While it has become common to regard the international monetary system as hierarchical, the nature, shape and origin of this hierarchy often remain vague. Taking on board insights of critical macro-finance, this study from the Global Economic Governance Initiative at the Global Development...

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 point for thinking about various forms of private debt as ‘shadow...

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...

This forum contribution critically rethinks the macro-financial approach to liquidity by focusing more explicitly on its public-private hybrid dimension. To do so, it introduces the notion of a "liquidity regime": a heuristic device aimed at tracking the ensemble of social relations and...

This paper traces the transformation of the monetary architecture and concomitant sovereign debt issuance practices in Prussia and the German Empire from 1740 to 1914 in order to reflect on contemporary ideas regarding the appropriate relation between states' treasuries, central banks, and the...

Dieser Aufsatz zeichnet den Wandel der monetären Architektur und der damit einhergehenden Praxis der Emission von Staatsanleihen in Preußen und dem Deutschen Kaiserreich von 1740 bis 1914 nach, um die zeitgenössischen Vorstellungen über das angemessene Verhältnis zwischen dem...

Critical macro-finance (CMF) has become an influential avenue of research aimed at shedding light on how the global payments system is governed. In the introduction to this special forum on CMF, we explore three main themes: (1) the intellectual lineage of CMF and its relation to...