Gas is expensive. Everyone will rush to buy solar, EVs and batteries i.e War will ACCELERATE energy transition.
"More renewables will be built in the next 5 years than in the last 40 years" - IEA, lashing forecasts for US & raising forecasts for EU, India, Asia AND MidEast
bsky.app/profile/scie...
Infografik: In zwei von drei Paarhaushalten ist das Modell verbreitet: Der Mann arbeitet in Vollzeit, während die Frau Teilzeit arbeitet.
Was hat sich zuletzt in Bezug auf die Situation von Frauen und Männern im Berufsleben getan? Wie groß sind die Ungleichheiten, wo gab es Fortschritte bei der #Gleichstellung, wo Stagnation? Welchen Einfluss hat Fürsorgearbeit/#CareArbeit?
#InternationalerFrauentag
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While the DFC is unlikely to prevent domestic energy price increases (a better policy would be to stop military adventurism), expect to see more of this type of governing through OBFAs as geopolitical fragmentation deepens.
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meme courtesy of @leon-heckmann.de
The main point is, to understand how states respond to emergencies (even self-imposed ones such as war w/ Iran) we need to look beyond the apex institutions and look at how a state finds balance sheet elasticity throughout its fiscal ecosystem.
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Most relevant for the case of the DFC is our working paper on how the UK financed a large part WWII through an OBFA, the EEA.
We hypothesise that during wartime, OBFAs are often refashioned to suit war aims in a form of 'emergency institutional bricolage'.
papers.ssrn.com/sol3/papers....
/5
I've since used the framework to look at the historical case of U.S. housing finance as being managed by a network of OBFAs which derisked and stabilised private lenders and enabled the mid-20th C housing boom in the US.
papers.ssrn.com/sol3/papers....
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The first working paper of the research group analysed the ecosystem of OBFAs in the case of Germany. While fiscal resources are usually analysed in terms of the core budget, it's better to think of a network of institutions with different fiscal capacities.
papers.ssrn.com/sol3/papers....
/3
My colleagues and I have been working on this topic for the past few years, labelling these institutions as 'off-balance-sheet fiscal agencies (OBFAs)'. OBFAs are the balance sheets of the state set apart from its apex institutions, the treasury and the central bank. www.obfa-transform.eu
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The Trump administration's plans to use the Development Finance Corporation to insure oil tankers in the Gulf to the tune of 350bn dollars has again drawn attention to how states try to respond to emergencies when they are subject to fiscal constraints. A 🧵
www.ft.com/content/6dde...
Following up on this. Finland is by far the euro area country most decoupled from gas. Wholesale electricity prices in Portugal and Lithuania are largely uncorrelated with gas prices. Italy, Ireland, and Greece will be among the most negatively impacted if gas prices continue rising.
New paper on China’s solar subsidies (2004–20): clean energy industrial policy can boost growth and cut emissions. Innovation & production subsidies drove patents, new firms, output, exports. Demand subsidies cut pollution but did less for growth. Social benefits > subsidy costs.
Pleased to announce publication of the fifth edition of states versus markets
www.bloomsbury.com/us/states-ve...
The book is now old enough to drink in the USA but of course I have significantly updated it with each new edition. Buy a copy for Mother's Day or the holiday of your choice!
1/5 The Council has released new research on Ireland’s corporation tax. These receipts are increasingly reliant on a small number of firms. We estimate that the top 3 groups paid almost half of all corporation tax in 2024.
Need to run a c/a deficit to be reserve currency?
Absolutely not.
Top post by @rajakorman.bsky.social for @alphaville.ft.com
www.ft.com/content/4b08...
At the OBFA-TRANSFORM group, we sometimes do videos on our publications - now it was my turn, with @olanmcevoy.bsky.social interviewing me on our paper on the Recovery and Resilience Facility and the limits to incremental fiscal integration in Europe!
www.youtube.com/watch?v=qT7P...
New essay by @steffenmurau.bsky.social on Trump admin's misunderstanding of dollar hegemony—and four possible futures for the international monetary system. 1/
www.phenomenalworld.org/analysis/tru...
Stack of books: The Great Transformation by Karl Polanyi International Political Economy by Ben Cohen The Currency of Politics by Stefan Eich The Globalizers by Ngaire Woods The Money Laundry by J.C. Sharman The Code of Capital by Katharina Pistor Bankers' Trust by Aditi Sahasrabuddhe Unexpected Revolutionaries by Manuela Moschella Rating Politics by Zsofia Barta and Alison Johnston Bucking the Buck by Daniel McDowell The Meddlers by Jamie Martin The Entangled Legacies of Empire (eds. Gilbert, Bourne, Haiven, and Montgomerie) Depletion by Shirin Rai Chip War by Chris Miller
This year I made two big changes to my graduate International Political Economy syllabus: 1) I leaned in to money and capital as organizing themes, and 2) I assigned (nearly) all books. Here's our reading list, ft. Karl Polanyi, Benjamin Cohen, @stefeich.bsky.social, Ngaire Woods, J.C. Sharman ...
reserves are important, especially for the 100 +/- countries reliant on 2-3 commodities for 60%+ of exports. but more important is xBorder credit creation in USD (c. 60% netting out intraEU) & closely related trade invoicing (same) & those have not budged. watch that space!
@mcopelov.bsky.social
Financial war in response to trade war and territorial threats? More and more people appear to be calling for it. So I updated my post on U.S. Treasuries holdings—now with the latest data.
benjaminbraun.org/posts/treasu...
📝 Our report on the transformation of South Africa’s monetary architecture (1983-2024) co-authored with Mark Swilling for the National Planning Commission of South Africa has been launched last week! 📝
Find the full report here: www.nationalplanningcommission.org.za/assets/Docum...
Across much of the UK and the US, home prices have risen beyond affordable levels.
With the Progressive Politics Research Network, we have published 8 new research briefs on the politics of housing. What does a progressive agenda on housing look like? Which elements are important? What the hurdles are and how can they be overcome?
politicscentre.nuffield.ox.ac.uk/progressive-...
Really glad to see this out! @apsmolenska.bsky.social and I give our account for @boell.de of why the future of the dollar is also crucial for climate policy
📝 New publication 📝
We have now published our study on the Transformation of the Eurozone Architecture, co-authored with Alex Goghie, Matteo Giordano, and @rikereimer.bsky.social
papers.ssrn.com/sol3/papers....
📣 News from the OBFA-TRANSFORM project 📣
Our Emmy Noether research group is fast approaching its halfway point and we’ve recently received confirmation of funding from @dfg.de for the second project period from 2026 to 2029 🎊
That's why we are launching our new website at obfa-transform.eu
things are happening in the OBFA-TRANSFORM film studio today... 👀
@steffenmurau.bsky.social @olanmcevoy.bsky.social @ fanny without bluesky
Gemeinsam mit Armin Haas und @steffenmurau.bsky.social argumentieren wir in einer neuen Studie bei der @swp-berlin.org, dass solche Einrichtungen auch heute wieder eine Rolle spielen könnten:
👉 Link: www.swp-berlin.org/publikation/...
Nimmt der Staat zu viele Schulden auf? Ob das tragfähig ist, ist eine Frage des Finanzsystems. Das entscheidende Stichwort lautet »Fundierung«, schreiben @steffenmurau.bsky.social und Moritz Kapff.
graphs showing rising share of renewables in energy systems in mature markets, china, emerging markets. But barely growing in petrostates
The growth of wind and solar power is happening rapidly in all kinds of countries. Except one. Which tells its own story
www.ft.com/content/c406...
NEW: The first evidence of a solar take-off in Africa☀️✈️
x33 rise in Algeria solar panel imports in the 12 mths to June 2025, compared to previous 12 mths.
x8 in Zambia
x7 in Botswana
x6 in Sudan
x3 in each of Liberia, DRC, Benin, Angola, Ethiopia
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