Economics - Innovation - Inclusive Growth - Public Purpose

Category Archives: PF Working Papers

The Rise of Mission-Oriented State Investment Banks: the case of Brazil’s BNDES and Germany’s KfW

The Rise of Mission-Oriented State Investment Banks: the case of Brazil’s BNDES and Germany’s KfW

Mazzucato, M., Penna, C., SPRU Working Paper Series SWPS 2015-26 “This paper focuses on the rise of state investment banks (SIBs) as lead funders of mission-oriented innovation in various countries’ agendas regarding smart (innovation-led) growth, and not just fixers of ‘market failures’. The market failure justification for public finance fails to capture the active mission-oriented role… more

Financing the Capital Development of the Economy: A Keynes-Schumpeter-Minsky Synthesis

Financing the Capital Development of the Economy: A Keynes-Schumpeter-Minsky Synthesis

Mazzucato, M., Wray, R., Levy Economics Institute, Working Paper No. 837 “This paper discusses the role that finance plays in promoting the capital development of the economy, with particular emphasis on the current situation of the United States and the United Kingdom. We define both “finance” and “capital development” very broadly. We begin with the observation… more