‘Locked Into Complexity. Path Dependency and German Off-Balance-Sheet Fiscal Agencies’ (with Monica DiLeo, Andrei Guter-Sandu, and Armin Haas)
The political science literature has long turned its attention to fiscal governance as a core site of political contestation. Typically conceived of as legislative bodies battling it out over the level and distribution of spending […]
‘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 […]
‘A Feature, Not a Bug. The US Dollar in the European Monetary Union’ (with Torsten Ehlers)
The European Monetary Union (EMU) is often seen as an attempt to shield Europe from USD dominance. However, as BIS data shows, the USD’s volume and share in EMU cross-border payments has been constantly rising […]
‘All Quiet on the Fiscal Front? Off-Balance-Sheet Fiscal Agencies in the German War Economy, 1914–1918’ (with Armin Haas, Andrei Guter-Sandu, and Olan McEvoy)
It is an established narrative in the literature that the German Empire financed World War I through an extensive issuance of sovereign debt with support of the central bank, the Reichsbank. Indeed, the sovereign debt […]
‘The Mefo Operation. A Macro-Financial Analysis of Hjalmar Schacht’s Shadow Money Scheme’ (with Armin Haas, Friederike Reimer, and Andrei Guter-Sandu)
In the summer of 1931, Germany faced the nadir of the Great Depression. After the Machtergreifung of the Nazis in 1933, Hjalmar Schacht was appointed president of the Reichsbank and invented the “Mefo operation” to […]