Things Fall Apart; Central Banking and Fragmentation of Currency Markets in an Emerging Economy

• In Event: 1424 - Section on Economic Sociology Roundtables
  In Refereed Roundtable (60 min): Table 1. Finance, Money, and Banks

Abstract

We leverage the concept of earmarking of money to elucidate the idiosyncratic policies of a central bank facing foreign currency crisis. We show how the policies resulted in earmarking of foreign currencies and disrupted the functioning of local currencies as unit of accounts in the foreign currency markets. The study examined the nexus of social relations of money and money as unit of accounts in unique contexts. The study also underscores how local institutions and foreign currency earmarking became mutually reconstitutive.

Authors

• Abiodun Fiwajoye Ige, University of Detroit Mercy

• Marvin Washington, University of Alberta