Dr. Steffen Murau| steffenmurau.com

Private Credit Money

‘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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‘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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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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