2020 | ‘What is Money in a Critical Macro-Finance Framework?’ (with Tobias Pforr), Finance and Society
This article explains how analyzing the creation, distribution, and destruction of contemporary credit money is placed center-stage in the emerging field of critical macro-finance. This approach involves not only traditional forms of money but also […]
Kick-off for two-year research project at Boston University
1 Oct 2019 | Steffen Murau joins Global Development Policy Center of Boston University as postdoctoral fellow in the Global Economic Governance Initiative (GEGI). The Global Development Policy (GDP) Center of Boston University will be […]
2020 | ‘The Evolution of the Offshore US-Dollar System: Past, Present and Four Possible Futures’ (with Joe Rini and Armin Haas), Journal of Institutional Economics
Little has contributed more to the emergence of today’s world of financial globalization than the design of the international monetary system. In its current setup, it has a hierarchical structure with the US-Dollar at the […]
Accommodation theory features in report of Dutch Scientific Council
17 Jan 2019 | Dutch Scientific Council for Government Policy publishes report on private credit money creation and the role of the state. The Dutch Scientific Council for Government Policy (Wetenschappelijke Raad vor het Regeringsbeleid) […]
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 […]
“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 […]
2023 | ‘Rethinking Monetary Sovereignty. The Global Credit Money System and the State’ (with Jens van ‘t Klooster), Perspectives on Politics OLD
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 […]
2020 | ‘Private Debt as Shadow Money? Conceptual Criteria, Empirical Evaluation and Implications for Financial Stability’ (with Tobias Pforr), Private Debt Project
Some scholars have labeled the financial structures that faced a run during the 2007-9 Financial Crisis as ‘shadow banking system’ and have connected it to the emergence of new monetary instruments. This was the starting […]
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 […]
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 […]
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 […]
2017 | ‘Shadow Money and the Public Money Supply. The Impact of the 2007-2009 Financial Crisis on the Monetary System’, Review of International Political Economy
This article explores the effects of the political reactions to the 2007–2009 financial crisis on the monetary system. It chimes in with the view that shadow banks create ‘shadow money’, i.e. private substitutes for bank […]
2016 | ‘European Monetary Integration and the Public-Private Money Divide. Can Post-Crisis Reforms Harmonize Private Money Creation in the Eurozone?’
Based on the conceptual framework of the ‘Money View’, this paper argues that European monetary integration until the Eurocrisis only focused on harmonizing public money on a supranational level while neglecting private credit money creation. […]
2016 | ‘EU, US and ASEAN Actorness in G20 Financial Policy‐Making. Bridging the EU Studies – New Regionalism Divide’ (with Kilian Spandler), Journal of Common Market Studies
This article compares the European Union’s (EU) actorness in foreign financial policy to that of the US and ASEAN. It thus contributes to the dialogue between EU studies and the New Regionalism by putting it […]
2013 | ‘Germany and the Crisis of the European Monetary Union. A Phenomenology of Causal Narratives in the German Discourse on the Eurocrisis, 2010-2011’
In the years 2010 and 2011, the Eurocrisis was among the dominant topics in Germany’s political debates. A number of points remained highly contested: What dangers does the Eurocrisis imply for the European Monetary Union […]