Annina Kaltenbrunner

Lecturer in the Economics of Globalisation and the International Economy

+44 (0)113 3436343
Academic, Economics, Applied Institute of Research in Economics (AIRE)
G.19, Maurice Keyworth Building

Annina Kaltenbrunner is Lecturer in the Economics of Globalisation and the International Economy at Leeds University Business School. She holds a PhD and MSc in Development Economies from the School of Oriental and African Studies, a Postgraduate Certification in Econometrics from Birkbeck, and an undergraduate degree in Economics from the Vienna University of Economics and Business Administration.

Her areas of research are development economics, international finance, monetary economics, international political economy, heterodox economics and methodology. She has published on exchange rate theory, currency internationalisation, financial integration, financialisation, and the Eurozone Crisis.

Annina has collaborated on work for the United Nations University (UNU), two European FP7 Projects AUGUR and FESSUD, a 2-year project on Finance and Inequality with the Foundation for European Progressive Studies (FEPS), and commissioned work on currency internationalisation and emerging market debt by the Brazilian central bank and Unctad respectively.

She is currently working on a project on the internationalisation and financialisation of Austrian firms in Eastern Europe funded by the Austrian Chamber of Workers. Annina is  an active member of several academic organisations, including the International Initiative for the Promotion of Political Economy (IIPPE), the Post Keynesian Study Group (PKSG) and the Reteaching Economics Network.


Annina’s research focuses on finance and macroeconomic policy in developing and emerging economies and the Eurozone. She is interested in cross-border capital flows and international financial integration and the implications these processes have for macroeconomic and monetary policy.  She is currently working on currency internationalisation, financialisation in developing and emerging economies, and cross-border capital flows. She is also interested in building bridges to other disciplines, including international political economy and economic geography. In her research, Annina uses a range of different methods and alternative theories, including Post Keynesian theory and Marxist political economy.


Annina is currently module leader of the following modules:
LUBS 3570 Current Topics in European Integration
LUBS 5116M The Economics of Globalisation & The International Economy


Articles in Refereed Journals

Kaltenbrunner, A (2018). Financialised Internationalisation and Structural Hierarchies: A mixed- method  study of Exchange Rate Determination in Developing Countries. The Cambridge  Journal of Economics, forthcoming

Bortz, Pablo G, and Annina Kaltenbrunner (2018). The International Dimension of Financialization in  Developing and Emerging Economies. Development and Change, forthcoming

Kaltenbrunner, A.; Painceira, J.P. (2017) Subordinated Financial Integration and Financialisation in Emerging Capitalist Economies: The Brazilian Experience. New Political Economy

Kaltenbrunner, A; Lysandrou, P. (2017) The US Dollar Supremacy as an International Currency: A  Double-Matrix Analysis. Development and Change, 48(4), pp. 663-691

Kaltenbrunner, A.; Painceira, J.P. (2017) The Impossible Trinity: Inflation Targeting, Exchange Rate  Management and Open Capital Accounts in Emerging Economies. Development and Change,  48(3), pp. 452-480

Kaltenbrunner, A. (2015) A Post Keynesian Framework of Exchange Rate Determination: A  Minskyan Approach. The Journal of Post Keynesian Economics, 38(3), pp. 426-448

Kaltenbrunner, A.; Painceira, J.P. (2015) Developing Countries’ Changing Nature of Financial Integration and New Forms of External Vulnerability: The Brazilian Experience. The  Cambridge Journal of Economics, 39(5), pp. 1281-1306

Kaltenbrunner, A. (2015) Financial Integration and Exchange Rate Determination: A Brazilian Case Study.  International Review of Applied Economics, 29(2), pp. 129-149

Kaltenbrunner, A. (2010) International Financialization and Depreciation: The Brazilian Real in the  International Financial Crisis. Competition and Change, 13 (3-4), September-December 2010, pp. 294-321.

Lapavitsas, C.; Kaltenbrunner, A.; Lindo, D.; Michell, J.; Painceira, J.P.; Pires, E.; Powell, J.;  Stenfors, A.; Teles, N. (2010) Eurozone Crisis: Beggar thyself and thy Neighbour. Journal of  Balkan and Near Eastern Studies, 12 (4), pp. 321-373.


