IDEAS home Printed from https://ideas.repec.org/a/bla/ecanth/v5y2018i2p224-234.html
   My bibliography  Save this article

Nationalizing gold: The Vietnamese SJC gold bar and the Indian Gold Coin

Author

Listed:
  • Allison Truitt

Abstract

The popularity of gold in India and Vietnam is attributed to either cultural values or an undeveloped financial sector. Yet gold also serves as an important reserve asset for central banks, more so than ever following the 2008 financial crisis. By way of exploring this juxtaposition, I turn to recent campaigns in each country to promote a national gold form, the SJC bar in Vietnam and the Indian Gold Coin. Although the campaigns have been framed in oppositional terms—the Vietnamese state has sought to demonetize gold, the Indian state to promote its monetization—I reconcile this contradiction by examining the particular histories of gold in each country and why gold served as a particularly potent symbol of economic liberalization. Gold, I argue, ultimately links citizens in the Global South with actors in the heart of the international monetary system; thus the promotion of these two national brands of gold shows state†led efforts to intervene in processes of value creation.

Suggested Citation

  • Allison Truitt, 2018. "Nationalizing gold: The Vietnamese SJC gold bar and the Indian Gold Coin," Economic Anthropology, Wiley Blackwell, vol. 5(2), pages 224-234, June.
    • Handle: RePEc:bla:ecanth:v:5:y:2018:i:2:p:224-234
    DOI: 10.1002/sea2.12119
    as

    Download full text from publisher

    File URL: https://doi.org/10.1002/sea2.12119
    Download Restriction: no
    File URL: https://libkey.io/10.1002/sea2.12119?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Leela Fernandes, 2004. "The Politics of Forgetting: Class Politics, State Power and the Restructuring of Urban Space in India," Urban Studies, Urban Studies Journal Limited, vol. 41(12), pages 2415-2430, November.
    2. Martha Starr & Ky Tran, 2008. "Determinants of the Physical Demand for Gold: Evidence from Panel Data," The World Economy, Wiley Blackwell, vol. 31(3), pages 416-436, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Aaron Z. Pitluck & Fabio Mattioli & Daniel Souleles, 2018. "Finance beyond function: Three causal explanations for financialization," Economic Anthropology, Wiley Blackwell, vol. 5(2), pages 157-171, June.
    2. Charteris, Ailie & Kallinterakis, Vasileios, 2021. "Feedback trading in retail-dominated assets: Evidence from the gold bullion coin market," International Review of Financial Analysis, Elsevier, vol. 75(C).
    3. Bear, Laura, 2020. "Speculation: a political economy of technologies of imagination," LSE Research Online Documents on Economics 103433, London School of Economics and Political Science, LSE Library.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Liu, Jingting, 2016. "Covered in Gold: Examining gold consumption by middle class consumers in emerging markets," International Business Review, Elsevier, vol. 25(3), pages 739-747.
    2. Irandoust, Manuchehr, 2017. "Metal prices and stock market performance: Is there an empirical link?," Resources Policy, Elsevier, vol. 52(C), pages 389-392.
    3. Abdulsalam Abidemi Sikiru & Afees A. Salisu, 2022. "Assessing the hedging potential of gold and other precious metals against uncertainty due to epidemics and pandemics," Quality & Quantity: International Journal of Methodology, Springer, vol. 56(4), pages 2199-2214, August.
    4. Llerena Guiu Searle, 2014. "Conflict and Commensuration: Contested Market Making in India's Private Real Estate Development Sector," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 38(1), pages 60-78, January.
    5. Mukherjee, Paramita & Mukherjee, Vivekananda & Das, Debasmita, 2017. "Estimating elasticity of import demand for gold in India," Resources Policy, Elsevier, vol. 51(C), pages 183-193.
    6. Thi Hong Van Hoang & Amine Lahiani & David Heller, 2016. "Is gold a hedge against inflation? New evidence from a nonlinear ARDL approach," Post-Print hal-02012307, HAL.
    7. O'Connor, Fergal A. & Lucey, Brian M. & Batten, Jonathan A. & Baur, Dirk G., 2015. "The financial economics of gold — A survey," International Review of Financial Analysis, Elsevier, vol. 41(C), pages 186-205.
    8. Hoang, Thi Hong Van & Lahiani, Amine & Heller, David, 2016. "Is gold a hedge against inflation? New evidence from a nonlinear ARDL approach," Economic Modelling, Elsevier, vol. 54(C), pages 54-66.
    9. Maria Immanuvel S & Daniel Lazar, 2022. "Does Volume of Gold Consumption Influence the World Gold Price?," JRFM, MDPI, vol. 15(7), pages 1-14, June.
    10. Peng, Xiaofan, 2020. "Do precious metals act as hedges or safe havens for China's financial markets?," Finance Research Letters, Elsevier, vol. 37(C).
    11. Amit Ghosh, 2016. "Determinants of Gold Demand in Reserve Bank of India's foreign exchange reserve portfolio," Economics Bulletin, AccessEcon, issue 4, pages 1929-1937.
    12. Menon, Seetha, 2020. "The effect of marital endowments on domestic violence in India," Journal of Development Economics, Elsevier, vol. 143(C).
    13. Hatemi-J, