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 […]
‘Covid-19 Debt and Macroeconomic Instabilities: What Role for the SDR System after the Pandemic?’ (with Fabian Pape and Tobias Pforr)
The COVID-19 pandemic has led to drastic increases in government borrowing. The Institute of International Finance (IIF) has gone so far as to speak of an “attack of a debt tsunami”, as global debt increased […]
2020 | ‘A Macro-Financial Model of the Eurozone Architecture Embedded in the Global Offshore US-Dollar System’, GEGI Study July 2020
It is a convention to say that the Eurozone architecture is ill-constructed and deficient. However, monetary architecture is not a well-defined term in monetary theory, and there is no consensus what the Eurozone architecture is beyond being […]
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 […]
2020 | ‘Financial Globalization as Positive Integration. Monetary Technocrats and the Eurodollar Market in the 1970s’ (with Benjamin Braun and Arie Krampf), Review of International Political Economy
International political economy (IPE) has explained financial globalization as the result of states deciding to open up and liberalize domestic financial systems. Complementing this ‘negative integration’ view, we present a theory of financial globalization during […]
2020 | ‘Rethinking Monetary Sovereignty. The Global Credit Money System and the State’ (with Jens van ‘t Klooster), SocArxiV
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 […]
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 | ‘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 […]