‘Decoding Dollar Dominance: The Global Credit View on the Monetary System in International Political Economy’ (with Herman Mark Schwartz)
This article contrasts the Sovereign Currency View (SCV) and the Global Credit View (GCV) on the monetary system in International Political Economy (IPE) regarding four crucial assumptions: endogenous credit creation versus transaction costs and loanable […]
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 | ‘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 […]
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 […]
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 […]
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 […]