List of Publications

Patrizio Lainà
updated 1.7.2026

Below is my list of publications. Alternatively, see my publications on Google Scholar, ORCiD, SSRN, or Academia. 

Peer-Reviewed Journal Articles

1. “Money Creation under Full-Reserve Banking: A Stock-Flow Consistent Model”, Cambridge Journal of Economics 43 (5), 1219–1249, 2019.
   • EViews codes for model REFORM2: baseline (“old” steady state), money creation experiments (transition to “new” steady state) and credit crunch experiments.
   • Previous version published as Levy Economics Institute Working Paper No. 851, October 2015. EViews codes for model REFORM: baseline (“old” steady state) and money creation experiment (transition to “new” steady state).
     
     
2. “Meta-Theory as a Uniting Framework for Economics and Global Political Economy”, Journal of Critical Realism 17 (3), 221–232, 2018.
   
   
3. “Varanto—virta-konsistentista mallinnuksesta” [“On Stock-Flow Consistent Modelling”], Finnish Economic Journal 114 (4), 513–531, 2018.
   
   
4. ”Proposals for Full-Reserve Banking: A Historical Survey from David Ricardo to Martin Wolf”, Economic Thought 4 (2), 1–19, 2015.
   • Charles Goodhart and Meinhard Jensen’s commentary.
     
     
5. “Leading Indicators of Systemic Banking Crises: Finland in a Panel of EU Countries”, with Juho Nyholm and Peter Sarlin, Review of Financial Economics 24 (1), 18–35, 2015
   • Also published as ECB Working Paper No. 1758/2015 and Bank of Finland Discussion Paper No. 14/2014.
   • Supplementary interactive dashboard.
     
     

Non Peer-Reviewed Journal Articles

1. ”Tullit, tuet ja diilit: geopolitiikan murros edellyttää palkkavetoista kasvupolitiikkaa” [”Tariffs, subsidies, and deals: the geopolitical shift demands wage-led growth policy”], in Poliittinen talous 14, xx-xx, 2026.
   
   
2. “Pitäisikö puhua brutto- vai nettovelasta?” [Should we talk about gross or net debt?], in Talous & Yhteiskunta 1/2026, 36-45.
   
   
3. “Orpon hallituksen sopeutuksen hystereesivaikutus” [“The hysteresis effect of Orpo’s government consolidation”], Finnish Economic Journal 121 (2), 132-144, 2025.
   
   
4. “Orponomics murentaa hyvinvointivaltiota ja heikentää palkansaajien asemaa” [“Orponomics undermines welfare state and weakens wage-earners’ position”], Työväentutkimus vuosikirja 37, 121-122, 2024.
   
   
5. “Koronaelvytyksen hystereesivaikutus” [“The hysteresis effect of Covid-19 stimulus”], Finnish Economic Journal 117 (2), 248-260, 2021.
   
   
6. ”Täysreservipankkijärjestelmä erottaisi rahanluonnin lainaustoiminnasta” [“Full-Reserve Banking Would Separate Money Creation from Bank Lending”], Finnish Economic Journal 115 (1), 197-201, 2019.
   
   
7. “Jälkikeynesiläisyydestä Tervalalle” [”On Post-Keynesianism to Tervala”], Finnish Economic Journal 112 (2), 244–247, 2016.
   
   
8. “Finland in front of the euro crisis” (also published in Italian “I paradossi dell’austerità: La Finlandia nella crisi dell’euro”), Economia e Politica, April 2014.
   
   
9. “Tuotannon rahateoria” [”Monetary Theory of Production”], Peruste 4 (4), 16–23, 2013.
   
   

Peer-Reviewed Articles in Edited Volumes

1. “Työmarkkinapolitiikka ja palkkakoordinaatio murroksessa” [“Labor Market Policy and Wage Coordination in Transition”], with Markku Sippola, in Sippola, Markku & Koivunen, Tuija & Melin, Harri (eds.) Työ elää: Murroksia, trendejä ja muutoksen suuntia Suomessa, Helsinki: Gaudeamus, 90-119, 2023.
   
   

Non-Peer Reviewed Articles in Edited Volumes

1. ”Hyvinvoinnin pitkän aikavälin rahoitus: väestöllinen huoltosuhde ja kokonaisveroaste” [”Long-Term Financing of Well-Being: Demographic Dependency Ratio and Total Tax Rate”], in Helo, Ari (ed.) Liberaalina Suomessa, Kemi: Atrain & Nord, xx-xx, 2026.  
   
   
2. ”Miksi Ruotsissa ei lakkoilla?” [”Why There Are No Strikes in Sweden?”], in Vallander, Taina (ed.) Lakko! Näkemyksiä työtaisteluoikeiden taustasta ja merkityksestä, Helsinki: STTK, 14-21, 2021.
   
   
3. ”Taloudellinen huoltosuhde ei anna aihetta syntyvyyspaniikkiin” [”Economic Dependency Ratio Does Not Give Rise to a Birth Rate Panic”], in Vallander, Taina & Haikonen, Jaakko (eds.) Mistä luovumme, jos luovumme lapsista? Helsinki: STTK, 56-61, 2020.
   
   

Edited Volumes

1. Eurosta ulos vai euro uusiksi?[Exit or Reform the Euro?], Helsinki: Left Forum Finland Report No. 2/2016.
   
   

Theses

1. Full-Reserve Banking: Separating Money Creation from Bank Lending, PhD Thesis in Political Science, University of Helsinki, Helsinki: Publications of the Faculty of Social Sciences 89/2018.
   
   
2. “Dynamic Effects of Total Debt and GDP: A Time-Series Analysis of the United States”, Master’s Thesis in Economics, Aalto University School of Economics, 2011.
   
