto.

(2018) "Global liquidity as governmental problem: the institutional origins of the Federal Reserve’s liquidity swap lines", 10th Critical Finance Studies Conference, August 9-11, Gothenburg.

(2018) "Cross-border banking as driver of global liquidity: the case of European banks", European Union in International Affairs (EUIA) 2018, May 16-18, Brussels.

(2017) “Governing Global Liquidity: The Federal Reserve’s Liquidity Swap Lines in Historical Perspective”, Intersections of Finance and Society, November 2-3, City, University of London.

(2016) “Rethinking shadow banking through the lens of risk management”, Intersections of Finance and Society, November 3-4, City, University of London.