Steffen Murau
@steffenmurau.bsky.social
Research group leader OBFA-TRANSFORM project (https://obfa-transform.eu) | Global Climate Forum, Berlin. Freie Universität Berlin. Boston University.
2️⃣ Creation of new off-balance-sheet fiscal agencies (OBFAs) as bad banks or suppliers of emergency elasticity
3️⃣ Re-affirmation of a reciprocal guarantee structure between central banks and treasuries as the main balance sheets at the apex of the monetary hierarchy
More on this research to follow
3️⃣ Re-affirmation of a reciprocal guarantee structure between central banks and treasuries as the main balance sheets at the apex of the monetary hierarchy
More on this research to follow
November 26, 2025 at 11:04 AM
2️⃣ Creation of new off-balance-sheet fiscal agencies (OBFAs) as bad banks or suppliers of emergency elasticity
3️⃣ Re-affirmation of a reciprocal guarantee structure between central banks and treasuries as the main balance sheets at the apex of the monetary hierarchy
More on this research to follow
3️⃣ Re-affirmation of a reciprocal guarantee structure between central banks and treasuries as the main balance sheets at the apex of the monetary hierarchy
More on this research to follow
The Eurozone architecture transformed mainly via three innovation types that stopped the contractions & altered the web of interlocking balance sheets:
1️⃣ Setting up new contingent instruments to pull credit instruments onto (public) balance sheets higher up in the monetary hierarchy
1️⃣ Setting up new contingent instruments to pull credit instruments onto (public) balance sheets higher up in the monetary hierarchy
November 26, 2025 at 11:04 AM
The Eurozone architecture transformed mainly via three innovation types that stopped the contractions & altered the web of interlocking balance sheets:
1️⃣ Setting up new contingent instruments to pull credit instruments onto (public) balance sheets higher up in the monetary hierarchy
1️⃣ Setting up new contingent instruments to pull credit instruments onto (public) balance sheets higher up in the monetary hierarchy
➡️ In the Eurocrisis, the funding of sovereign debt collapsed, which played out through a series of “doom loops” amplified by the Eurozone's reliance on repo markets for funding sovereign debt.
November 26, 2025 at 11:04 AM
➡️ In the Eurocrisis, the funding of sovereign debt collapsed, which played out through a series of “doom loops” amplified by the Eurozone's reliance on repo markets for funding sovereign debt.
➡️ In the Global Financial Crisis, funding in the shadow banking system collapsed after the initial default of mortgages, with contagion across sectors and borders, escalating to a run on repo markets and offshore dollars in Europe.
November 26, 2025 at 11:04 AM
➡️ In the Global Financial Crisis, funding in the shadow banking system collapsed after the initial default of mortgages, with contagion across sectors and borders, escalating to a run on repo markets and offshore dollars in Europe.
Our two case studies of the 2007-9 Global Financial Crisis and the 2009-12 Eurocrisis show:
➡️ Both crises were essentially about the inability to maintain the funding of the volume and type of credit instruments in the US and Eurozone monetary architectures.
➡️ Both crises were essentially about the inability to maintain the funding of the volume and type of credit instruments in the US and Eurozone monetary architectures.
November 26, 2025 at 11:04 AM
Our two case studies of the 2007-9 Global Financial Crisis and the 2009-12 Eurocrisis show:
➡️ Both crises were essentially about the inability to maintain the funding of the volume and type of credit instruments in the US and Eurozone monetary architectures.
➡️ Both crises were essentially about the inability to maintain the funding of the volume and type of credit instruments in the US and Eurozone monetary architectures.
✳️ Inbuilt elasticity is activated by hierarchically higher balance sheets, which deliver on guarantees and insurance to mitigate the contraction.
🌀 Innovation happens as a response to insufficient elasticity mechanisms through the creation of new instruments and institutions.
🌀 Innovation happens as a response to insufficient elasticity mechanisms through the creation of new instruments and institutions.
November 26, 2025 at 11:04 AM
✳️ Inbuilt elasticity is activated by hierarchically higher balance sheets, which deliver on guarantees and insurance to mitigate the contraction.
🌀 Innovation happens as a response to insufficient elasticity mechanisms through the creation of new instruments and institutions.
🌀 Innovation happens as a response to insufficient elasticity mechanisms through the creation of new instruments and institutions.
We develop a novel methodology that allows us to show how the "monetary architecture", understood as a web of interlocking balance sheets, transforms in crises:
🛑 Contraction spreads through the system via contagion between credit instruments – from one balance sheet to another and across borders.
🛑 Contraction spreads through the system via contagion between credit instruments – from one balance sheet to another and across borders.
November 26, 2025 at 11:04 AM
We develop a novel methodology that allows us to show how the "monetary architecture", understood as a web of interlocking balance sheets, transforms in crises:
🛑 Contraction spreads through the system via contagion between credit instruments – from one balance sheet to another and across borders.
🛑 Contraction spreads through the system via contagion between credit instruments – from one balance sheet to another and across borders.
You can access our working paper series, YouTube channel, and data repository to see what we’ve been working on in our first project period
We’ll be sharing more insights from our research about the political economy of financing large-scale transformations over the next few weeks 🔜
We’ll be sharing more insights from our research about the political economy of financing large-scale transformations over the next few weeks 🔜
November 24, 2025 at 1:21 PM
You can access our working paper series, YouTube channel, and data repository to see what we’ve been working on in our first project period
We’ll be sharing more insights from our research about the political economy of financing large-scale transformations over the next few weeks 🔜
We’ll be sharing more insights from our research about the political economy of financing large-scale transformations over the next few weeks 🔜
We apply these concepts on historical large-scale transformations in the 20th century, focusing on war and reconstruction finance
Building on these insights from the first half of the project, we will focus for the next three years on the biggest challenge of our times: the Green Transition 🌱
Building on these insights from the first half of the project, we will focus for the next three years on the biggest challenge of our times: the Green Transition 🌱
November 24, 2025 at 1:21 PM
We apply these concepts on historical large-scale transformations in the 20th century, focusing on war and reconstruction finance
Building on these insights from the first half of the project, we will focus for the next three years on the biggest challenge of our times: the Green Transition 🌱
Building on these insights from the first half of the project, we will focus for the next three years on the biggest challenge of our times: the Green Transition 🌱
On the website, you can explore the key concepts we apply in our research 🔑
We analyse the global economy as a hierarchically ordered web of interlocking balance sheets 🌐
We’ve developed concepts like off-balance-sheet fiscal agencies (OBFAs) which are part of our Monetary Architecture framework
We analyse the global economy as a hierarchically ordered web of interlocking balance sheets 🌐
We’ve developed concepts like off-balance-sheet fiscal agencies (OBFAs) which are part of our Monetary Architecture framework
November 24, 2025 at 1:21 PM
On the website, you can explore the key concepts we apply in our research 🔑
We analyse the global economy as a hierarchically ordered web of interlocking balance sheets 🌐
We’ve developed concepts like off-balance-sheet fiscal agencies (OBFAs) which are part of our Monetary Architecture framework
We analyse the global economy as a hierarchically ordered web of interlocking balance sheets 🌐
We’ve developed concepts like off-balance-sheet fiscal agencies (OBFAs) which are part of our Monetary Architecture framework
Reposted by Steffen Murau
Gemeinsam mit Armin Haas und @steffenmurau.bsky.social argumentieren wir in einer neuen Studie bei der @swp-berlin.org, dass solche Einrichtungen auch heute wieder eine Rolle spielen könnten:
👉 Link: www.swp-berlin.org/publikation/...
👉 Link: www.swp-berlin.org/publikation/...
