Artikel
Currency hierarchy and underdevelopment
Money in capitalism is a social force which exists not only on the level of wealth owners, but is also a force which stimulates economic development (or fails to do so). According to Hajo Riese the asset-protecting function of money, which can be expressed in a liquidity premium, indicates different qualities of money. At the top of the hierarchy are a small number of currencies which take over national and international functions; at the bottom are currencies which only partly take over national functions. Countries issuing these currencies suffer from dollarisation and capital flight. The consequence is that they cannot have a strong and sustainable Schumpeterian credit–investment mechanism. External credit seems to be a solution, but external debt together with credit dollarisation leads to a fragile domestic financial system and the likelihood of overindebtedness. A poor quality of money is one key element in explaining the reproduction of underdevelopment.
- Sprache
-
Englisch
- Erschienen in
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Journal: European Journal of Economics and Economic Policies: Intervention (EJEEP) ; ISSN: 2052-7772 ; Volume: 19 ; Year: 2022 ; Issue: 2 ; Pages: 238-259
- Klassifikation
-
Wirtschaft
Economic Impacts of Globalization: Economic Development
Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
- Thema
-
currency hierarchy
dollarisation
underdevelopmentE42
- Ereignis
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Geistige Schöpfung
- (wer)
-
Herr, Hansjörg
Nettekoven, Zeynep
- Ereignis
-
Veröffentlichung
- (wer)
-
Edward Elgar Publishing
- (wo)
-
Cheltenham
- (wann)
-
2022
- DOI
-
doi:10.4337/ejeep.2022.02.06
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Herr, Hansjörg
- Nettekoven, Zeynep
- Edward Elgar Publishing
Entstanden
- 2022
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