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About City

Steffen Murau

MPhil/PhD Student

Department of International Politics

City Political Economy Research Centre

E: steffen.murau.1@city.ac.uk

Thesis title: Private Credit Money Gone Public: Monetary Transformation and the Accommodation of Bank Notes, Bank Deposits and Shadow Money

Supervisors: Professor Anastasia Nesvetailova and Dr Stefano Pagliari

Overview and research interests

Private credit moneys are financial 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 convertible into higher-ranking public money. Throughout history, however, private credit money forms have repeatedly lost their credibility and became subject to a run by investors who all at once tried to convert their private credit money balances into public money. To keep up the stability of the financial system, governments had to react to these runs and in a range of instances decided to drag the private credit money form under the control of the state.

In his thesis, Steffen examines this process of 'accommodating' private credit money from a comparative perspective. To understand how and why such accommodation occurred, it develops a theory of private credit money accommodation and applies it on three cases in the respective centres of the global financial system: the 1797 Bank Restriction in the United Kingdom that accommodated bank notes; the 1933 Emergency Banking Act in the U.S. that accommodated bank deposits; as well as the realignment of Federal Reserve policies after the 2008 financial crisis, which led to an accommodation of money market mutual fund shares and overnight repurchase agreements as contemporary forms of ‘shadow money’.

He holds a Magister Artium (5 years integrated one-tier programme) in Political Science, Philosophy and International Law as well as a BSc in Economics from Ludwig-Maximilians-Universität in Munich. In 2015, he attended Barnard College of Columbia University, New York, as a visiting doctoral research scholar. Steffen is also executive board member of the Young Initiative on Foreign Affairs and International Relations e.V. (IFAIR).

Research interests

  • International Political Economy
  • Monetary Theory
  • History of Economic Thought
  • European Monetary Union
  • International Financial Governance
  • Political Economy of the Middle East


Book chapters and journal articles

  • Murau, S. (2017) ‘Shadow Money and the Public Money Supply: The Impact of the 2007-9 Financial Crisis on the Monetary System’, Review of International Political Economy, DOI: 10.1080/09692290.2017.1325765
  • Murau, S. and Spandler, K. (2016) ‘EU, US and ASEAN Actorness in G20 Financial Policy-Making: Bridging the EU Studies-New Regionalism Divide’, Journal of Common Market Studies 54(4), pp. 928-943.
  • Murau, S. and Spandler, K. (2016) 'IMF Reform Negotiations in the G20: Comparing Actorness and Power in the Foreign Financial Policies of the EU, the US and ASEAN', in: Peters, I. (ed.). The European Union's Foreign Policy in Comparative Perspective. What kind of power and what kind of actor?, Routledge, pp. 41-60.
  • Murau, S. (2011) 'Marx' Fetisch und Kants Hypostasierung. Kritik und die Notwendigkeit des Scheins im "Kapital"', Widerspruch. Münchner Zeitschrift für Philosophie (53), pp. 128-138.

Conference presentations

  • Murau, S. (2016) ‘European Monetary Integration and the Public-Private Money Divide: Can Post-Crisis Reforms Harmonize Private Money Creation in the Eurozone?’, 3rd European Workshops in International Studies (EWIS), Tübingen, 6-8 April 2016.
  • Murau, S. (2016) ‘The Politics of Public vs. Private Credit Money: Accommodating Shadow Money in the 2008 Financial Crisis’, Annual Meeting of the International Studies Association, Atlanta (Georgia), 17 March 2016.
  • Murau, S. (2015) 'Private Credit Money Accommodation and the 2007-9 Financial Crisis’, Workshop ‘Public and/or Private Money’, University of Cambridge, 7 December 2015.
  • Murau, S. (2015) 'Private Credit Money Accommodation in the 2007-9 Financial Crisis. A Study of Money Market Fund shares, Repurchase Agreements and Asset-backed Commercial Papers’, 27th Annual Conference of the European Association for Evolutionary Political Economy (EAEPE), Genoa, 19 September 2015.
  • Murau, S. and Spandler, K. (2014) 'IMF Reform Negotiations in the G20. Comparing Actorness and Power in the Foreign Financial Policies of the EU, the US and ASEAN’, EU in International Affairs IV Conference, Brussels, 23 May 2014.
  • Murau, S. (2013) 'Deutschland und die Krise der Europäischen Währungsunion. Eine Phänomenologie der Kausalzuschreibungen im deutschen Diskurs über die Eurokrise der Jahre 2010 und 2011', Dominanz der Wirtschaft, Wiedererwachen der Politik, Internationale Politische Ökonomie?, Heidelberg, 22 March 2013.


City, University of London (Department of International Politics):

  • The Making of the Modern World Economy (IP1017, a.y. 2015/16)
  • Introduction to Political Economy (IP1016, a.y. 2014/15)
  • Myths and Mysteries in World Politics (IP1014, a.y. 2014/15)
  • International Relations Theories (IP1015, a.y. 2013/14)
  • Advanced Theories of Global Politics (IP2020, a.y. 2013/14)

University College London (Department of Economics):

  • History of Economic Thought (ECON1006, a.y. 2014/15, 2015/16 and 2016/17)
  • Money and Banking (ECON6003, a.y. 2013/14)

Barnard College of Columbia University, New York (Department of Economics)

  • Economics of Money and Banking (Teaching Assistant for the MOOC on coursera, 2015)


Find Steffen on the following websites: