2007-9 Financial Crisis – Dr. Steffen Murau
Dr. Steffen Murau| steffenmurau.com

2007-9 Financial Crisis

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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2018 | ‘Offshore Dollar Creation and the Emergence of the Post-2008 International Monetary System’

This paper studies the transformation of the International Monetary System (IMS) in the run up to and after the 2007-9 Financial Crisis. Adopting a Money View perspective, it argues that the IMS, in contrast to […]

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2017 | ‘The Political Economy of Private Credit Money Accommodation. A Study of Bank Notes, Bank Deposits and Shadow Money’, PhD thesis

Private credit money forms are debt instruments that co-exist alongside publicly provided forms of money and emerge de-centrally out of the lending activities of banks or non-bank financial institutions. In normal times, they are easily […]

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2016 | ‘European Monetary Integration and the Public-Private Money Divide. Can Post-Crisis Reforms Harmonize Private Money Creation in the Eurozone?’

Based on the conceptual framework of the ‘Money View’, this paper argues that European monetary integration until the Eurocrisis only focused on harmonizing public money on a supranational level while neglecting private credit money creation. […]

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