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 * OBFA-TRANSFORM
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Research
 * Private Credit Money Accommodation
 * International Monetary System
 * European Monetary Union
 * Financing Large-Scale Transformations

Dr. Steffen Murau| steffenmurau.com
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Search for:
 * Home
 * Research
   * Private Credit Money Accommodation
   * International Monetary System
   * European Monetary Union
   * Financing Large-Scale Transformations
 * OBFA-TRANSFORM
 * Publications
 * In the Media
 * Talks
 * Work in Progress
 * Teaching
 * CV

Menu


HOW DOES THE MODERN CREDIT MONEY SYSTEM WORK?

The answer is not so straightforward. To dig deeper, we need a powerful monetary
theory, a thorough understanding of monetary history and cutting-edge insights
into the contemporary shadow banking system. Learn more ...

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WHAT IS POLITICAL ECONOMY IN THE AGE OF FINANCIAL GLOBALIZATION?

To understand capitalism in the 21st century, we need adequate categories beyond
the nation state and a simple states-markets dichotomy. Financial globalization
works through a public-private hybridity and the offshore world. Learn more ...

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HOW HAS THE 2007-9 CRISIS CHANGED THE MONETARY SYSTEM?

The year 2008 marked a seismic shift in the way that money works, in the United
States and beyond. The emergency crisis interventions of the Federal Reserve and
the US treasury have created a new role for the state in the monetary system.
Learn more ...

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HOW TO GOVERN GLOBAL MONEY IN THE OFFSHORE WORLD?

The international monetary system is a privatized offshore US dollar system. It
emerged through crises and financial innovation, not intelligent design. Only
when we learn where it comes from can we understand how to govern it. Learn more
...

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WHAT FUTURE FOR EUROPEAN MONETARY INTEGRATION?

The introduction of the Euro has solved old problems just as much as it has
produced new issues. With QE and TARGET2 balances, Banking and Capital Market
Union, the quest for a sustainable European monetary setup is ongoing. Learn
more ...

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HOW TO FINANCE THE GREEN TRANSITION TO NET-ZERO CARBON EMISSIONS?

Financing politically desired large-scale transformations is a process that
requires diligent macro-financial governance and must involve the entire
monetary architecture. It starts with an initial expansion of balance sheets,
organization of long-term funding, stabilizing against financial crises, and
facilitating an orderly final contraction. Learn more ...

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DR. STEFFEN MURAU

Research Group Leader in International Political Economy

I am a political economist specialized in international money and finance.

My research covers four major themes: private credit money accommodation, the
international monetary system, the European Monetary Union, and financing
large-scale transformations.

Currently, I work as the principal investigator of the OBFA-TRANSFORM project,
an Emmy Noether research group at Global Climate Forum and Freie Universität
Berlin. I am also a fellow at the Global Development Policy Center of Boston
University and the Monetary and Economic Department of the Bank for
International Settlements.

In the winter term 2022-23, I taught BA and MA courses on political economy and
quantitative methods at Geschwister Scholl Institute of Political Science of
Ludwig-Maximilians-Universität (LMU) München.

Previously, I had postdoctoral affiliations at the Weatherhead Center for
International Affairs of Harvard University, the City Political Economy Research
Centre (CITYPERC) at City, University of London, and the Institute for Advanced
Sustainability Studies (IASS), Potsdam.

I hold a PhD in International Political Economy from City, University of London
(2017); a Magister Artium in political science, philosophy and international law
from LMU München (2012); and a Bachelor of Science in economics from LMU München
(2011). In 2015, I was a visiting doctoral research scholar at Columbia
University, New York.

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RESEARCH THEMES

The political economy of the modern credit money system


PRIVATE CREDIT MONEY ACCOMMODATION

Private credit money accommodation is a theory on the long-run transformation of
the modern credit money system. During financial upswings, new forms of private
credit money emerge as “shadow money”. At the end of the boom, they implode in a
systemic financial crisis. When the state steps in and guarantees them, they are
“accommodated” into the public money supply. Public money today is accommodated
private credit money of the past.

Learn More


INTERNATIONAL MONETARY SYSTEM

The international monetary system of the 21st century should be understood as
Offshore US Dollar System. This arrangement has gradually evolved since the
1950s and replaced the state-planned Bretton Woods System when it collapsed in
the 1970s. Today, international monetary affairs are primarily organized through
private banks and shadow banks that use the US dollar as the unit of account and
operate offshore, outside of the US monetary jurisdiction.

Learn More


EUROPEAN MONETARY UNION

The European Monetary Union is a unique experiment in monetary history. Its
initial design only made central bank money truly European, but left commercial
bank and shadow bank money predominantly national. After a decade of smooth
sailing, it entered into crisis mode in 2009 and has never fully recovered.
Through endogenous change and political interventions, it now has an
architecture that nobody has planned. It is continuously transforming and
difficult to govern.

