IIPP's research focusses on new forms of public finance to promote long-term investment in the real economy and to finance mission-oriented policy.
Tackling today's societal challenges, from climate change to improving public health and adjusting to demographic changes, requires steering investments and innovation towards achieving concrete goals. This requires not just any type of finance but patient, long-term, committed finance. This can take many forms, but throughout history the state has often supplied the patient finance that the private sector was unwilling to provide, often through institutions such as public investment banks, public venture capital funds, R&D funds and innovation agencies.
IIPP’s work on patient finance looks at how different types of finance are distributed between different types of public institutions, in different sectors and in different countries; how different public financial institutions are helping to overcome different social, technological and environmental challenges around the world; how different design features of public financial institutions affect their ability to operate successfully; and where the opportunities lie for new forms of public finance around the world. This research area also aims to offer a new way of understanding the macroeconomic implications of market-shaping policies in terms of long-term investment and economic growth.
IIPP is working closely with state investment banks, innovation agencies and sovereign wealth funds from around the world to transform their activities based on new theoretical insights and practical international experience. In Scotland, the work has been instrumental in shaping the design and implementation of the Scottish Government's new Scottish National Investment Bank, which is due to become operational in 2020 supported by £2 billion of government funding.
- Working papers
- A dynamic theory of public banks (and why it matters), Thomas Marois
- Managing nature-related financial risks: A precautionary policy approach for central banks and financial supervisors, Katie Kedward, Josh Ryan-Collins, Hugues Chenet
- Public investment fiscal multipliers: An empirical assessment for European countries, Matteo Deleidi, Francesca Iafrate, Enrico Sergio Levrero
- Supermultiplier, innovation and the ecosystem: A stock-flow dynamic model, Matteo Deleidi, Riccardo Pariboni & Marco Veronese Passarella
- Credit where it's due: A historical, theoretical and empirical review of credit guidance policies in the 20th century, Dirk Bezemer, Josh Ryan-Collins, Frank van Lerven & Lu Zhang
- Bringing the helicopter to ground: A historical review of fiscal-monetary coordination to support economic growth in the 20th century, Josh Ryan-Collins & Frank van Lerven
- Putting Austerity to Bed: Technical progress, aggregate demand and the supermultiplier, Matteo Deleidi, Mariana Mazzucato
- Patient strategic finance: opportunities for state investment banks in the UK, Mariana Mazzucato & Laurie Macfarlane
- Financial and legal barriers to the creation and operation of a British national investment bank, Rob Jump & Natalya Naqvi
- The macroeconomic impact of government innovation policies, Paolo Agnolucci, Matteo Deleidi, Vincenzo de Lipsis, Mariana Mazzucato & Josh Ryan-Collins
- A mission-oriented framework for the Scottish National Investment Bank, Mariana Mazzucato & Laurie Macfarlane
- State investment banks and patient finance: An international comparison, Laurie Macfarlane, Mariana Mazzucato
- The effectiveness and impact of post-2008 UK monetary policy, Matteo Deleidi & Mariana Mazzucato
- Patient Finance for Innovation-Driven Growth, Mariana Mazzucato & Laurie Macfarlane
- State investment banks and patient finance: An international comparison, Laurie Macfarlane & Mariana Mazzucato
- Response to the Treasury Select Committee Inquiry, Mariana Mazzucato & Matteo Deleidi
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