Abstract
The theory incorporates ongoing denationalization of money; and along one of its azimuths, fully developed in Chapter 2, fluctuations in values of national currencies are a mere sideshow: see the extended ECU standard. And it explains how Euro-market dealings may continuously reconstruct virtual currency positions so that switches in asset preferences are accommodated by balance sheet reconstruction — through the agency of dealers, including ‘speculators’.
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© 1991 M. L. Burstein
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Burstein, M.L. (1991). Some Theory of Innovated Open Financial Networks. In: The New Art of Central Banking. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-11626-3_8
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DOI: https://doi.org/10.1007/978-1-349-11626-3_8
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-11628-7
Online ISBN: 978-1-349-11626-3
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)