Dr. Steffen Murau| steffenmurau.com

Work in Progress

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

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‘Covid-19 and Macrofinancial Debt Crises. What Role for the Special Drawing Rights System?’ (with Fabian Pape and Tobias Pforr)

The Covid-19 pandemic has led to dramatic 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 […]

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‘Monetary Architecture and the Green Transition’ (with Andrei Guter-Sandu and Armin Haas)

There are several roadmaps for financing the Green Transition, but most scholars agree that debates have not yet yielded convincing results. The literature typically sketches out a ‘triad’: taxation, treasury borrowing, and central bank money […]

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‘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 […]

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‘Transformation of the Eurozone Architecture. On Crises and Institutional Change in the Offshore US-Dollar System’

This study adopts a dynamic perspective on the transformation of the Eurozone architecture, using the macro-financial model developed in Murau (2020) as conceptual framework. It analyzes changes in the web of hierarchical interlocking balance sheets […]

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