Results found: 2

Search results

Search:
in the keywords: fiat money

Sort By:

Limit search:

Pieniądz fiat. Ponad tysiąc lat największego wynalazku w historii ekonomii

100%

Sopoćko A.

Problemy Zarządzania

2018

issue 3/2018 (76)

160-175

The article discusses the history of fiat money, namely money having no exchange parity and not based on any commodity. Contrary to popular belief, it is very long, dating back to a thousand years ago. China has the longest, both good and bad, historical experience with this form of money. In Europe, it was in operation in relatively short periods; in China, nonetheless, it was used for almost 500 years, accompanying the country’s heyday. The author attempts to explain why fiat money in China continued for so long, while no European state was able to maintain this form of money for more extended periods. He also presents the reasons behind the common abandonment of metal-based money in the 20th century, even though it fulfilled its functions well for thousands of years. The final part offers arguments indicating not only the inevitability of maintaining fiat money but also a highly systemic nature of money in general. The author believes that money cannot be issued on the basis of considerations outside a particular economic system. Currency board or sliding peg solutions may help overcome hyperinflation and restore confidence in domestic currency. In the long run, however, they are very unlikely to maintain stable economic development.

Autor omawia historię pieniądza fiat, czyli nieposiadającego żadnego parytetu wymiany, ani też sygnowanego na jakimkolwiek wartościowym tworzywie. Jest ona, wbrew powszechnemu mniemaniu, bardzo długa; sięga tysiąca lat. Autor stara się wyjaśnić, dlaczego pieniądz fiat w Chinach utrzymywał się tak długo, podczas gdy żadne państwo europejskie nie było w stanie utrzymać dłużej tej formy pieniądza. Jednocześnie przedstawione zostały przyczyny powszechnego odejścia od pieniądza kruszcowego w XX wieku, choć przez tysiące lat spełniał on dobrze, w tej postaci, swoje funkcje. W końcowej części przedstawiono argumenty wskazujące na nieuchronność pozostania przy formule fiat i wybitnie systemowy charakter pieniądza w ogóle. Nie może być on, w mniemaniu autora, emitowany na podstawie przesłanek spoza danego systemu gospodarczego. Rozwiązania typu currency board, sliding peg mogą być pomocne przy wychodzeniu z hiperinflacji i przywracaniu zaufania do pieniądza krajowego. Na dłuższą metę nie dają jednak szans na utrzymanie stabilnego rozwoju ekonomicznego.

REDISCOVERING MISES-HAYEK MONETARY AND BUSINESS CYCLE THEORY IN LIGHT OF THE CURRENT CRISIS: CREDIT EXPANSION AS A SOURCE OF ECONOMIC BOOM AND BUST

84%

Mrowiec M.

Finansowy Kwartalnik Internetowy e-Finanse

2013

vol. 9

issue 2

64-74

The article starts with a brief description of Mises’ monetary theory, with emphasis on the Misesian differentiation of two kinds of credit: commodity and circulation credit, and with the description of the impact of circulation credit expansion on the business cycle. Further on it is described how Mises’ insights constituted the kernel of Austrian Business Cycle Theory, and how the same observations on the nature of credit constituted the kernel of the Chicago Plan (though Mises’ views on the nature of credit led him to different conculsions than it led the authors of the Chicago Plan), and how this plan is being “rediscovered” now. The following sections deal with observations of one of the preeminent current macroeconomic researches, Mr. Claudio Borio, on the elasticity of credit as the source of the current crisis, and on the importance of the financial cycle in analysing the current economic crisis. The author of this text demonstrates that Austrian Business Cycle Theory gave the same answer regarding the sources of economic crises that now modern macroeconomic theory seems to be approaching, and that the postulates for successful financial cycle modeling are already included in the ABCT. Finally, some observations on the current crisis, as well as proposals of avenues of further research are proposed.

Refine search results

1 Finansowy Kwartalnik Internetowy e-Finanse

1 Problemy Zarządzania

1 Mrowiec M.

1 Sopoćko A.

1 2019

1 2013

Search results

Pieniądz fiat. Ponad tysiąc lat największego wynalazku w historii ekonomii

REDISCOVERING MISES-HAYEK MONETARY AND BUSINESS CYCLE THEORY IN LIGHT OF THE CURRENT CRISIS: CREDIT EXPANSION AS A SOURCE OF ECONOMIC BOOM AND BUST