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Symptoms and Consequences of Bad Money

In: A Guide to Good Money

Author

Listed:
  • Brendan Brown

    (Hudson Institute)

  • Robert Pringle

    (Central Banking Publications)

Abstract

In this chapter, the authors bring together in summary form the key elements of bad money regimes—focusing on their features, symptoms and consequences. These are not necessarily present in all case of bad money but they are typical and common. The authors find that an overriding feature of the bad money regime is a mega financial boom-bust cycle. The boom phase can be highly elongated and conjures up illusions of prosperity. The bust phase can be on such a scale as to cause economic, social, political and geopolitical devastation. Historically, there have been very long and variable expansion phases under bad money regimes and when the big busts come, the monetary regime in place and its defenders have much scope to spread the blame to others.

Suggested Citation

  • Brendan Brown & Robert Pringle, 2022. "Symptoms and Consequences of Bad Money," Springer Books, in: A Guide to Good Money, chapter 0, pages 141-155, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-06041-0_9
    DOI: 10.1007/978-3-031-06041-0_9
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