Conflicted virtue

Conflicted virtue

Als conflicted virtue (englisch konfliktbehaftete Tugend) bezeichnet man in der Volkswirtschaftslehre eine Situation, in der ein Land am Kapitalmarkt nicht in eigener Währung verleihen kann und daher Kredite in ausländischer Währung vergeben muss.

„Any international creditor country that cannot lend in its own currency cumulates a currency mismatch that we call the syndrome of conflicted virtue.[1]

Eine solche Situation stellt also den Gegenpol zur Original Sin dar. Sie tritt ein, wenn ein "tugendhaftes" ("virtues") Land mit hoher Sparquote durch einen Zahlungsbilanzüberschuss über einen längeren Zeitraum immer größere Währungsreserven aufbaut. Problematisch ist dies vor allem für die Inländer (z. B. Chinesen) falls sie gezwungen sind, z. B. wegen internationaler Handelsbeziehungen hohe Reserven der Fremdwährung (z. B. Dollar) zu halten, denn sollte ihre Währung aufgewertet werden (d. h. für dieses Beispiel für gehaltene Dollar weniger ihrer Alltagswährung Yuan zu bekommen), würde sich ihre Vermögensposition verschlechtern.

Quelle

  1. The Problem of Conflicted Virtue, McKinnon/Schnabel 2003

Wikimedia Foundation.

Игры ⚽ Поможем написать реферат

Schlagen Sie auch in anderen Wörterbüchern nach:

  • Virtuous circle and vicious circle — A virtuous circle or a vicious circle is a complex of events that reinforces itself through a feedback loop toward greater instability. A virtuous circle (or virtuous cycle) has favorable results, and a vicious circle (or vicious cycle) has… …   Wikipedia

  • United States — a republic in the N Western Hemisphere comprising 48 conterminous states, the District of Columbia, and Alaska in North America, and Hawaii in the N Pacific. 267,954,767; conterminous United States, 3,022,387 sq. mi. (7,827,982 sq. km); with… …   Universalium

  • education — /ej oo kay sheuhn/, n. 1. the act or process of imparting or acquiring general knowledge, developing the powers of reasoning and judgment, and generally of preparing oneself or others intellectually for mature life. 2. the act or process of… …   Universalium

  • Rousseau (Jean-Jacques) and Burke — Jean Jacques Rousseau and Burke Ian Harris Those who thought about the social and political order directed their attention to a new centre of interest towards the end of the seventeenth century. It was not that speculation about political… …   History of philosophy

  • Europe, history of — Introduction       history of European peoples and cultures from prehistoric times to the present. Europe is a more ambiguous term than most geographic expressions. Its etymology is doubtful, as is the physical extent of the area it designates.… …   Universalium

  • Christianity — /kris chee an i tee/, n., pl. Christianities. 1. the Christian religion, including the Catholic, Protestant, and Eastern Orthodox churches. 2. Christian beliefs or practices; Christian quality or character: Christianity mixed with pagan elements; …   Universalium

  • Roman Catholicism — the faith, practice, and system of government of the Roman Catholic Church. [1815 25] * * * Largest single Christian denomination in the world, with some one billion members, or about 18% of the world s population. The Roman Catholic church has… …   Universalium

  • Epicureanism — Stephen Everson It is tempting to portray Epicureanism as the most straightforward, perhaps even simplistic, of the major dogmatic philosophical schools of the Hellenistic age. Starting from an atomic physics, according to which ‘the totality of… …   History of philosophy

  • Anthony Ashley-Cooper, 3rd Earl of Shaftesbury — (26 February 1671 – 4 February 1713) was an English politician, philosopher and writer. Contents …   Wikipedia

  • Republicanism in the United States — Republicanism is the value system of governance that has been a major part of American civic thought since the American Revolution. It stresses liberty and rights as central values, makes the people as a whole sovereign, rejects inherited… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”