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(Mis)trusting authorities: Distributed authority networks and a social theory of currency crises.

机译：（错误）信任机构：分布式机构网络和货币危机的社会理论。

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Currency crises can have devastating consequences for political, social and economic relationships, undermining the ability of individuals and states to prosper. Yet, why currency crises begin and how they progress remains poorly understood. Partially, this is due to a bifurcation evident in the study of currency crises that has impeded development of a comprehensive explanation. Despite the fact that state and market actors both play a crucial role in currency crises, economic studies concentrate on the macroeconomic triggers of one-sided speculative behavior while political approaches investigate why governments choose to abandon existing exchange rate policy. As a result, each approach only addresses one half of the currency crisis puzzle, while both approaches neglect the interrelationships between the two. A more fundamental issue has, however, prevented scholars from understanding currency crises better. Money is best understood as an evolving social institution with the exchange value of money dependent upon changing relationships of trust between the authorities who produce, exchange and regulate money. Unfortunately, current currency crisis theory does not approach currency crises from a “social” perspective. It is argued here that the meanings state and market actors attach to economic and political conditions are heavily influenced by the trust and authority relations in which they find themselves embedded. These social relations can produce a “virtuous cycle” of trust and authority highly resistant to change (hence producing exchange rate stability) or produce a “vicious cycle” of currency crisis. After specifying the nature of these relationships and how they produce distinct logics of currency exchange, what is here termed an “authority network” approach is then applied to three cases of currency crisis: the interwar gold standard crisis, Bretton Woods crisis and Exchange Rate Mechanism crisis. These cases serve to illustrate how trust and authority relations form and decay and their influence on currency stability and crisis. It is then suggested how this approach can be applied to a wider range of monetary crises.
机译：货币危机可能给政治，社会和经济关系带来毁灭性后果，破坏个人和国家繁荣的能力。然而，为什么货币危机开始以及危机如何发展仍知之甚少。在某种程度上，这是由于对货币危机的研究中出现了明显的分歧，阻碍了综合解释的发展。尽管国家和市场参与者都在货币危机中起着至关重要的作用，但经济研究仍侧重于单方面投机行为的宏观经济触发因素，而政治方法则研究了政府为何选择放弃现行汇率政策的原因。结果，每种方法只能解决一半的货币危机难题，而两种方法都忽略了两者之间的相互关系。然而，一个更为根本的问题使学者们无法更好地理解货币危机。最好将货币理解为不断发展的社会机构，其货币交换价值取决于生产，交换和监管货币的当局之间不断变化的信任关系。不幸的是，当前的货币危机理论并没有从“社会”的角度来处理货币危机。这里有人认为，国家和市场行为者对经济和政治状况的依附含义在很大程度上深深地受其所处的信任和权威关系的影响。这些社会关系可以产生高度抗拒变化的信任和权威的“良性循环”（从而使汇率稳定），或导致货币危机的“恶性循环”。在详细说明了这些关系的性质以及它们如何产生独特的货币交换逻辑之后，这里将所谓的“权威网络”方法应用于三种货币危机：两次战争之间的金本位危机，布雷顿森林危机和汇率机制。危机。这些案例说明了信任和权威关系是如何形成和衰退的，以及它们对货币稳定和危机的影响。然后建议如何将这种方法应用于更广泛的货币危机。

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