Lapavitsas, C.; Kaltenbrunner, A.; Lindo, D.; Michell, J.; Painceira, J.P.; Pires, E.; Powell, J.;  Stenfors, A.; Teles, N. (2012) Crisis in the Eurozone.

Verso Lapavitsas, C.; Kaltenbrunner, A.; Lindo, D.; Michell, J.; Painceira, J.P.; Pires, E.; Powell, J.;  Stenfors, A.; Teles, N. (2010) Eurozone Crisis: Beggar thyself and thy Neighbour. Novolis  Books, Athens. Novoli Books, Athens. (in Greek).

Lapavitsas, C.; Kaltenbrunner, A.; Lambrinidis, G.; Lindo, D.; Meadway, J.; Michell, J.; Painceira,  J.P.; Pires, E.; Powell, J.; Stenfors, A.; Teles, N. (2010) The Eurozone between Austerity and  Default. Livanis, Athens. (in Greek)

Contributions to Edited Books

Dymski, G.A.; Kaltenbrunner, A. (2017): How Finance Globalized: A Tale of two Cities. In: Ertuerk,  I.; Gabor, D. (2017): The Routledge Companion to Banking Regulation and Reform,  Routledge, Oxon, pp. 351-370

Kaltenbrunner, A. (2016) Stemming the Tide: Capital Account Regulations in Developing and  Emerging Countries. In: Arestis, P.; Sawyer, M. (2016): Financial Liberalisation: Past,  Present, Future.  Annual Edition of International Papers in Political Economy, Palgrave  Macmillan, Houndsmills, Basingstoke, pp. 265-308.

Kaltenbrunner, A.; Karacimen, E. (2016) The contested Nature of Financialisation in Emerging  Capitalist Economies. In: Subasat, T. (2016) : The Great Financial Meldtown of 2008:  Systemic, Conjunctural or Policy Created? Edward Elgar, Cheltenham, pp. 287-307

Kaltenbrunner, A.; Stockhammer E. (2015) Optimum Currency Area: In: Encyclopaedia on  Central Banking. Edward Elgar, Cheltenham 

Kaltenbrunner, A. (2012) The Exchange Rate in Economic Paradigms. In: Toporowski, J.;  Michell, J. (eds) The Handbook of Critical Issues in Finance. Edward Elgar, Cheltenham.

Other Selected Publications

Belfrage, C.; Jaeger, J.; Kaltenbrunner, A. (2016): Currency Internationalization. Report for the British  Commonwealth Office, the Brazilian Central Bank and Brazilian Securities and Exchange Commission

Dymski, G.; Kaltenbrunner, A.; Szymborska, H. (2015): Financialization and Inequality: A European Challenge. Queries – European Progressive Observatory #7, pp. 34-37

Dymski, G. and Kaltenbrunner, A. (2014) Beyond Europe's financial Bifurcation Point: Policy  Proposals for a more stable and more equitable Financial System. FEPS Economic Policy  Brief No.4

Kaltenbrunner, A. (2012) Structural Imbalances and Austerity: Is there a Future of Peripheral  Countries in the Eurozone? Kurswechsel 1, p. 114-121. (in German)

Kaltenbrunner, A.; Lindo, D.; Painceira, J.P.; Stenfors, A. (2010) The Euro Funding Gap and its  Consequences. Central Banking, XXI (2), November 2010, pp. 86-92.

Kaltenbrunner, A. (2010) Crisis and Asymmetry in the Eurozone: A fair and sustainable Monetary  Union? World Economy&Development, April 2010. (in German) 

Kaltenbrunner, A; Painceira, J.P. (2009) Financial Integration intensifies new Vulnerabilities: Brazil  in the Global Financial Crisis. CDPR Development Viewpoint 42, December 2009.

Kaltenbrunner, A.; Nissanke, M. (2009) Why Developing Countries should adopt Intermediate  Exchange Rate Regimes: Examining Brazil’s Experience. CDPR Development Viewpoint 29,  May 2009.  

Kaltenbrunner, A. (2005) La "Eterna Deuda Externa" de Argentina. Development&Policy, Working  Group on Information about Development Policy, 2005(03). (in German)

Read more about: