Dr Natacha Postel-Vinay

Dr Natacha Postel-Vinay

Assistant Professor

Department of Economic History

Room No
SAR 6.13
English, French
Key Expertise
Economics, Monetary History, Financial Crises

About me

I am an economic and financial historian. My research explores international finance, money and banking from a historical perspective. It looks at how private finance and monetary policy have affected the business cycle over time, creating and destroying leverage and liquidity. I am an expert in the economic and financial history of the Great Depression. My research also focuses financial crisis resolution and the macroeconomic effects of fiscal policy. I teach monetary and financial history from 1600 to the twenty-first century, and am a CEPR Research Affiliate.

Research interests

  • Financial history of the 19th and 20th centuries.
  • Financial, banking and monetary crises, especially the Great Depression and the Great Recession.
  • Mortgage and household debt.
  • Public finance: the impact of fiscal policy on the business cycle. 


EH430  - Monetary and Financial History

EC204 - Financial Markets and the Global Economy: the History of Bubbles, Crashes and Inflations

Working papers

Collet, Stéphanie and Natacha Postel-Vinay. "Hot Money Inflows and Bank Risk-Taking: Germany from the 1920s to the Great Depression," CEPR Discussion Paper DP16606.

Cloyne, James, Dimsdale, Nicholas and Natacha Postel-Vinay. "Taxes and Growth: New Narrative Evidence from Interwar Britain," revise and resubmit, Review of Economic Studies. See Narrative companion background paper here

Vox column here.


Postel-Vinay, N. (forthcoming). Was the US Great Depression a Credit Boom Gone Wrong? in Schularick, Moritz (ed.). Leveraged: The New Economics of Debt and Financial Fragility (Chicago University Press).

Postel-Vinay, N. (2017). "Debt Dilution in 1920s America: Lighting the Fuse of a Mortgage Crisis" , Economic History Review, 70 (2), pp. 559-585

Postel-Vinay, N. (2016).  "What Caused Chicago Bank Failures in the Great Depression? A Look at the 1920s". Journal of Economic History 76 (2), pp. 478-519

Postel-Vinay, N. (2016) “Sitting Ducks: Banks, Mortgage Lending, and the Great Depression in the Chicago Area, 1923-1933.” Dissertation summary, Journal of Economic History, 76(2), pp. 595-626.

Current projects 

"Hot money inflows and bank risk-taking: Germany from the 1920s to the Great Depression" with Stéphanie Collet (Deutsche Bundesbank)

“Making bankers pay: from blanket guarantees to market discipline in Sweden, 1920-1939” with Erik Bengtsson (University of Lund) and Anders Ogren (University of Lund).


Currently working on Arte documentary on "The History of Taxes."

BBC Radio 5 Wake Up To Money, Rebuilding economies: What can post-war economics teach us about life after lockdown?

LSE IQ Podcast “Are cryptocurrencies the future of money” (June 7, 2018).

CNBC appearance on Bitcoin (December 4, 2017).

Real estate bubbles leading to bank troubles — 2008? Not exactlyLSE Business Review (July 6, 2016).

Bristol Festival of Economics “The Problem of the Banks” panel (October 28, 2014).

The experience of the U.S. Great Depression suggests parallels between 1920s mortgage lending and the recent financial crisis LSE USApp (July 18, 2014).




Expertise Details

International Monetary and Banking phenomena; Financial Crisis Resolution; Macroeconomic Effects of Fiscal Policy.