Fractional Reserves and Exchange Rate Pegging: Currency, Banking and Inflation Crises

MENŠÍK, Josef. Fractional Reserves and Exchange Rate Pegging: Currency, Banking and Inflation Crises. In CEEL program in Adaptive Economic Dynamics, Ninth Trento Summer School, Intensive course in Financial Instability and Crises. 2008.

Základní údaje

• Originální název: Fractional Reserves and Exchange Rate Pegging: Currency, Banking and Inflation Crises
• Název česky: Částečné krytí a fixní kurz: měnové, bankovní a inflační krize
• Autoři: MENŠÍK, Josef.
• Vydání: CEEL program in Adaptive Economic Dynamics, Ninth Trento Summer School, Intensive course in Financial Instability and Crises, 2008.

Další údaje

• Originální jazyk: angličtina
• Typ výsledku: Prezentace na konferencích
• Obor: 50200 5.2 Economics and Business
• Stát vydavatele: Itálie
• Utajení: není předmětem státního či obchodního tajemství
• Organizační jednotka: Ekonomicko-správní fakulta
• Klíčová slova anglicky: Fractional reserves; Exchange rate pegging; Currency crises; Banking crises; Inflation Crises
• Štítky: banking crises, Currency crises, Exchange rate pegging, Fractional reserves, Inflation Crises
• Příznaky: Mezinárodní význam

Anotace

Fractional reserves give the currency systems an additional flexibility while pegged exchange rates introduce elements of stability to the systems. Both of these features being desirable, they are competing by their very nature. If accompanied by excessive flexibility, the pegging may provide only temporary stability, interrupted by occasional dramatic episodes of severe accommodations in the form of banking, currency or inflation crises. Arguably, the most important single common cause behind these episodes is to be found in the deliberate illiquidity on the part of banks who combine currency issue based on fractional reserves with the exchange rate pegging.