‘Re-assessing Fragmentation of the Euro Area Banking System. Offshore Channels for Cross-Border Banking Activities’ (with 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 […]
‘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 […]
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 | ‘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 […]
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 […]
2021 | ‘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 […]
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 […]
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 […]
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 […]