‘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 […]
2024 | ‘Towards a Public Sustainable Finance Paradigm for the Green Transition’ (with Philipp Golka and Jan-Erik Thie), Finance and Society
Sustainable finance is often discussed as a solution to the climate crisis, but its impacts are limited. We introduce the concept of “public sustainable finance,” in which the state has a central role to play […]
2023 | ‘Forging Monetary Unification through Novation. The TARGET System and the Politics of Central Banking in Europe’ (with Matteo Giordano), Socio-Economic Review
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 […]
2023 | ‘Shadow Money in the History of Monetary Thought’ (with Tobias Pforr), Review of Political Economy
Following the Global Financial Crisis, some scholars have conceptualized the credit instruments that lay at its center as “shadow money”. As this perspective seems to contradict most established monetary theories, we situate the “shadow money” […]
2023 | ‘Monetary Architecture and the Green Transition’ (with Andrei Guter-Sandu and Armin Haas), Environment and Planning A: Economy and Space
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 […]
2023 | ‘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 […]
2023 | ‘Sovereign Debt Issuance and the Transformation of the Monetary Architecture in Prussia and the German Empire, 1740–1914’, Background Paper Dezernat Zukunft
This paper traces the transformation of the monetary architecture and concomitant sovereign debt issuance practices in Prussia and the German Empire from 1740 to 1914 in order to reflect on contemporary ideas regarding the appropriate […]
2023 | ‘Rethinking Monetary Sovereignty. The Global Credit Money System and the State’ (with Jens van ‘t Klooster), Perspectives on Politics
This article proposes a conception of monetary sovereignty that recognizes the reality of today’s global credit money system. Monetary sovereignty is typically used in a ‘Westphalian’ sense that simply denotes the ability of states to […]
Start of new Emmy Noether Research Group at Global Climate Forum and Freie Universität Berlin
2 Apr 2023 | This month marks the launch of the OBFA-TRANSFORM project, a new six-year research group hosted at Global Climate Forum and Freie Universität Berlin. The research group will investigate how it is […]
2023 | ‘Public Sustainable Finance. Von nachhaltigen Finanzmärkten zur sozialökologischen Transformation’ (with Philipp Golka and Jan-Erik Thie), Vierteljahrshefte zur Wirtschaftsforschung
In diesem Artikel plädieren wir für „Public Sustainable Finance“, bei welchem dem Staat für eine maximale Transformationswirkung eine zentrale Rolle zukommt. Bisheriges Sustainable Finance konzentriert sich auf ESG-Kriterien, Divestment, Voting, Engagement und Impact Investing. Ziel […]