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Steffen Murau

Bio: Steffen Murau is an academic researcher from Center for Global Development. The author has contributed to research in topics: Market liquidity & Eurodollar. The author has an hindex of 5, co-authored 11 publications receiving 94 citations. Previous affiliations of Steffen Murau include City University London & Boston University.

Papers
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Journal ArticleDOI
TL;DR: In this article, the effects of the political reactions to the 2007-2009 financial crisis on the monetary system were explored, showing that the measures taken between 2007 and 2014 integrated some shadow money forms in the public money supply.
Abstract: 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’, ie private substitutes for bank deposits The article analyses how the three main forms of shadow money – money market fund shares, overnight repurchase agreements and asset-backed commercial papers – were affected by the short-term government intervention and medium-term regulation during and after the 2007–2009 financial crisis in the United States The analysis reveals that the measures taken between 2007 and 2014 integrated some shadow money forms in the public money supply In the year after the Lehman collapse, the initially private shadow money supply was either publicly backstopped or de-monetised as it had broken par to bank deposits The public backstops took on the form of emergency facilities established by the Federal Reserve and guarantees proclaimed by the Treasury Those backstops imply that the

45 citations

Journal ArticleDOI
TL;DR: In this article, international political economy (IPE) has explained financial globalization as the result of states deciding to open up and liberalize domestic financial systems, and the negative integ...
Abstract: International political economy (IPE) has explained financial globalization as the result of states deciding to open up and liberalize domestic financial systems. Complementing this ‘negative integ...

31 citations

Journal ArticleDOI
TL;DR: The authors discusses four trajectories that would lead to different setups of the international monetary system by 2040, taking into account how its hierarchical structure and the role of offshore credit money creation may evolve.
Abstract: Little has contributed more to the emergence of today's world of financial globalization than the setup of the international monetary system. In its current shape, it has a hierarchical structure with the US-Dollar (USD) at the top and various other monetary areas forming a multilayered periphery to it. A key feature of the system is the creation of USD offshore – a feature that in the 1950s and 60s developed in co-evolution with the Bretton Woods System and in the 1970s replaced it. Since the 2007–9 Financial Crisis, this ‘Offshore US-Dollar System’ has been backstopped by the Federal Reserve's network of swap lines which are extended to other key central banks. This systemic evolution may continue in the decades to come, but other systemic arrangements are possible as well and have historical precedents. This article discusses four trajectories that would lead to different setups of the international monetary system by 2040, taking into account how its hierarchical structure and the role of offshore credit money creation may evolve. In addition to a continuation of USD hegemony, we present the emergence of competing monetary blocs, the formation of an international monetary federation and the disintegration into an international monetary anarchy.

22 citations

Journal ArticleDOI
28 May 2020
TL;DR: In this paper, the creation, distribution, and destruction of contemporary credit money is placed centre stage in the emerging field of critical macro-finance, which not only involves traditional forms of money but also shadow money: private credit instruments which are not regulated as money from a legal standpoint, but in many respects are functionally equivalent to "established" money.
Abstract: This forum contribution explains how analyzing the creation, distribution, and destruction of contemporary credit money is placed centre stage in the emerging field of critical macro-finance. This approach not only involves traditional forms of money but also ‘shadow money’: private credit instruments which are not regulated as money from a legal standpoint, but in many respects are functionally equivalent to ‘established’ forms of money. To connect different positions in this discourse, we propose three core criteria for defining shadow money as a baseline position for future critical macro-financial research.

15 citations

Journal ArticleDOI
TL;DR: The original Maastricht regime designed the Eurozone’s fiscal segment in a way that sought to keep member states’ treasury budgets balanced by disciplining them through market forces, reducing the...
Abstract: The original Maastricht regime designed the Eurozone’s fiscal segment in a way that sought to keep member states’ treasury budgets balanced by disciplining them through market forces, reducing the ...

13 citations


Cited by
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01 Feb 1951
TL;DR: The Board of Governors' Semiannual Agenda of Regulations for the period August 1, 1980 through February 1, 1981 as discussed by the authors provides information on those regulatory matters that the Board now has under consideration or anticipates considering over the next six months.
Abstract: Enclosed is a copy of the Board of Governors’ Semiannual Agenda of Regulations for the period August 1, 1980 through February 1, 1981. The Semiannual Agenda provides you with information on those regulatory matters that the Board now has under consideration or anticipates considering over the next six months, and is divided into three parts: (1) regulatory matters that the Board had considered during the previous six months on which final action has been taken; (2) regulatory matters that have been proposed for public comment and that require further Board consideration; and (3) regulatory matters that the Board may consider over the next six months.

1,236 citations

Journal ArticleDOI
TL;DR: In this article, the authors present a book called "The Great Transformations: Economic Ideas and Institutional Change in the Twentieth Century", which is a collection of reviews of new books published in the twenty-first century.
Abstract: (2003). Great Transformations: Economic Ideas and Institutional Change in the Twentieth Century. History: Reviews of New Books: Vol. 31, No. 3, pp. 130-130.

582 citations

03 Jun 2010
TL;DR: The authors refutes the consensus explanation of the cause of the financial crisis of 2007 and provides an alternative view, drawing on his studies of the US banking crises of the late 1800s.
Abstract: The author refutes the consensus explanation of the cause of the financial crisis of 2007 and provides an alternative view, drawing on his studies of the US banking crises of the late 1800s

231 citations

Journal Article

218 citations