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” […]

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 […]

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 […]

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 […]

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 […]

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 […]