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What is money in a critical macro-finance framework?

Published online by Cambridge University Press:  09 November 2023

Steffen Murau  and
Tobias Pforr
Steffen Murau*
Affiliation:
Boston University, USA/City, University of London, UK
Tobias Pforr
Affiliation:
University of Reading/University of Warwick, UK
*
Corresponding author: Steffen Murau, Department ofInternational Politics, City, University of London, Northampton Square, LondonEC1V 0HB, UK. Email: [email protected].
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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.

Type
Forum: Critical macro-finance
Information
Finance and Society , Volume 6 , Issue 1 , 2020 , pp. 56 - 66
Creative Commons
Creative Common License - CCCreative Common License - BYCreative Common License - NCCreative Common License - ND
This is an Open Access article, distributed under the terms of the Creative Commons Attribution-NonCommercial-No Derivatives licence (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits noncommercial re-use, distribution, and reproduction in any medium, provided the original work is unaltered and is properly cited. The written permission of Cambridge University Press must be obtained for commercial re-use or in order to create a derivative work.
Copyright
© 2020 The Author(s)

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