Takenaga (2003, 117) sees the inconvertibility problem for Ricardo as one where the process of equalisation of the values of money across the world is disrupted through inconvertible
money, as it cannot be exported to re-establish the correct international distribution of precious metals.
Although such a system has not existed in a recent past and there is no historical experience to prove its superiority, there are instead a great number of counterfactual cases regarding the disruptive consequences of inconvertible
paper and debt money, by which leading industrial countries as well as developing countries are suffering economic stagnation, high unemployment, high inflation, high indebtedness, and continued financial instability.
One means of limiting this is "problem" is to make bankers' deposits at the Bank of England at least partially inconvertible
; a material charge for withdrawing cash would be a less extreme way of limiting banks' willingness to hoard cash.
It would be foolish to try to enumerate an exhaustive list of the ways a commodity, even an inconvertible
one, might initially gain wide enough acceptance to function as money.
Switch trade can change inconvertible
currencies to be convertible, convertible to be inconvertible
or non-convertible currencies each other.
El Yuan como moneda inconvertible
impide la realizacion de negocios financieros con los bancos occidentales y desde ese punto de vista es una moneda manipulada por las autoridades chinas.
History reveals that in the post Second World War period, currencies were inconvertible
and there was widespread monetary instability.
Mortgage institutions fund the long-term loans via inconvertible
short-term bonds usually with redemption in December (Nielsen, 2007).
commodities and accept payment in inconvertible
Many of the harder risks, such as assets being expropriated or local currencies becoming inconvertible
, can be addressed though financial instruments," Alemeida said.
The government managed the immediate crisis by borrowing [yen] 15 million and printing [yen] 27 million in inconvertible
Creating fiat money--"inconvertible
paper currency" might have been technically the prerogative only of sovereign governments, but in practice that power was widely diversified in the early twentieth century.
None of these trends constitute inconvertible
evidence in favour of the theoretical perspectives outlined in Section 2.