Analyze the financing of past large-scale transformations
We will use our conceptual framework to study how politically desired large-scale transformations of the 20th century were financed. We will map the transformation of historical monetary architectures during the financing process, concentrating on the key role played by off-balance-sheet fiscal agencies (OBFAs).
Theorize OBFAs’ role and implications for democratic governance
Drawing on the historical case studies, we theorize on the broader pattern of using OBFAs in financing politically desired large-scale transformations and the specific functions they fulfill. We will also investigate if and how this technique is compatible with our ideas of legitimate democratic governance.
Use historical insights to build actionable policy prescriptions
Putting these findings together, we will shift our focus to the Green Transition. We will build a policy proposal for using OBFAs to facilitate systemic financing of the Green Transition and steer today’s monetary architecture. We will communicate this proposal to stakeholders through articles, a book, and an interactive tool.