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Barrowclough, Diana and Marois, Thomas (2022) 'Public Banks, Public Purpose, and Early Actions in the Face of Covid-19.' Review of Political Economy, 34 (2). pp. 372-390.

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With the outbreak of the global Covid-19 pandemic and associated lockdowns, economic activity came to a grinding halt as demands for financial support in health, business, and government skyrocketed. In spring 2020 we assembled a team of experts to conduct rapid response research on how public banks worldwide responded to the Covid-19 crisis. The team employed case study methods to examine cases in the global north and south. A synthesis of our findings is presented here. We conclude that the most promising public bank responses to the crisis were those substantively guided by public purpose. Where public purpose had a more challenging relationship to public bank responses, the responses were more ambiguous and more difficult to differentiate from private banks. This rapid response study also points to promising lessons for how public banks can help to catalyse momentum to ‘build forward better’ and it raises a series of questions in need of further research.

Item Type: Journal Article
Keywords: public banks; Covid-19; public purpose; crisis; sustainable finance
SOAS Departments & Centres: Departments and Subunits > Department of Development Studies
School Research Centres > Centre for Sustainable Finance
Subjects: H Social Sciences > HG Finance
H Social Sciences > HJ Public Finance
ISSN: 09538259
Copyright Statement: This is an Accepted Manuscript of an article published by Taylor & Francis, available online. Re-use is subject to the publisher’s terms and conditions
DOI (Digital Object Identifier):
Date Deposited: 19 Oct 2021 16:03
Funders: Other

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