Thomas Lagoarde-Ségot is a Professor of Economics and International Finance at KEDGE Business School, where he was formerly Director of Research. He holds a PhD from Trinity College (University of Dublin) and a Habilitation à Diriger des Recherches in Economics (Aix-Marseille University). His current research focuses on coherent stock-flow modeling, post-Keynesian economics and ecological financial theory. He notably directed the writing of the collective textbook Ecological Economics and Finance (2nd edition 2025, Springer Nature) & Monnaie et Finance Ecologiques (De Boeck, 2024). Thomas was one of the 2024 winners of the Financial Times Responsible Business Education Award.
The report attempts to respond to the UN Secretary-General's recent call for "innovative approaches and bold policy decisions" to tackle the SDGs (UN, 2023). It attributes the existing finance gap to the unrealistic assumptions of the dominant macroeconomic paradigm, which it proposes to replace with new assumptions that are better able to address the sustainability crisis. The potential effects of this new ecological policy mix are analysed using Philia 1.0, an ecological stock-flow consistent model.
This paper explores the potential contribution of Sustainability-linked Money Creation (SMC) to sustainable economic policies. Our simulations suggest that, in comparison to a baseline scenario, SMC issues could potentially constitute an anti-inflationary, counter-cyclical green transition policy, that increases biomimetic resilience and contains income and wealth inequalities. We finally discuss the policy implications, as well as the limitations of our findings.
