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2. Peripheral Growth Models and the Global Economy: A Second Image IPE Perspective
- Author:
- Michael Schedelik and Andreas Nölke
- Publication Date:
- 07-2025
- Content Type:
- Working Paper
- Institution:
- Max Planck Institute for the Study of Societies
- Abstract:
- The paper departs from the perspective of “second image IPE,” i.e., the need to closely combine Comparative Political Economy (CPE) and International Political Economy (IPE). More specifically, it focuses on the observation that the growth models in the (former) periphery of the global economy (a typical focus of CPE) are strongly shaped by their interdependencies with the structural transformations of the global economy (as studied by IPE). At the same time, the changes within the growth models of large economies in this periphery (CPE) can have a major impact on global interdependencies (IPE). For example, the rise of China as a major player in world trade and investment (“China shock”) has had a substantial impact on growth models elsewhere in the periphery, via import penetration, direct investment, and export demand. This paper shows how these growth models shape (and are shaped through) international interdependencies by analyzing (1) the effects of global commodity cycles on the growth experience of several major exporters of primary resources, such as Brazil or Indonesia, during and after the recent commodity boom. (2) We further elaborate on the effects of global financial cycles on peripheral countries, particularly those pursuing debt-led growth models, such as South Africa or Turkey. (3) We finally point to the role of global production chains and foreign direct investment for FDI-led growth models of manufacturing exporters such as Thailand or Vietnam in South East Asia.
- Topic:
- Political Economy, Foreign Direct Investment, Economy, Economic Growth, Commodities, Emerging Economies, and Growth Models
- Political Geography:
- Global Focus
3. Shifting Paths? The Evolution of Southern European Growth Trajectories Between the Global Financial Crisis and the Covid Pandemic
- Author:
- Fabio Bulfone, Mischa Stratenwerth, and Arianna Tassinari
- Publication Date:
- 06-2025
- Content Type:
- Working Paper
- Institution:
- Max Planck Institute for the Study of Societies
- Abstract:
- This paper traces the growth trajectories of the Southern European economies (Greece, Italy, Portugal, and Spain) from the financial to the covid crisis. From a review of the comparative political economy literature focusing on Southern Europe, we derive three propositions regarding the growth profile, the development of high value-added services and manufacturing exports, and employment outcomes. To assess the accuracy of these propositions, we conduct growth decompositions based on import-adjusted demand components as well as on sectoral output and employment indicators. The data show that Southern European economies are similar in that export-led growth has not been sufficient to boost aggregate growth, stimulate high value-added services or manufacturing, reverse pro-cyclical employment declines, or create high-wage employment opportunities. But the Southern European economies also differ, both in terms of their sectoral growth profiles and their aggregate performance. In the second half of the decade, Portugal and Spain managed to combine domestic demand and exports to achieve stronger growth than Italy and Greece. Sectoral developments in Portugal and Spain (and to a lesser extent in Italy) tentatively suggest a potential “Iberian growth path” that is compatible with euro area constraints but ultimately peripheral. The paper concludes by considering the empirical and theoretical implications of these findings for the study of the Southern European model of capitalism.
- Topic:
- Political Economy, Economic Growth, Exports, and Austerity
- Political Geography:
- Europe, Greece, Spain, Italy, Portugal, and Southern Europe
4. The Political Economy of Starmer's Labour
- Author:
- Colm Murphy, Sam Freedman, Morgan Jones, Theo Bertram, and Kate Alexander Shaw
- Publication Date:
- 03-2025
- Content Type:
- Video
- Institution:
- Mile End Institute, Queen Mary University of London
- Abstract:
- The first eight months of the new Labour government have been tumultuous, and nowhere more than in the politics of economics. Rachel Reeves has hiked taxes and increased borrowing, but her Treasury are also in tense negotiations with other departments over spending constraints. The Bank of England is trying to cut interest rates, but in a volatile market environment highly sensitive to developments across the Atlantic. The Government has already made itself vocal enemies ranging from tractor-driving farmers to child poverty campaigners, and businesses, trade unions, and lobbyists are currently battling to shape its policies on workers rights, planning reform, oilfields and airport expansions. What have we learned about Labour's economic policies? Do they have a coherent strategy? How united is the Labour Party and what are the emerging tensions? What would a successful economic strategy look like, given the UK's longstanding weaknesses of underinvestment and regional inequality and newer dangers like trade wars and recessionary risk? In this Mile End Institute webinar, Dr Colm Murphy, Sam Freedman (author of Britain's biggest politics Substack), the political writer Morgan Jones, former Number 10 advisor Dr Theo Bertram, and the economist Dr Kate Alexander Shaw explore the political economy of Keir Starmer's Labour Party.
- Topic:
- Political Economy, Political Parties, Labour Party, and Keir Starmer
- Political Geography:
- United Kingdom and Europe
5. Flawed by Design: What al-Sisi’s Egypt Reveals About the Myth of Authoritarian Efficiency
- Author:
- Johannes Späth
- Publication Date:
- 07-2025
- Content Type:
- Policy Brief
- Institution:
- Austrian Institute for International Affairs (OIIP)
- Abstract:
- This policy analysis challenges the rising narrative that authoritarian regimes, despite their repressive nature, offer superior governance efficiency and contribute to regional stability. Using Egypt under President Abdel Fattah al-Sisi as a case study, it argues that the perception of authoritarian efficiency is not only analytically flawed but dangerously misleading for international policymakers. European and Western engagement with Egypt continues to rely on flawed assumptions about authoritarian capacity and stability. Financial support, arms sales, and diplomatic legitimacy are extended largely unconditionally, under the illusion that al-Sisi’s regime can deliver long-term order. This approach ignores the structural fragility baked into Egypt’s political economy, and risks enabling a trajectory toward fiscal implosion and social unrest. The paper argues for a strategic recalibration. European policymakers should shift from regime-centered engagement to resilience-centered investment, focusing on areas like education, climate adaptation, and local economic empowerment that outlast regime cycles. Europe’s current approach risks buying short-term quiet at the cost of long-term instability. A policy recalibration grounded in realism, not regime accommodation, is both necessary and overdue.
- Topic:
- Political Economy, Bilateral Relations, Authoritarianism, European Union, Regime Security, Regional Stability, and Regime Legitimation
- Political Geography:
- Europe, North America, and Egypt
6. Identifying Mutual Interests: How Donor Countries Benefit from Foreign Aid
- Author:
- Tobias Heidland, Maximilian Michael, Moritz Schularick, and Rainer Thiele
- Publication Date:
- 06-2025
- Content Type:
- Working Paper
- Institution:
- Kiel Institute for the World Economy (IfW)
- Abstract:
- Official development assistance (ODA) is widely studied for its impact on recipient countries, but its effects on donor countries remain underexplored. To address this gap systematically, we develop a conceptual framework for understanding when foreign aid generates measurable returns for donor countries as well as those cases when donor and recipient interests align—what we term mutual interest ODA. We categorize potential donor benefits into three domains: economic, geopolitical, and security-related, and distinguish these benefits by their timing and degree of directness. We then systematically survey the empirical evidence on donor benefits, assessing the empirical credibility and magnitude of estimated effects and pointing out research gaps. We find consistent evidence of substantial donor benefits across all three domains. A key insight is that aggregate aid flows often mask significant variation: The returns to donors depend critically on the type of aid, delivery modality, and recipient context. These findings have important implications for both academic and policy debates on the effectiveness, political sustainability, and future direction of development aid.
- Topic:
- Climate Change, Globalization, Health, International Trade and Finance, Migration, Political Economy, Foreign Aid, and Sustainable Development
- Political Geography:
- Africa, Europe, Asia, and Americas
7. Hegemony and International Alignment
- Author:
- Fernando Broner, Alberto Martin, Josefin Meyer, Christoph Trebesch, and Jiaxian Zhou Wu
- Publication Date:
- 05-2025
- Content Type:
- Working Paper
- Institution:
- Kiel Institute for the World Economy (IfW)
- Abstract:
- This article explores the interplay between economic hegemony and political alignment. Using theoretical and empirical insights from Broner et al. (2024), we posit that hegemonic states, such as the U.S., foster political alignment, which enhances globalization. We use UN voting data to proxy for international alignment and show that hegemons induce alignment. This data has shortcomings, however. UN voting only covers the post-WWII period, refers to a narrow set of issues, and displays little time variation. As for military alliances, they were not widely used before the mid-20th century. We propose an alternative measure of alignment based on international treaties.
- Topic:
- Globalization, International Trade and Finance, Political Economy, Treaties and Agreements, Hegemony, Multipolarity, and Geoeconomics
- Political Geography:
- Global Focus and United States of America
8. The Impact of the Far Right on Mainstream Politics: Evidence from the Front National
- Author:
- Anthony Edo, Thomas Renault, and Jerome Valette
- Publication Date:
- 12-2025
- Content Type:
- Working Paper
- Institution:
- Centre d'Etudes Prospectives et d'Informations Internationales (CEPII)
- Abstract:
- How does the electoral success of a far-right political force shape the strategies and policy platforms of mainstream candidates? We answer this question by exploiting the political shock of the creation of the Front National, an antiimmigration party, in 1972 and its sudden electoral breakthrough in the 1980s. Through a comprehensive textual analysis of candidate manifestos in French parliamentary elections from 1968 to 1997, we find that right-wing candidates respond to local far-right success, measured as voting shares, by amplifying the salience of immigration in their manifestos. They also adopt more negative positions on immigration and increasingly associate it with issues such as crime and the welfare state. In contrast, the ideological positions of left-wing candidates do not shift in response to far-right electoral gains. We finally show that the strategic adjustments of right-wing candidates help mitigate electoral losses to far-right competitors.
- Topic:
- Political Economy, Immigrants, Xenophobia, Political Parties, and Electoral Systems
- Political Geography:
- Europe and France
9. The New Political Economy of Supply: resources, rare earths and finance
- Author:
- Philip Andrews-Speed
- Publication Date:
- 08-2025
- Content Type:
- Policy Brief
- Institution:
- LSE IDEAS
- Abstract:
- China is the dominant player in the global low-carbon energy transition in two respects: it has deployed the largest fleet of low-carbon electricity generation capacity in the world, and it dominates several international supply chains for clean energy minerals, metals and equipment. China has installed a massive amount of infrastructure for both solar and wind energy since 2010. The total capacity reached 1,300 GW by the end of 2024, which is more than 45% of the global total. Investment in hydro power and nuclear power also continues. These non-fossil fuels accounted for about 40% of the nation’s power generation in 2024. At the same time, the country has built up the world’s largest electric vehicle industry and is likely to take the lead in the manufacture and use of green hydrogen. This success has been built upon several foundations. Most important are the various policies of central and local government that supported investment and innovation along the clean energy supply chains over two decades or more. In the early days, this relied on technology transfer from abroad. More recently, the development of technology and manufacturing clusters have assisted scaling up and innovation, all supported by abundant and skilled human capital (Hove, 2024). All this adds credibility to Xi Jinping’s pledge to peak carbon emissions by 2030 and ‘strive for’ carbon neutrality by 2060. However, energy and fossil fuel consumption are still rising, as are carbon emissions. Coal is the main culprit as the country has large reserves, and the government sees coal as providing the foundation for energy security. Coal accounted for about 55% of power generation in 2024 and remains an important fuel in some industries. The continued increase in the use of coal will result in the peak of carbon emissions being significantly higher than might have been projected ten years ago. The good news is that the declining rate of GDP growth combined with the increasing electrification of the economy may result in emissions peaking in the next two-to-three years.
- Topic:
- Political Economy, Natural Resources, Finance, Carbon Emissions, Rare earth elements (REEs), and Energy Transition
- Political Geography:
- China and Asia
10. Geoeconomics and Conflict: A Review and Open Questions
- Author:
- Eoin McGuirk and Christoph Trebesch
- Publication Date:
- 10-2025
- Content Type:
- Working Paper
- Institution:
- Kiel Institute for the World Economy (IfW)
- Abstract:
- We examine the intersection of two subfields within political economy: geoeconomics and conflict. Geoeconomics is primarily concerned with the use of "economic weapons" of coercion, while the conflict literature mainly focuses on military weapons and war. We propose bridging these two approaches, focusing on the international dimension of conflict. We start by reviewing the existing literature linking both fields, in particular research on the relationship between trade and war and on the use of geoeconomic tools such as foreign aid and sanctions. We then highlight four main directions for future research. First, we call for a broader view of the geoeconomic toolkit, as rogue leaders do not limit themselves to economic coercion. In addition to economic weapons, future research should also consider more aggressive—and often costlier—forms of intervention short of war, including sabotage, cyberattacks, covert operations, and the sponsorship of terrorism or insurgency. Second, we require a better understanding of how geoeconomic tools affect the likelihood of conflict. Do sanctions, strategic tariffs, or military aid provoke or deter war? Third, more research is needed on the domestic political economy of geoeconomic actions and their link with conflict. When and why do governments and citizens support the use of economic versus noneconomic weapons? Finally, we stress the importance of research on explicitly peacemaking tools of diplomacy, including mediation, security guarantees, and transparency initiatives.
- Topic:
- Globalization, Political Economy, Conflict, and Geoeconomics
- Political Geography:
- Global Focus
11. Resolving the puzzle of "reversed favoritism" in African agriculture
- Author:
- Lennart C. Kaplan
- Publication Date:
- 09-2025
- Content Type:
- Working Paper
- Institution:
- Kiel Institute for the World Economy (IfW)
- Abstract:
- The political economy literature highlights the redistribution of resources to political support groups - often along regional or ethnic lines - as an axiom of political systems. In contrast to this dominant pattern, Kasara (2007) documents a puzzling result of discriminatory rent extraction by political leaders from farmers in their ethnic home region. Linking a new database on the ethnic and regional affiliation of political leaders to fine-grained survey data, I disentangle ethnic and regional affiliations and show that their intersection explains the phenomenon which I will label in the following “reversed favoritism." More specifically, I provide evidence that agricultural price hikes indeed do not reduce poverty among co-ethnic farmers in the leader's birth region. My results indicate that leaders seem to act politically rational as they only apply this treatment in regions where they enjoy high trust. I show in an exploratory analysis that the counter-intuitive support of discriminatory policies can be explained by transfers in other areas, namely development aid.
- Topic:
- Agriculture, Political Economy, Ethnicity, Development Aid, and Favoritism
- Political Geography:
- Africa
12. Rethinking Aid in a Contested World
- Author:
- Stefan Dercon
- Publication Date:
- 09-2025
- Content Type:
- Working Paper
- Institution:
- Kiel Institute for the World Economy (IfW)
- Abstract:
- Development aid faces a crisis of budgets, legitimacy, and political alignment. Framed in recent decades as technocratic and benevolent, aid has always been political, shaped by donor and recipient incentives. Its post–Cold War expansion reflected a permissive era of unipolarity and globalization, when Western foreign policy, business, and security establishments provided broad support. That equilibrium has now collapsed. Multipolar rivalry, protectionism, and fragmented domestic coalitions have left aid vulnerable, shallowly supported, and increasingly driven by narrow donor interests. The paper calls for recognition of the need for a globalization 2.0 that enables poorer countries to grow, warning that without such a framework, remaining aid will become more fragmented and ineffective. It also cautions against a euphemistic reliance on “mutual interest,” as evidence of genuine donor–recipient benefits is limited; trade facilitation and post-conflict stabilization are rare exceptions. Finally, the paper advances four propositions: aid must be selective, avoid entrenching dependency, balance short-term results with long-term system building, and support reformers willing to challenge the status quo. Only by acknowledging its political nature and aligning incentives within a reconfigured global order can aid remain relevant to development.
- Topic:
- Globalization, International Trade and Finance, Markets, Political Economy, Foreign Aid, and Sustainable Development
- Political Geography:
- Africa, Europe, Asia, South America, and North America
13. Economic Insecurity: Trade Dependencies and Their Weaponization in History
- Author:
- Martin Bernstein, Josefin Meyer, Kevin H. O'Rourke, and Moritz Schularick
- Publication Date:
- 07-2025
- Content Type:
- Working Paper
- Institution:
- Kiel Institute for the World Economy (IfW)
- Abstract:
- Do trade dependencies leave countries vulnerable to geopolitical coercion? We study the economic costs of trade and financial sanctions, from 1920 to the present. We first develop a continuous measure of sanction intensity, using bilateral commodity-level data to calculate the importance of specific flows that fall under sanctions. We find that sanctions inflict relatively small costs on average: sanctioning 1% of GDP worth of imports or exports leads to approximately 0.3 percentage points of lost GDP over a 5-year period and a 0.1 percentage point increase in unemployment. However, we show that sanctions are far more costly for countries whose trade is highly concentrated, and for countries that rely heavily on exporting primary commodities. Low income and developing countries appear most vulnerable to trade sanctions, while high income financial centers and some EU countries are among the most exposed to financial sanctions.
- Topic:
- Economics, International Trade and Finance, Political Economy, Sanctions, Trade, Vulnerability, Coercion, and Geoeconomics
- Political Geography:
- Global Focus
14. Is Davos More Than a Boondoggle?
- Author:
- Andreas Fuchs, Sebastian Leue, and Andrew K. Rose
- Publication Date:
- 05-2025
- Content Type:
- Working Paper
- Institution:
- Kiel Institute for the World Economy (IfW)
- Abstract:
- Since 1971, the World Economic Forum (WEF) Annual Meeting in Davos has attracted the leadership of global corporations. Attendance may offer economic benefits through networking and political support or provide only private gains without measurable impact. Through creating a novel database of WEF attendees (2009-2018) matched with firm-level data, we analyze stock market performance, corporate ratings, and environmental, social, and corporate governance (ESG) scores. Regression results, including annual and daily event studies, suggest that WEF attendance does not systematically improve stock performance or credit ratings. However, WEF attendance positively impacts ESG scores, especially the social sub-score, indicating beneficial takeholder effects.
- Topic:
- Globalization, International Organization, International Trade and Finance, Political Economy, Financial Markets, Business, Stock Markets, and World Economic Forum
- Political Geography:
- Global Focus
15. Geoeconomics
- Author:
- Cathrin Mohr and Christoph Trebesch
- Publication Date:
- 01-2025
- Content Type:
- Working Paper
- Institution:
- Kiel Institute for the World Economy (IfW)
- Abstract:
- We review the literature on geoeconomics, defined as the field of study that links economics and geopolitics (power rivalry). We describe what geoeconomics is and which questions it addresses, focusing on five main subfields. First, the use of geoeconomic policy tools such as sanctions and embargoes. Second, the geopolitics of international trade, especially work on coercion and fragmentation. Third, research on the geopolitics of international finance, which focuses on currency dominance and state-directed capital flows. Fourth, the literature on geopolitical risk and its spillovers to the domestic economy, e.g. on investments, credit, and inflation. Fifth, the economics of war, in particular research on trade and war and on military production. As geopolitical tensions grow, we expect the field to grow substantially in the coming years.
- Topic:
- International Trade and Finance, Political Economy, Sanctions, Geopolitics, Coercion, and Geoeconomics
- Political Geography:
- Global Focus
16. Cutting through the green hype: the political economy of renewable energy in the United Arab Emirates and Oman
- Author:
- Máté Szalai and Matteo Colombo
- Publication Date:
- 04-2025
- Content Type:
- Policy Brief
- Institution:
- Clingendael Netherlands Institute of International Relations
- Abstract:
- Despite grand projects, ambitious strategies and optimistic rhetoric, the Gulf Cooperation Council (GCC) member states are still far from reaching their proclaimed renewable energy transition goals. This policy brief cuts through the green hype by providing a substantive evaluation of the growth of the renewable energy industry in two GCC states: the United Arab Emirates and Oman. Applying a political economy perspective, the authors demonstrate that the development of the renewable sector by the Emirati and Omani governments aims to increase fossil fuel exports, attract foreign investment into the non-oil economy, and create a greener image all at the same time. As a result, the renewable energy transition in the Gulf is conducted in a way that reinforces existing political-economic hierarchies, reframes the GCC’s role as a global energy supplier and stays away from radical transformation. From the perspective of global efforts to slow down and mitigate negative effects resulting from climate change, the renewables strategy of both Gulf states signifies progress compared with their previous position of non-interest or even denial as it reduces their carbon pollution footprint, but it does not reflect a genuine commitment.
- Topic:
- Political Economy, European Union, Renewable Energy, Green Transition, and Green Economy
- Political Geography:
- Middle East, Oman, and United Arab Emirates
17. Navigating the treacherous political economy of structural reform
- Author:
- Davide Furceri, Jonathan Ostry, and Chris Papageorgiou
- Publication Date:
- 05-2024
- Content Type:
- Working Paper
- Institution:
- Bruegel
- Abstract:
- We examine the economic and electoral effects of liberalisation measures using newly-constructed databases on structural economic reforms and the outcome of democratic elections since the 1970s. The data shows a remarkable slowdown in the pace of liberalisation in both advanced and emerging market and developing countries since the 1990s. A debate has emerged about the causes of this slowdown, including the possibility that reforms do not deliver the economic benefits that advocates, including the multilateral financial institutions, trumpeted. Some have pointed to the fact that the current and previous United States administrations have abandoned neoliberal policies in favour of more government intervention in the economy, and the effect has been globally contagious. Our empirical analysis suggests that the growth dividend from liberalisation is economically and statistically significant, but it emerges only slowly over time. Because of this delay, liberalising reforms are costly to democratic incumbents when they are implemented close to elections. Reforms may generate immediate concentrated losses, which elicit an electoral backlash, especially when the aggregate gains are only visible several years after the reform’s implementation. The electoral penalty is also sensitive to overall business-cycle conditions, being much larger when an economy is in recession. Electoral effects also differ depending on the type of reform. Notably, financial reforms generate more perceptible growth-equity trade-offs than real-economy reforms, especially when implemented during weak economic conditions. The political economy of reform is treacherous. To avoid adverse electoral effects, timing reform early in the electoral term and when business-cycle conditions are favourable is critical. So too is avoiding reforms that generate large distributional costs in the face of small aggregate gains (an adverse growth-equity trade-off). Focusing on these considerations is critical to reinvigorate support for structural reform.
- Topic:
- Economics, Political Economy, Reform, Elections, and Liberalization
- Political Geography:
- Global Focus
18. Talking Exports: The Representation of Germany’s Current Account in Newspaper Media
- Author:
- Andreas Maschke
- Publication Date:
- 01-2024
- Content Type:
- Working Paper
- Institution:
- Max Planck Institute for the Study of Societies
- Abstract:
- Contents 1 Introduction 2 Germany’s export-led growth model 3 Sustainability of growth models: Growth coalitions and public discourse 4 Analysing the discourse surrounding Germany’s current account surplus 5 Results Quantitative analysis Qualitative analysis 6 Discussion of results 7 Conclusion Appendix References
- Topic:
- Political Economy, Media, News Analysis, Economic Growth, and Discourse
- Political Geography:
- Europe and Germany
19. The State of EU-US Digital and Energy Cooperation
- Author:
- Federica Marconi, Wolfgang Münchau, and Irene Paviotti
- Publication Date:
- 02-2024
- Content Type:
- Working Paper
- Institution:
- Istituto Affari Internazionali
- Abstract:
- In a time of rapid technological advancements and changing energy paradigms, the European Union and the United States are trying to coordinate their efforts to navigate the complexities of an ever-evolving landscape. Transatlantic dialogues and cooperative endeavours are key mechanisms for mitigating tensions and fostering a common assessment of the opportunities and risks arising from these advancements. Critical in this regard are the problems of governance emanating from technological development and its consequences in the digital sphere as well as the delicate balance between security, competitiveness and environmental targets in the energy dimension.
- Topic:
- Climate Change, International Cooperation, Political Economy, Governance, European Union, Transatlantic Relations, Digital Policy, and Energy
- Political Geography:
- Europe, North America, and United States of America
20. The Invisible Leverage of the Top 1 Percent: Absentee Debtors and Their Hedge Funds
- Author:
- Stefano Sgambati
- Publication Date:
- 01-2024
- Content Type:
- Working Paper
- Institution:
- City Political Economy Research Centre (CITYPERC), University of London
- Abstract:
- The existing literature on finance, debt and inequality depicts economic elites as a creditor class. According to a popular thesis, over the past four decades, the rich and ultra-rich households in the top 1 percent have experienced a saving glut (excess income), which they have invested in the debts of the poor and their governments. While it is undeniable that the rich have expanded their income share at the expenses of the poor, to refer to them as ‘creditors’ or ‘lenders’ is a misrepresentation of how they actually expand their wealth and income shares by financial means. For it conceals the fact that a great deal of their investments is leveraged, that is, carried out with borrowed money. This article shows that the debts generated by individuals and households in the top 1 percent easily surpass those of all other households and even exceed those of the most indebted states in the world. However, these debts are hard to estimate, and indeed they are not accounted for in statistics on household debt. This is because households in the top 1 percent do not borrow from banks, like normal households do, but they are instead absentee debtors who borrow through the hedge funds, private equity firms, personal investment trusts, and big banks of which they are dominant shareholders and ultimate beneficiaries. To gain an insight into their invisible leverage, the article looks at how much hedge funds borrow, and why their leverage matters.
- Topic:
- Debt, Political Economy, Inequality, Finance, Elites, Hedge Funds, and Leverage
- Political Geography:
- Global Focus