Dr Bruno Bonizzi
Contact details
About
Overview
Bruno's research is on critical macro-finance, i.e. critically examining the structure, governance and institutions of the financial and monetary system, and their relation to power and economic distribution. Trained as an economist, his work bridges macroeconomics and finance, particularly post-Keynesian and Minskyan economics, and critical political economy.
His research explores two key themes in the political economy of money and finance. The first are the specific forms that money and finance assume in the Global South. Here, financial integration and monetary structures are shaped by - and in turn reinforce - the subordinate position of developing countries in the global economy. Uncovering these hierarchies is important for understanding the persistence of uneven development and to design development policy addressing it.
The second is the specific role of institutional investors, and pension funds in particular. Bruno is interested in analysing their role as "patient" investors, both in advanced and developing economies, and in how the expansion of funded pensions has affected pension outcomes and wealth inequality.
Besides contributing to academic debates, Bruno's work aims to contribute to policy-relevant proposals for a fairer and more equitable financial system. To this end, he has led and contributed to projects for external organisations, such as the Climate Policy Initative, the MDB challenge fund, Unite the Union and Common Wealth.
Publications
Publications by category
Book
- Bonizzi, B., Kaltenbrunner, A. and Ramos, R.A. (Eds.), (2021). Emerging Economies and the Global Financial System. Routledge.
Chapters (11)
- Churchill, J. and Bonizzi, B. (2025). Pension funds, bonds and gilt market stability. Central Banking, Monetary Policy and Financial In/Stability (pp. 272-286). Edward Elgar Publishing. ISBN 9781035302147.
- Bonizzi, B. and Laskaridis, C. (2023). Debt. Forced migration (pp. 146-150). Edward Elgar Publishing. ISBN 9781800372115.
- Bonizzi, B., Kaltenbrunner, A. and Powell, J. (2023). Uneven development, financialised capitalism and subordination. A Modern Guide to Uneven Economic Development (pp. 332-347). Edward Elgar Publishing. ISBN 9781788976534.
- Bonizzi, B., Kaltenbrunner, A. and Ramos, R.A. (2021). Introduction. Emerging Economies and the Global Financial System (pp. 3-13). Routledge.
- Bonizzi, B. and Kaltenbrunner, A. (2021). A Minskyan framework for the analysis of financial flows to emerging economies. Emerging Economies and the Global Financial System (pp. 43-55). Routledge.
- Churchill, J., Bonizzi, B. and Kaltenbrunner, A. (2021). Pension funds and domestic debt markets in emerging economies. Capital Movements and Corporate Dominance in Latin America Reduced Growth and Increased Instability (pp. 55-71).
- Bonizzi, B., Kaltenbrunner, A. and Ramos, R.A. (2021). EMERGING ECONOMIES AND THE GLOBAL FINANCIAL SYSTEM POST-KEYNESIAN ANALYSIS Introduction. EMERGING ECONOMIES AND THE GLOBAL FINANCIAL SYSTEM (pp. 3-13). ISBN 9780367700591.
- Bonizzi, B., Kaltenbrunner, A. and Powell, J. (2020). Subordinate financialization in emerging capitalist economies. Routledge International Handbook of Financialization (pp. 177-187).
- Bonizzi, B. and Guevara, D. (2019). Private pension funds in emerging economies: from broken promises to financialisation. Finance, Growth and Inequality Edward Elgar Publishing. ISBN 9781788973687.
- Bonizzi, B. and Churchill, J. (2019). How do we make Occupational Pension Funds Fit for Purpose? (pp. 154-158). Bristol University Press.
- Gemzik-Salwach, A. and Opolski, K. (2017). Financialization and the Economy. In Gemzik-Salwach, A. and Opolski, K. (Eds.), Routledge.
Journal articles (22)
- Bonizzi, B. and Kaltenbrunner, A. (2024). Asset-manager society and international financial subordination. Finance and Society, 10(2), pp. 191-198. doi:10.1017/fas.2024.4
- Bonizzi, B. and Karwowski, E. (2024). Commonality without convergence: An analytical framework Accounting for variegated financialisation in emerging economies. Competition and Change, 28(2), pp. 293-317. doi:10.1177/10245294231209276
- Bonizzi, B. and Kaltenbrunner, A. (2024). International financial subordination in the age of asset manager capitalism. Environment and Planning A, 56(2), pp. 603-626. doi:10.1177/0308518X241227744
- Kohler, K., Bonizzi, B. and Kaltenbrunner, A. (2023). Global financial uncertainty shocks and external monetary vulnerability: The role of dominance, exposure, and history. Journal of International Financial Markets Institutions and Money, 88. doi:10.1016/j.intfin.2023.101818
- Bonizzi, B., Churchill, J. and Kaltenbrunner, A. (2023). UK pension funds’ patience and liquidity in the age of market-based finance. New Political Economy, 28(5), pp. 780-798. doi:10.1080/13563467.2023.2184469
- Alami, I., Alves, C., Bonizzi, B., Kaltenbrunner, A., Koddenbrock, K., Kvangraven, I.... Powell, J. (2023). International financial subordination: a critical research agenda. Review of International Political Economy, 30(4), pp. 1360-1386. doi:10.1080/09692290.2022.2098359
- Bonizzi, B. (2023). Craig Berry, Pensions Imperilled. Competition & Change, 27(1), pp. 244-246. doi:10.1177/10245294211042207
- Alves, C., Bonizzi, B., Kaltenbrunner, A. and Palma, J.G. (2022). Conceptualising financialisation in developing and emerging economies: the diversity within a unity. Cambridge Journal of Economics, 46(5), pp. 921-929. doi:10.1093/cje/beac047
- Alves, C., Bonizzi, B., Kaltenbrunner, A. and Gabriel Palma, J. (2022). Conceptualising financialisation in developing and emerging economies: systemic and global perspectives. Cambridge Journal of Economics, 46(4), pp. 619-628. doi:10.1093/cje/beac032
- Bonizzi, B., Kaltenbrunner, A. and Powell, J. (2022). Financialised capitalism and the subordination of emerging capitalist economies. Cambridge Journal of Economics, 46(4), pp. 651-678. doi:10.1093/cje/beac023
- Bonizzi, B., Churchill, J. and Guevara, D. (2021). Erratum to: Variegated financialization and pension fund asset demand: the case of Colombia and Perú. Socio-Economic Review, 19(4), pp. 1515-1515. doi:10.1093/ser/mwab018
- Bonizzi, B., Churchill, J. and Guevara, D. (2021). Variegated financialization and pension fund asset demand: the case of Colombia and Perú. Socio-Economic Review, 19(2), pp. 789-815. doi:10.1093/ser/mwaa033
- Bonizzi, B. and Kaltenbrunner, A. (2020). Critical macro-finance, Post Keynesian monetary theory and emerging economies. Finance and Society, 6(1), pp. 76-86. doi:10.2218/finsoc.v6i1.4411
- Bonizzi, B., Laskaridis, C. and Toporowski, J. (2019). Global Liquidity, the Private Sector and Debt Sustainability in Sub-Saharan Africa. Development and Change, 50(5), pp. 1430-1454. doi:10.1111/dech.12507
- Bonizzi, B. and Kaltenbrunner, A. (2019). Liability-driven investment and pension fund exposure to emerging markets: A Minskyan analysis. Environment and Planning A: Economy and Space, 51(2), pp. 420-439. doi:10.1177/0308518x18794676
- Bonizzi, B. (2017). Institutional investors’ allocation to emerging markets: A panel approach to asset demand. Journal of International Financial Markets, Institutions and Money, 47, pp. 47-64. doi:10.1016/j.intfin.2016.11.009
- Bonizzi, B. (2017). International financialisation, developing countries and the contradictions of privatised Keynesianism. Economic and Political Studies, 5(1), pp. 21-40. doi:10.1080/20954816.2016.1274517
- Bonizzi, B. (2017). An Alternative Post-Keynesian Framework for Understanding Capital Flows to Emerging Markets. Journal of Economic Issues, 51(1), pp. 137-162. doi:10.1080/00213624.2017.1287502
- Bonizzi, B. and Churchill, J. (2017). Pension funds and financialisation in the European Union. Revista De Economia Mundial, 2017(46), pp. 71-90
- Bonizzi, B. (2016). Post-Keynesian Economics: New Foundations. ECONOMIC ISSUES, 21, pp. 99-+
- Bonizzi, B. (2015). Capital market inflation in emerging markets: the cases of Brazil and South Korea. PSL QUARTERLY REVIEW, 68(273), pp. 115-150
- Bonizzi, B. (2013). Financialization in Developing and Emerging Countries. International Journal of Political Economy, 42(4), pp. 83-107. doi:10.2753/ijp0891-1916420405
Report
- Bonizzi, B., Churchill, J. and Dutta, S.J. (2023). Undefined Benefit: Fixing the UK Pensions System. London, UK: Common Wealth.