Online Discussion with Robert McCauley on the Special Drawing Rights System and Its Ability to Ease Financial Strains in the Global South
13 Feb 2022 | At the second Money View Symposium, Steffen Murau gives a preview on a new INET Working Paper that analyzes the IMF’s SDR system as a web of interlocking balance sheets and […]
‘Re-assessing Fragmentation of the Euro Area Banking System. Offshore Channels for Cross-Border Banking Activities’ (with Iñaki Aldasoro and Torsten Ehlers)
It is an established assessment that since the Eurocrisis, the Euro area banking system has been fragmented. Representing the Eurozone’s monetary architecture as a web of interlocking balance sheets, we carve out four different types […]
‘Monetary Architecture and the Green Transition’ (with Andrei Guter-Sandu and Armin Haas)
How to finance the Green Transition towards net-zero carbon emissions remains an open question. The literature either operates within a market-failure paradigm that calls for a Pigou tax to help markets correct themselves, or via […]
2022 | ‘International Monetary Hierarchy through Emergency US-Dollar Liquidity. A Key Currency Approach’ (with Fabian Pape and Tobias Pforr), Competition & Change
The notion that the international monetary system is hierarchical has become increasingly common, but the nature, causes, and shape of international monetary hierarchy remain vague. In this article, we develop a monetary theory of international […]
2022 | ‘After the Allocation. What Role for the Special Drawing Rights System?’ (with Fabian Pape and Tobias Pforr), INET Working Paper
In August 2021, the IMF made a new SDR allocation to help ease pandemic-induced financial strains in the Global South. This paper assesses the potential of the SDR system to address debt- related problems in […]
Macro Musings Podcast on the Eurozone, International Monetary Architecture, and the Future of the Dollar Zone
19 Jun 2021 | David Beckworth, host of the Macro Musings a podcast which pulls back the curtain on the important macroeconomic issues of the past, present, and future, interviews Steffen Murau. In this episode, […]
‘Primary Dealers in the Offshore US-Dollar System. Intermediating Treasury and Central Bank Balance Sheets’ (with Will Bateman)
This study analyzes the Primary Dealer model for the issuance and distribution of sovereign debt as a distinctive feature of today’s international monetary system, the Offshore US-Dollar System. Primary dealers are a group of private […]
‘European Monetary Unification through Novation. The Political Economy of the TARGET System’ (with Matteo Giordano)
When Economic and Monetary Union became effective in January 1999, it remained unclear what accounting treatment to choose for claims and obligations that the Eurosystem’s National Central Banks (NCBs) incur against each other in the […]
2021 | ‘The Hierarchy of the Offshore US-Dollar System. On Swap Lines, the FIMA Repo Facilities and Special Drawing Rights’ (with Fabian Pape and Tobias Pforr), GEGI Study February 2021
While it has become common to regard the international monetary system as hierarchical, the nature, shape and origin of this hierarchy remain often vague. Taking on board insights of critical macro-finance, this GEGI Study conceptualizes […]
‘Encumbered Security. Conceptualizing Vertical and Horizontal Repos in the Euro Area’ (with Alexandru-Stefan Goghie and Matteo Giordano)
Despite the paramount centrality of repurchase agreements (repos) in today’s market-based finance regime, both conceptual and empirical questions about European repo markets are insufficiently explored as contradictory legal and accounting treatments make their on-balance-sheet representation […]