FI NA N CI A L STA B I L I T Y: A C A S E FO R COM P L E MENTARY C URRE N C IE S
P%/.$$+Y*02*#(*.#$(*02*"&(*0'(*P"$$*:20(/0%.$*2P *2/(*2P *0'(*-2&0*%/B(/%2"&* %/J(/0%2/&*2P *-./S%/)Y*./)*02*:,2J%)(*(J(,+2/(*2/*0'%&*(.,0'*U%0'*0'(* #.&%1*/(1(&&%0%(&*2P *$%P(R
Three historical solutions 5'(* ,($%B%2"&* $(.)(,&* 2P * W").%&-Y* [&$.-* ./)* 7',%&0%./%0+* "/)(,&022)* 0'(* :,2#$(-&* 2P * 12-:2"/)%/B* %/0(,(&0* ./)* $(P0* "&* &2$"0%2/&* P2,* '2U* 02* )(.$* U%0'*%0C*[/*[&$.-%1*:(2:$(*U'2*P2$$2U*0'(*6'.,%.*2#&(,J(*.*12-:$(H*&(0*2P * ,"$(&*02*:,(J(/0*%/0(,(&0*P,2-*12-:2"/)%/BR*[0*P2,#%)&*/20*2/$+*%/J(&0-(/0&* %/*-2,.$$+*2,*&21%.$$+*:,2'%#%0%J(*.10%J%0%(&*#"0*.$&2*&:(1"$.0%2/*./)*(H1(&&%J(* 12&0&*2P *$2./&*./)Y*12/&(f"(/0$+Y*-.S(&*0'(*-2/(+$(/)(,&*c*U'(0'(,*:,%J.0(* 2,*:,2P(&&%2/.$*c*.*:.,0*2P *0'(*:,2b(10*U'%1'*0'(+*.,(*P%/./1%/BR*5'(,(P2,(Y* 0'(+*'.J(*.*&0,2/B*&(/&(*2P *,(&:2/&%#%$%0+*P2,*%0&*12/0%/"%0+*./)*&"11(&&R W").%&-*"&()*02*,(&2$J(*0'(*:,2#$(-*2P *12-:2"/)%/B*%/0(,(&0*#+*U.%J%/B* .$$*)(#0*,(B"$.,$+*(J(,+*&(J(/*+(.,&*%/*0'(*&2N1.$$()*gb"#%$((*+(.,]R*\P0(,*E*H*E* 2,*M_*+(.,&*/20*2/$+*U(,(*)(#0&*gP2,NB%J(/]*./)*)(#0N&$.J(&*U(,(*P,(()Y*:,%J.0(* $./)*U.&*.$&2*B%J(/*#.1S*02*0'(*12--"/%0+R 5'(* 7',%&0%./* 1'",1'(&* %/* 8",2:(Y* -.%/$+* )",%/B* 0'(* 9%))$(* \B(&* #(0U((/*_DD*./)*?MDD*\XY*%-:2&()*&0,%10*%/0(,(&0*:,2'%#%0%2/*$.U&R*5'(+* :"/%&'()* 0'2&(* U'2* $(J%()* %/0(,(&0* 2/* $2./&Y* &(J(,($+* (H1$")%/B* 0'(-* P,2-*0'(*7',%&0%./*12--"/%0+*./)*7',%&0%./*P"/(,.$&R*92/(+*U.&*S(:0*%/* 1%,1"$.0%2/*#+*,(B"$.,$+*,(N1.$$%/B*./)*,(N-%/0%/B*0'(*0'%/*-(0.$*12%/&*c*%/* &2-(*.,(.&*1.$$()*^,.S0(.0(/*c*(J(,+*0',((*02*P2",*+(.,&*./)*#+*$(J+%/B*.* P((*2P *=D*c*MDr*%/*0'(*,(/(U.$*:,21(&&R*5'%&*U.&*.*U.+*2P *12$$(10%/B*0.H(&R* 5'(* "&(* 2P * 0'(* 2$)* 12%/&* U.&* P2,#%))(/* #+* $.U* ./)* &./10%2/()* #+* :,%&2/* &(/0(/1(&R*5'%&*0%-(c,($.0()*1'.,B(*2/*-2/(+Y*1.$$()*g)(-",,.B(]Y*.10()*.&* .*g1%,1"$.0%2/*%/1(/0%J(]*./)*-(./0*0'.0*/2#2)+*U.&*.#$(*02*'2.,)*-2/(+* U%0'2"0*,%&S%/B*.*$2&&R*[/&0(.)*2P *1'.,B%/B*%/0(,(&0Y*:(2:$(*"&".$$+*.11(:0()* $2./&*0'.0*B".,./0(()*0'(*(f"%J.$(/0*J.$"(*.P0(,*&2-(*-2/0'&*2,*+(.,&*c*./)* 0'"&*0'(+*($%-%/.0()*0'(*g$%f"%)%0+*:,(-%"-]*2,*,(U.,)*P2,*0'(*$(/)(,Y*U'%1'* 1."&(&*0'(*12-:2"/)%/B*2P *%/0(,(&0R*[/*0(,-&*2P *-2)(,/*#./S%/B*:,.10%1(&Y* $(.J%/B*2"0*0'%&*&'.,(*%/*0'(*12&0*2P *%/0(,(&0*U2"$)*'.$J(*0'(*12&0&*P2,*$2./&* ./)*&"#&(f"(/0$+Y*2J(,*0%-(Y*0'(*M`r*&'.,(*2P *%/0(,(&0*%/*:,%1(&R \$$* 0',((* '%&02,%1* &2$"0%2/&* '.J(* ,(-.%/()* .$%J(* ":* 02* 0'%&* ).+R* 5'(* [&$.-%1* -2)($* %&* P%/)%/B* -2,(* ./)* -2,(* .11(:0./1(* .-2/B* 0'(* 9"&$%-* :2:"$.0%2/*%/*J%(U*2P *0'(*P.%$",(*2P *0'(*1.:%0.$%&0*-2/(+*&+&0(-*02*:,2J%)(* P2,*&+&0(-%1*&0.#%$%0+*./)*P.%,/(&&R*5'(*W(U%&'*-2)($*2P *U.%J%/B*0'(*)(#0&* '.&*#((/*.)J21.0()*02*12"/0(,.10*0'(*1.:%0.$%&0*-2/(+*&+&0(-&]*%/.#%$%0+*02* )(.$*U%0'*&21%.$*b"&0%1(*c*%/*0(,-&*2P *U.%J%/B*0'(*2"0&0./)%/B*$2./&*2P *0'(* $(&&*)(J($2:()*12"/0,%(&R*\/)*-./+*2P *0'(*12-:$(-(/0.,+*1",,(/1%(&*/2U* ,"//%/B*%/*;(,-./+*.,(*"&%/B*)(-",,.B(*.&*.*1%,1"$.0%2/*%/1(/0%J(R* T'(,(* 0'(&(* &2$"0%2/&* '.J(* /20* #((/* .::$%()Y* 0',((* '%&02,%1* 12/*&(N f"(/1(&* '.J(* .,%&(/C* '+:(,%/P$.0%2/* K2,* 1,.&'OY* &21%.$* ,(J2$"0%2/* ./)* U.,R* 32U(J(,Y* /(%0'(,* 0'(* FE* -2/(0.,+* 1,.&'(&* 2J(,* 0'(* $.&0* >`* +(.,&* K4%(0.(,* >DDEOY*/2,*#20'*T2,$)*T.,&Y*/2,*&21%.$*,(J2$"0%2/&*K$%S(*0'(*G,(/1'Y*@"&&%./*
75