Author
Daniela Gabor
Bio: Daniela Gabor is an academic researcher from University of the West of England. The author has contributed to research in topics: Market liquidity & Financialization. The author has an hindex of 21, co-authored 42 publications receiving 1093 citations.
Papers
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TL;DR: In this paper, the authors examine the growing importance of digital-based financial inclusion as a form of organizing development interventions through networks of state institutions, international development organisations, philanthropic investment and fintech companies.
Abstract: This paper examines the growing importance of digital-based financial inclusion as a form of organising development interventions through networks of state institutions, international development organisations, philanthropic investment and fintech companies. The fintech–philanthropy–development complex generates digital ecosystems that map, expand and monetise digital footprints. Its ‘know thy (irrational) customer’ vision combines behavioural economics with predictive algorithms to accelerate access to, and monitor engagement with, finance. The digital revolution adds new layers to the material cultures of financial(ised) inclusion, offering the state new ways of expanding the inclusion of the ‘legible’, and global finance new forms of ‘profiling’ poor households into generators of financial assets.
354 citations
TL;DR: The European sovereign debt crisis shows that governments, just like private asset issuers, can rapidly become vulnerable to repo procyclicality and collateral crises as discussed by the authors, and the importance of government debt as collateral for Europe's repo markets.
Abstract: © 2016 John Wiley & Sons, Ltd. This article examines a neglected structural transformation in European finance: the growing importance of government debt as collateral for Europe's repo markets, where banks borrow cash against collateral. Seduced by the promises of repo market-driven financial integration, the EU institutions and Member States encouraged private finance to generate its own architecture for the European repo market in the early years of the euro, sidelining known problems about systemic fragilities. These fragilities materialized after Lehman Brothers' collapse and were exacerbated by the ECB's collateral policies. The European sovereign debt crisis shows that governments, just like private asset issuers, can rapidly become vulnerable to repo pro-cyclicality and collateral crises.
143 citations
TL;DR: The concept of the "repo trinity" was introduced by as mentioned in this paper, which captures a set of policy objectives that central banks outlined after the 1998 Russian crisis, the first systemic crisis of collateral-based finance, connecting financial stability with liquid government bond markets and free repo markets.
Abstract: In its capacity as debt issuer, the state has played a growing role in financial life over the last 30 years. To examine this role and connect it to shadow banking, the paper develops the concept of the ‘repo trinity’, which captures a set of policy objectives that central banks outlined after the 1998 Russian crisis, the first systemic crisis of collateral-based finance. The repo trinity connected financial stability with liquid government bond markets and free repo markets. It further reinforced the dominance of the US government bond market as institutional template for states adjusting to a world of independent central banks, market-based financing and global competition for liquidity. Central banks and the Financial Stability Board recognized the impossible nature of the trinity after 2008, attributing cyclical leverage (financial instability) and elusive liquidity in collateral markets to deregulated repo markets, markets systemic to shadow banking. The new approach triggered radical changes in crisis central banking but has not powered significant regulatory interventions in the absence of an alternative mode of organizing government bond markets.
141 citations
TL;DR: The development as de-risking paradigm narrows the scope for a green developmental state that could design a just transition to low-carbon economies as discussed by the authors, which is the goal of this paper.
Abstract: The Wall Street Consensus is an elaborate effort to reorganize development interventions around partnerships with global finance The UN's Billions to Trillions agenda, the World Bank's Maximizing Finance for Development or the G20's Infrastructure as an Asset Class update the Washington Consensus for the age of the portfolio glut, to ‘escort’ global (North) institutional investors and the managers of their trillions into development asset classes Making development investible requires a two‐pronged strategy: enlist the state into risk‐proofing development assets and accelerate the structural transformation of local financial systems towards market‐based finance that better accommodates portfolio investors Ten policy commandments forge the ‘de‐risking state’ They create a safety net for investors in development assets, protecting their profits from demand risks attached to commodified infrastructure assets; from political risks attached to (progressive) policies that would threaten cash flows, including nationalization, higher minimum wages and, critically, climate regulation; and from liquidity and currency risks These risks are transferred to the balance sheet of the state The new ‘development as de‐risking’ paradigm narrows the scope for a green developmental state that could design a just transition to low‐carbon economies
124 citations
TL;DR: The Capital Markets Union (CME) is a large-scale political project to strengthen and further integrate European market-based finance as discussed by the authors, which is an initiative of the European Commission under Jean-Claude Juncker's lead.
Abstract: Capital Markets Union is a large-scale political project to strengthen and further integrate European market-based finance. An initiative of the European Commission under Jean-Claude Juncker’s lead...
68 citations
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30 May 2018
TL;DR: Tata Africa Services (Nigeria) Limited as mentioned in this paper is a nodal point for Tata businesses in West Africa and operates as the hub of TATA operations in Nigeria and the rest of West Africa.
Abstract: Established in 2006, TATA Africa Services (Nigeria) Limited operates as the nodal point for Tata businesses in West Africa. TATA Africa Services (Nigeria) Limited has a strong presence in Nigeria with investments exceeding USD 10 million. The company was established in Lagos, Nigeria as a subsidiary of TATA Africa Holdings (SA) (Pty) Limited, South Africa and serves as the hub of Tata’s operations in Nigeria and the rest of West Africa.
3,658 citations
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1,038 citations
630 citations
TL;DR: In this article, the authors present a book called "The Great Transformations: Economic Ideas and Institutional Change in the Twentieth Century", which is a collection of reviews of new books published in the twenty-first century.
Abstract: (2003). Great Transformations: Economic Ideas and Institutional Change in the Twentieth Century. History: Reviews of New Books: Vol. 31, No. 3, pp. 130-130.
582 citations
459 citations