‘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 […]
‘Monetary Architecture and the Green Transition’ (with Andrei Guter-Sandu and Armin Haas)
How to finance the Green Transition towards net-zero carbon emissions remains an open question. The literature either operates within a market-failure paradigm that calls for a Pigou tax to help markets correct themselves, or via […]
‘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 […]
‘European Monetary Unification through Novation. The Political Economy of the TARGET System’ (with Matteo Giordano)
When Economic and Monetary Union became effective in January 1999, it remained unclear what accounting treatment to choose for claims and obligations that the Eurosystem’s National Central Banks (NCBs) incur against each other in the […]
‘Encumbered Security. Conceptualizing Vertical and Horizontal Repos in the Euro Area’ (with Alexandru-Stefan Goghie and Matteo Giordano)
Despite the paramount centrality of repurchase agreements (repos) in today’s market-based finance regime, both conceptual and empirical questions about European repo markets are insufficiently explored as contradictory legal and accounting treatments make their on-balance-sheet representation […]
‘Transformation of the Eurozone Architecture. On Crises and Institutional Change in the Offshore US-Dollar System’ (with Alexandru-Stefan Goghie, Matteo Giordano and Ludwig Schulze)
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 […]
‘Shadow Money in the History of Monetary Thought’ (with Tobias Pforr)
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” […]