Learn More


FINANCING LARGE-SCALE TRANSFORMATIONS

The Green Transition to net-zero carbon emissions is the greatest challenge of
our age. We broadly know what technically needs to happen, but where should the
money come from to pay for it? Financing large-scale transformations is a
process that requires macro-financial governance, which involves manufacturing
an initial balance sheet expansion, organizing long-term funding, stabilizing
against financial crises, and facilitating an orderly final contraction.

Learn More


GEGI STUDIES

A series of studies that represents the Eurozone in today's Offshore US-Dollar
System as a hierarchical web of interlocking balance sheets. Published by the
Global Economic Governance Initiative (GEGI) at the Global Development Policy
(GDP) Center of Boston University.




PUBLICATIONS

Peer-reviewed journal articles, GEGI Studies, book chapters, dissertation,
working papers, blog posts & newspaper articles, and policy-oriented work

see full list


NEWS

Recent activities in the web and on social media

 * Start of new Emmy Noether Research Group at Global Climate Forum and Freie
   Universität Berlin
   
   2 Apr 2023 | This month marks the launch of the OBFA-TRANSFORM project, a new
   six-year research group hosted at Global Climate Forum and Freie Universität
   Berlin.
   
   The research group will investigate how it is possible for states in modern
   monetary architectures, which are largely privatized and globalized, to
   finance politically desired large-scale transformations such as wars,
   reconstruction, or the Green Transition to net-zero carbon emissions. The
   group is financed by an Emmy Noether grant of Deutsche Forschungsgemeinschaft
   obtained by Steffen Murau who will be the principal investigator. See project
   website…

 * Online Discussion with Robert McCauley on the Special Drawing Rights System
   and Its Ability to Ease Financial Strains in the Global South
   
   13 Feb 2022 | At the second Money View Symposium, Steffen Murau gives a
   preview on a new INET Working Paper that analyzes the IMF’s SDR system as a
   web of interlocking balance sheets and discusses its potential to address
   overindebtedness problems in the international financial architecture.
   
   
   
   
   
   

 * Macro Musings Podcast on the Eurozone, International Monetary Architecture,
   and the Future of the Dollar Zone
   
   19 Jun 2021 | David Beckworth, host of the Macro Musings a podcast which
   pulls back the curtain on the important macroeconomic issues of the past,
   present, and future, interviews Steffen Murau.
   
   In this episode, Steffen Murau joins Macro Musings to talk about the
   Eurozone, its role within international monetary architecture, and the future
   of the dollar zone. They also discuss balance sheet hierarchies, the roles of
   European banks compared to their American counterparts, and the fiscal
   ecosystem present within the Eurozone.
   
   . Tune in…

Steffen Murau Follow

Political economist | International money & finance | Global Climate Forum,
Berlin | Global Development Policy Center, Boston University | BIS, Basel


Steffen Murau @steffenmurau ·
18 Nov


Financing large-scale transformations - What role for off-balance-sheet fiscal
agencies (OBFAs)❓

Having hit the 1.5-year mark of the OBFA-TRANSFORM project, we are happy to
announce the launch of a bilingual working paper series 🗞️🗞️🗞️

https://obfa-transform.eu/obfa-transform-working-paper-series

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Institut Avant-garde @eco_avant_garde ·
24 Oct


📖 Nouveau rapport 📖

En examinant de nombreuses études sur le financement public et privé des grandes
transformations, nous avons construit une boîte de quarante-huit outils.

Malgré le contexte budgétaire contraint, nos marges de manœuvre restent
importantes ⬇️

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Steffen Murau @steffenmurau ·
23 Oct


🚨 Job alert 🚨

We are looking for a highly motivated PhD researcher who would like to join our
group in central Berlin from April 2025 to work on the OBFA-TRANSFORM project
(https://obfa-transform.eu)

See job ad below (deadline 15 Dec 2024) 👇

Full ad: https://rb.gy/ihwsuy



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AFFILIATIONS




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TAGS

2007-9 Financial Crisis ABCPs Accommodation Actorness ASEAN Bank of England
Central Bank Swap Lines Clearing Union constructivism Credit Money Currency
Competition Dollar Hegemony Eurocrisis Eurodollars European Central Bank
European Monetary Union European Union Federal Reserve fiat money Foreign
Exchange Swaps Functionalism G20 Germany ideas International Monetary Fund
International Monetary System International Political Economy MMF Shares
Monetary Anarchy monetary architecture monetary sovereignty Money View
narratives Offshore Private Credit Money Private Credit Money Accommodation
Quantitative Easing Repos Shadow Banking Shadow Money stability and growth pact
TARGET2 Transformation United States

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