Dr. Steffen Murau| steffenmurau.com

2007-9 Financial Crisis

2020 | ‘Rethinking Monetary Sovereignty. The Global Credit Money System and the State’ (with Jens van ‘t Klooster), SocArxiV

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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2020 | ‘Private Debt as Shadow Money? Conceptual Criteria, Empirical Evaluation and Implications for Financial Stability’ (with Tobias Pforr), Private Debt Project

Some scholars have labeled the financial structures that faced a run during the 2007-9 Financial Crisis as ‘shadow banking system’ and have connected it to the emergence of new monetary instruments. This was the starting […]

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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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2017 | ‘Shadow Money and the Public Money Supply. The Impact of the 2007-2009 Financial Crisis on the Monetary System’, Review of International Political Economy

This article explores the effects of the political reactions to the 2007–2009 financial crisis on the monetary system. It chimes in with the view that shadow banks create ‘shadow money’, i.e. private substitutes for bank […]

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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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2016 | ‘EU, US and ASEAN Actorness in G20 Financial Policy‐Making. Bridging the EU Studies – New Regionalism Divide’ (with Kilian Spandler), Journal of Common Market Studies

This article compares the European Union’s (EU) actorness in foreign financial policy to that of the US and ASEAN. It thus contributes to the dialogue between EU studies and the New Regionalism by putting it […]

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2013 | ‘Germany and the Crisis of the European Monetary Union. A Phenomenology of Causal Narratives in the German Discourse on the Eurocrisis, 2010-2011’

In the years 2010 and 2011, the Eurocrisis was among the dominant topics in Germany’s political debates. A number of points remained highly contested: What dangers does the Eurocrisis imply for the European Monetary Union […]

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