Work in Progress – Dr. Steffen Murau
Dr. Steffen Murau| steffenmurau.com

Work in Progress

2019 | ‘States, Markets – and Technocrats. Financial Globalization Reconsidered’ (with Benjamin Braun and Arie Krampf)

International political economy (IPE) has explained financial globalization as the result not of structural forces such as technological progress or world trade but as the result of active promotion by states. By refuting the view […]

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2019 | ‘Quantitative Easing, Central Bank Independence and the Seeming Fundamental Difference between Monetary and Fiscal Policy’ (with Tobias Pforr)

Quantitative Easing (QE) has become the main new central banking activity after the 2007-9 Financial Crisis. Conventionally referred to as an ‘unconventional monetary policy’, the Federal Reserve has recently called it the ‘new normal’ of […]

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2019 | ‘Private Credit Money Accommodation. Rethinking Monetary Sovereignty (with Jens van ‘t Klooster)

The conventional way of thinking about the monetary system implies that we live in a world of ´fiat money’. The state – typically represented by the central bank—is conceived as the primary authority that creates […]

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2019 | ‘Private Debt as Shadow Money? Conceptual Criteria, Empirical Evaluation and Implications for Financial Stability’

Following the 2007-9 Financial Crisis, scholars have come to perceive the financial structures that faced a run at the time as ‘shadow banking system’. According to this narrative, the shadow banking system does on series […]

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