List of Publications

Patrizio Lainà
updated 4.9.2025

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 vaikutus Suomen kustannuskilpailukykyä korostavaan vientivetoiseen kasvumalliin” [”Tariffs, subsidies, and deals: The impact of geopolitics on Finland’s export-driven growth model emphasizing cost competitiveness”], in Poliittinen talous, forthcoming. 
    

2. “Orpon hallituksen sopeutuksen hystereesivaikutus” [“The hysteresis effect of Orpo’s government consolidation”], Finnish Economic Journal 121 (2), 132-144, 2025.  
    

3. “Orponomics murentaa hyvinvointivaltiota ja heikentää palkansaajien asemaa” [“Orponomics undermines welfare state and weakens wage-earners’ position”], Työväentutkimus vuosikirja 37, 121-122, 2024. 
    

4. “Koronaelvytyksen hystereesivaikutus” [“The hysteresis effect of Covid-19 stimulus”], Finnish Economic Journal 117 (2), 248-260, 2021.  
    

5. ”Täysreservipankkijärjestelmä erottaisi rahanluonnin lainaustoiminnasta” [“Full-Reserve Banking Would Separate Money Creation from Bank Lending”], Finnish Economic Journal 115 (1), 197-201, 2019.  
    

6. “Jälkikeynesiläisyydestä Tervalalle” [”On Post-Keynesianism to Tervala”], Finnish Economic Journal 112 (2), 244–247, 2016. 
    

7. “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. 
    

8. “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. ”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.  
    

2. ”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. 

• In Finnish ”Mikä EU:sta tulee isona? Nuorten näkemys EU:n tulevaisuudesta”, Prime Minister’s Office Publication No. 2/2013. 

• 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)