Dr Natacha Postel-Vinay

Dr Natacha Postel-Vinay

Assistant Professor

Department of Economic History

Room No
SAR 6.13
Office Hours
Thursdays 11.15am to 12.45pm Book via Studenthub
English, French
Key Expertise
Economics, Monetary History, Financial Crises

About me

I am an economic and financial historian. My current research focuses on public finance and welfare. It explores the history of taxation, budgets and tax reform, including from a distributive perspective. It analyses the interactions between debt, austerity, stimulus and the economy in (especially British) history. 

No knowledge of public finance can be complete without knowledge of private finance and my research also focuses on that area. It looks at the connections between bank risk-taking, banking crisis, banking crisis resolution, public debt, and moral hazard, all from a historical perspective. I am an expert in the economic history of the Great Depression. 

In my work I handle large historical datasets as well as collections of qualitative archival material. 

I convene a Masters course on Monetary and Financial History (EH430) which goes back to 1600 with a special focus on the 19th and 20th centuries. I also teach in the new MSc in Financial History. 

Prior to joining the LSE, I was a Postdoctoral Fellow at the Centre for Competitive Advantage in a Global Economy (CAGE) at the University of Warwick. In 2013 I won the Economic History Society's New Researcher Prize and I was a finalist for the Economic History Association Nevins PhD Dissertation Prize in 2015. I was also nominated several times for the LSE Teaching Excellence Awards. 

I am a CEPR Research Affiliate. 

Research interests

  • History of public finance: taxation, distribution and welfare.
  • Public debt, austerity, stimulus and the economy from a historical perspective
  • Financial, banking and monetary crises
  • Banking crisis resolution, bailouts
  • Mortgage and household debt


EH430  - Monetary and Financial History

EH439 -- The History of Banking Systems

EH306 - Monetary and Financial History since 1750  

Working papers

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

Cloyne, James, Dimsdale, Nicholas and Natacha Postel-Vinay. "Taxes and Growth: New Narrative Evidence from Interwar Britain,"  conditionally accepted, 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).


I was interviewed for the documentary "Can't Pay, Won't Pay: A Popular History of Taxes," produced by the European TV Channel Arte. You can view Part 1 and Part 2 here. The documentary was premiered in English at the LSE on 24 October 2022.

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.