Professor Engelbert Stockhammer, Dr Inga Rademacher and Dr Karsten Kohler, from EIS, will be joined by Dr Chiara Benassi, from King’s Business School, for a project that will assess the economic fallout of the 2008 global financial crisis.

The Political Economy of Growth Models in an Age of Stagnation will take a closer look at why southern Europe nations experienced a deep depression, whereas Anglo-Saxon countries like the UK, and northern European countries like Germany maintained modest economic growth.

The project will analyse the sources of these divergent dynamics, considering both macroeconomic and institutional factors and their interaction.

The academics said: “First, we will investigate financial and housing institutions and explain why some countries were hit harder by financial downturns. We will then examine the differences in industrial relations and skill policies and whether these determine the successes of export growth, and we will also examine whether the different approaches of central banks vis-à-vis fiscal actors in different countries explain the use of government spending to support growth.”

The team received a project grant from the Leverhulme Trust.