Steffen Murau – Dr. Steffen Murau
Dr. Steffen Murau| steffenmurau.com

Author: Steffen Murau

“Shadow money should be tamed, not banned”

15 Oct 2018 | Kapp Prize recipient Steffen Murau on what we can learn from the Financial Crisis. An interview by Dr. Bianca Schröder Congratulations on being awarded the Kapp Prize of the European Association […]

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Shadow money researcher wins award for journal article based on PhD study

9 Oct 2018 | Dr Steffen Murau has been presented with the EAEPE journal article of the year award. A researcher who completed his PhD at City has won a prestigious award for an article […]

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2019 | ‘States, Markets – and Technocrats. Financial Globalization Reconsidered’ (with Benjamin Braun and Arie Krampf)

International political economy (IPE) has explained financial globalization as the result not of structural forces such as technological progress or world trade but as the result of active promotion by states. By refuting the view […]

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2019 | ‘Quantitative Easing, Central Bank Independence and the Seeming Fundamental Difference between Monetary and Fiscal Policy’ (with Tobias Pforr)

Quantitative Easing (QE) has become the main new central banking activity after the 2007-9 Financial Crisis. Conventionally referred to as an ‘unconventional monetary policy’, the Federal Reserve has recently called it the ‘new normal’ of […]

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2019 | ‘Private Credit Money Accommodation. Rethinking Monetary Sovereignty (with Jens van ‘t Klooster)

The conventional way of thinking about the monetary system implies that we live in a world of ´fiat money’. The state – typically represented by the central bank—is conceived as the primary authority that creates […]

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2019 | ‘Private Debt as Shadow Money? Conceptual Criteria, Empirical Evaluation and Implications for Financial Stability’

Following the 2007-9 Financial Crisis, scholars have come to perceive the financial structures that faced a run at the time as ‘shadow banking system’. According to this narrative, the shadow banking system does on series […]

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2018 | ‘The Future of Offshore Dollar Creation. Four Scenarios for the International Monetary System by 2040’ (with Joe Rini and Armin Haas)

In order to sketch the possibility space for the future setup of the International Monetary System (IMS), this paper develops four different scenarios that outline potential outcomes of the IMS’s evolution by 2040. These scenarios […]

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2018 | ‘Offshore Dollar Creation and the Emergence of the Post-2008 International Monetary System’

This paper studies the transformation of the International Monetary System (IMS) in the run up to and after the 2007-9 Financial Crisis. Adopting a Money View perspective, it argues that the IMS, in contrast to […]

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2017 | ‘The Political Economy of Private Credit Money Accommodation. A Study of Bank Notes, Bank Deposits and Shadow Money’, PhD thesis

Private credit money forms are debt instruments that co-exist alongside publicly provided forms of money and emerge de-centrally out of the lending activities of banks or non-bank financial institutions. In normal times, they are easily […]

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