   
3. “Materiaalisen kulutuksen rajoittaminen ilmastonmuutoksen hallinnassa” [“Restricting Material Consumption in Controlling Climate Change”], Bachelor’s Thesis in Economics, Aalto University School of Economics, 2008.
   
   

Working Papers

1. “Onko lääke vaarallisempi kuin tauti? Selvitys Orpon hallituksen finanssipolitiikan vaikutuksista talouskasvuun ja julkiseen talouteen” [“Is the Cure Worse Than the Disease? An Analysis of the Impact of the Orpo Government’s Fiscal Policy on Economic Growth and Public Finances”], with Otto Kyyrönen and Lauri Holappa, Uuden talousajattelun keskus raportteja 1/2025.
   
   
2. “Seignorage from Full-Reserve Banking”, SSRN Working Paper No. 3065319, November 2017.
   
   
3. ”Rahoituskriisien ennakoiminen: indikaattorit ja vastasyklinen pääomapuskuri Suomessa” [“Anticipating Financial Crises: Indicators and Countercyclical Capital Buffer in Finland”], Bank of Finland,BoF Online No. 6/2013.
   
   
4. ”What Will the EU Become When It Grows Up? Young people’s visions on the future of the European Union“, with working group, Prime Minister’s Office Publication No. 4/2013.
   1. In Finnish ”Mikä EU:sta tulee isona? Nuorten näkemys EU:n tulevaisuudesta”, Prime Minister’s Office Publication No. 2/2013.
   1. In Swedish ”Hur blir det ’vuxna’ EU? De ungas syn på EU:s framtid”, Prime Minister’s Office Publication No. 3/2013.
      
      
5. “Kuntien valtionosuuksien leikkaamisen ja velvoitteiden vähentämisen tulonjaolliset vaikutukset” [”Income Distributional Effects of Cutting Government Assistance for Municipalities and Decreasing Municipalities’ Obligations”], Left Forum Finland e-Publication, 2013.
   
   

Seminar Papers

1. “Keynesian Multipliers in a Stock-Flow Consistent Framework”, paper presented at Fourth Nordic Post-Keynesian Conference, Aalborg, Denmark, 19 April 2017.
   
   
2. “Introduction to Stock-Flow Consistent Modeling”, paper presented at Sovereign Money Research Day, Hague, Netherlands, 24 November 2016.
   
   
3. “Exogenous and Endogenous Theories of Money and Banking”, paper presented at World Politics Post-Graduate Seminar, Helsinki, 1 October 2015.
   
   
4. “Approaching the Dynamics of Debt and Financialization in Global Monetary Systems”, paper presented at World Politics Post-Graduate Seminar, Helsinki, 11 April 2013.
   
   
5. “How to Approach the Dynamic Effects of Debt and Financialization?”, paper presented at Politics of Crises: Democracy, Political Thought and Policy-Making in the Era of Uncertainty Seminar, Paris, France, 17 October 2012.
   
   

Book Reviews

1. “Selväsanainen tiivistys Keynesin pääteoksesta” [“A Concise Summary of Keynes’s Main Work”], book review of Johdatus työllisyyden teoriaan [Introduction to the Theory of Employment] by Joan Robinson (translated by Jussi Ahokas), Finnish Economic Journal 119 (4), 474-477, 2023.
   
   
2. “Keynesiläisyydestä kansantajuisesti” [”On Keynesianism in Plain English”], book review of Pääoman voitto: kasvun, rahan ja kriisien historia [The Victory of Capital] by Ulrike Herrmann, Peruste 7 (1–2), 101–103, 2016.
   
   

Other Publications

1. ”Palkan sivukulujen alentaminen tukisi ostovoimaa ja elvyttäisi taloutta: Palkan sivukulut” [”Reducing indirect labour costs would support purchasing power and stimulate the economy: Social security contributions”], STTK:n ostovoimakatsaus 2/2025.
   
   
2. “Talouskasvu edellyttää riittävän suuria palkankorotuksia: Reaalipalkkojen kehitys” [”Economic growth requires sufficiently large wage increases: The development of real wages”], STTK:n ostovoimakatsaus 1/2025.
   
   
3. “Kehysbudjetoinnin kehittäminen” [“Developing the Spending Limits Budgeting System”],
   STTK, May 2022.
   
   
4. “Keskuspankkitili kaikille” [“Central Bank Accounts for Everybody”], Left Forum Finland, Aloite No. 1/2015.
   
   
5. “Rahareformin hyödyt” [“Benefits of Monetary Reform”], with Toma Kavonius, Mika Kolehmainen and Lauri Väisänen, Economic Democracy Finland Publication No. 5, July 2015.
   
   
6. ”Täyttä rahaa: ehdotus rahatalousjärjestelmän vakauttamiseksi” [”Full Money: A Proposal to Stabilize the Monetary Economic System”], with Mika Kolehmainen, Tomi Meilahti and Toma Kavonius, Economic Democracy Finland Publication No. 4, October 2013.
   
   
7. ”Pankin maksukyvyttömyys” [“Insolvency of a Bank”], with Tomi Meilahti, Economic Democracy Finland Publication No. 3, March 2013.
   
   
8. ”Väärinkäsityksiä pankkitoiminnasta” [”Misconceptions of Banking”], with Tomi Meilahti and Anu Taskinen, Economic Democracy Finland Publication No. 2, January 2013.
   
   
9. ”Pankkitoiminnan perusteet” [“Banking 101”], with Tomi Meilahti and Toma Kavonius, Economic Democracy Finland Publication No. 1, November 2012 (Revised in January 2013).