Monetary Monopoly as Structural Cause for Systemic Financial Instability?

Bernard Lietaer

Chapter 2 in Corporate and Social Transformation of Money and Banking, 2011, pp 25-55 from Palgrave Macmillan

Abstract: Abstract The first telltale sign that there could be a systemic cause for financial and monetary instability is its repetitive nature. Indeed, even before the huge 2008 banking crash, the World Bank has identified more than 96 banking crises and 176 monetary crises since President Nixon introduced the floating exchange regime in the early 1970s (Caprio and Klingebiel 1996). Even before that period, financial booms and bust cycles were, in Kindleberger’s words, a remarkably ‘hardy perennial’ (Kindleberger 1978). He inventories no less than 48 massive crashes between the 1637 tulip mania in Holland and the 1929 crash on Wall Street.

Keywords: Gross Domestic Product; National Currency; Patriarchal Society; Bank Debt; Total System Throughput (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-0-230-29897-2_2

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DOI: 10.1057/9780230298972_2

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