Dr. Steffen Murau| steffenmurau.com

Author: Steffen Murau

‘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 […]

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‘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 […]

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‘International Monetary Hierarchy through Emergency US- Dollar Liquidity. A Key Currency Approach’ (with Fabian Pape and Tobias Pforr)

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 […]

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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 […]

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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, […]

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‘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 […]

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‘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 […]

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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 […]

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‘Transformation of the Eurozone Architecture. On Crises and Institutional Change in the Offshore US-Dollar System’ (with Alexandru-Stefan Goghie and Ludwig Schulze)

This study adopts a dynamic perspective on the transformation of the Eurozone architecture, using the macro-financial model developed in Murau (2020) as conceptual framework. It analyzes changes in the web of hierarchical interlocking balance sheets […]

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‘The Transformation of Eurozone Fiscal Governance. Mitigating Fiscal Discipline through a Proliferation of Off-Balance-Sheet Fiscal Agencies’ (with Andrei Guter-Sandu), New Political Economy

The original Maastricht regime designed the Eurozone’s fiscal segment in a way that sought to keep member states’ treasury budgets balanced by disciplining them through market forces, reducing the overall volume of public indebtedness, prohibiting […]

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