The International Dimension of Financial Crises

Alvaro Cencini and Sergio Rossi
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Alvaro Cencini: University of Lugano
Sergio Rossi: University of Fribourg

Chapter 9 in Economic and Financial Crises, 2015, pp 204-225 from Palgrave Macmillan

Abstract: Abstract Is the present system of international payments an orderly one? And if not, why and what are the consequences? These are the questions asked in this chapter, which is devoted to the analysis of international transactions and their impact on financial crises. The inconsistency between the way money should be used in transnational payments and how payments are actually carried out between nations is not difficult to discern or detect: what should be a mere numerical means of payment becomes an asset that is exchanged against other assets. Yet money does not change its nature when it is used internationally, which is why transnational payments that do not comply with the vehicular nature of money are hopelessly pathological and the source of monetary disorder that feeds speculation and propels financial crises.

Keywords: Foreign Currency; National Currency; External Debt; Sovereign Debt; Bank Deposit (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-46190-2_10

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DOI: 10.1057/9781137461902_10

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