Professor Stefan C. Collignon

Professor of Political Economy

Chulalongkorn University, Faculty of Political Sciences
London School of Economics and Political Sciences (LSE)
European Institute

What's new

A Gentle Debate on Traditional vs Modern Society, by Prof. Dr. Stefan Collignon & Pracha Hutanuwatr, The discussion took place on 16th of May 2022 at Koh Yoa Noi, Thailand


  • A monetary theory of endogenous economic growth
    This paper presents a model where credit money is the engine of endogenous growth, because the claims for interest on debt generate liabilities that need to be matched by higher assets and income, even in the steady state.
  • Varieties of Ideology in the Euro Area

    Reassessing Europe’s open society and its enemies.
    (with Davide Orsitto)

    The convergence of political narratives in the Euro Area is a necessary condition for the sustainability of the monetary union. We measure the evolution of ideological preferences in Europe over half a century in a two-dimensional space. In addition to the classical right-left cleavage, we define a cultural dimension that is inspired by Popper’s distinction between open and closed societies and Dumont’s opposition of individualism against holism.

    We find that political preferences, as expressed by people voting for party programs, have converged since the end of the Cold War, which also coincides with the Maastricht Treaty in 1992. Thus, the institutional framework set up for the management of the monetary union has contributed to greater political coherence inside the Euro Area, while ideological convergence outside the Euro Area is significantly weaker. Germany is the leader of a conservative group of member states, France of a progressive group. Compared to Anglo-Saxon societies, the Euro Area is highly centrist, which makes the cooperation across policies easier.

    Chapter 10: The Governance of Global Public Goods

Chapter in books

Other contributions


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