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

Work in Progress

2019 | ‘Towards a Macro-financial Model of the Eurozone Architecture’

While it has become a widespread understanding that the architecture of the Eurozone is ill-constructed and deficient, it is not always clear what exactly is meant by this term. To develop an answer to the […]

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2020 | ‘Welche Zukunft für finanzielle Globalisierung? Vier Szenarien für das internationale Währungssystem im Jahr 2040’ (mit Joe Rini und Armin Haas)

Nichts hat so sehr zur heutigen finanziellen Globalisierung beigetragen wie die Transformation des internationalen Währungssystems. In seiner gegenwärtigen Form hat es eine hierarchische Struktur mit dem US-Dollar an der Spitze. Andere Währungsräume bilden dazu eine […]

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

International political economy (IPE) has explained financial globalization as the result not merely of market pressure but of states deciding to open up and liberalize their financial systems. Challenging this ‘negative integration’ view as incomplete, […]

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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 | ‘Rethinking Monetary Sovereignty. The Global Credit Money System and the State’ (with Jens van ‘t Klooster)

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 […]

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2019 | ‘Private Debt as Shadow Money? Conceptual Criteria and Empirical Evaluation’ (with Tobias Pforr)

Following the 2007-9 Financial Crisis, some scholars have come to perceive the financial structures that faced a run at the time as ‘shadow banking system’ and connect it to the emergence of new monetary instruments. […]

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