Mielenkiintoinen artikkeli negatiivisista koroista (vuodelta 2011). Opin, että niiden teoreettinen historia on paljon pidempi. Mm. 30-luvun laman kourissa mehusteltiin ajatuksella negatiivisista koroista. Kun inflaatio ei rokota säästäjiä, pitää heitä rokottaa muilla keinoilla.
Tutkimus tuo myös hyvää perspektiiviä siihen, kuinka normaalia rahajärjestelmän nopeat muutokset on. Monet kummastelevat ”nykymenoa” mutta jos hieman lukisi historiaa niin tajuaisi, että aina ollaan oltu uuden ja jännän äärellä.
” Altering the existing monetary regime is always controversial. However, from a historical perspective, the world’s monetary system has been changing constantly. Although people tend to believe that the existing order is the only imaginable one, history teaches us that the institutional design of money is subject to rapid changes, even if the underlying purpose of facilitating exchange remains the idiosyncratic raison d’etre of money. For example, the last one hundred years saw the widespread advent of fiat money during the First World War, followed by a period of hyperinflation in many nations and a disastrous return to the gold standard that contributed to the worldwide spread of the Great Depression. After the Second World War, the Bretton Woods Dollar standard was the basis for the miraculous post war recovery, but run into trouble at the beginning of the 1970s. In fact, our modern monetary system of free floating fiat money is less than forty years old and is the outcome not of careful institutional design but rather of trial and error. Moreover, China and other nations are still pegging their currencies to the Dollar, thereby contributing to the gigantic trade imbalances of today. Thus, today’s monetary regime is neither a natural system nor a carefully designed one.”