Mehr Macht, weniger Markt – Denken und Handeln in der geoökonomischen Zeitenwende
Die Rückkehr von Macht auf den Markt ist das Wesensmerkmal einer geoökonomischen Zeitenwende, wie sie die internationale Politik derzeit...
www.swp-berlin.org
November 14, 2025 at 3:40 PM
Gemeinsam mit Armin Haas und @steffenmurau.bsky.social argumentieren wir in einer neuen Studie bei der @swp-berlin.org, dass solche Einrichtungen auch heute wieder eine Rolle spielen könnten:
👉 Link: www.swp-berlin.org/publikation/...
👉 Link: www.swp-berlin.org/publikation/...
Reposted by Steffen Murau
Mit Beiträgen von @andreabinder.bsky.social @steffenmurau.bsky.social @martynalinartas.bsky.social @carolinmueller.bsky.social @larsdoepking.bsky.social @c-westermeier.bsky.social Patrick Samtlebe, Philip Manow, Janosch Prinz, Jenny Stupka, Jürgen Unger-Sirsch, Christian Neuhäuser und mehr!
October 24, 2025 at 9:41 AM
Mit Beiträgen von @andreabinder.bsky.social @steffenmurau.bsky.social @martynalinartas.bsky.social @carolinmueller.bsky.social @larsdoepking.bsky.social @c-westermeier.bsky.social Patrick Samtlebe, Philip Manow, Janosch Prinz, Jenny Stupka, Jürgen Unger-Sirsch, Christian Neuhäuser und mehr!
The piece draws on last year's OBFA-TRANSFORM Working Paper "State Finance Beyond the Core Budget", co-authored with @gregorlaudage.bsky.social , @agutersandu.bsky.social du.bsky.social, and Armin Haas
papers.ssrn.com/sol3/papers....
papers.ssrn.com/sol3/papers....
State Finance Beyond the Core Budget. Off-Balance-Sheet Fiscal Agencies in Germany's Fiscal Ecosystem
<br>
The state as a fiscal actor is commonly perceived to be a unitary entity that interacts with the wider financial system via its core budget operated by the trea
papers.ssrn.com
June 17, 2025 at 7:18 AM
The piece draws on last year's OBFA-TRANSFORM Working Paper "State Finance Beyond the Core Budget", co-authored with @gregorlaudage.bsky.social , @agutersandu.bsky.social du.bsky.social, and Armin Haas
papers.ssrn.com/sol3/papers....
papers.ssrn.com/sol3/papers....
...with countless sub-balance sheets that are historically grown and subject to permanent transformation.
The German constitutional debt brake & the EU fiscal rules seek to constrain debt issuance on some balance sheets but then also define legal spaces for new OBFAs to emerge
The German constitutional debt brake & the EU fiscal rules seek to constrain debt issuance on some balance sheets but then also define legal spaces for new OBFAs to emerge
June 17, 2025 at 7:18 AM
...with countless sub-balance sheets that are historically grown and subject to permanent transformation.
The German constitutional debt brake & the EU fiscal rules seek to constrain debt issuance on some balance sheets but then also define legal spaces for new OBFAs to emerge
The German constitutional debt brake & the EU fiscal rules seek to constrain debt issuance on some balance sheets but then also define legal spaces for new OBFAs to emerge
We present our map of 'off-balance-sheet fiscal agencies' (OBFAs) in Germany, looking at their legal status, revenue schemes, and ways to issue debt.
👉 the state is not a single financial entity even though models and discourses tend to claim that. Instead, the state is a complex financial being...
👉 the state is not a single financial entity even though models and discourses tend to claim that. Instead, the state is a complex financial being...
June 17, 2025 at 7:18 AM
We present our map of 'off-balance-sheet fiscal agencies' (OBFAs) in Germany, looking at their legal status, revenue schemes, and ways to issue debt.
👉 the state is not a single financial entity even though models and discourses tend to claim that. Instead, the state is a complex financial being...
👉 the state is not a single financial entity even though models and discourses tend to claim that. Instead, the state is a complex financial being...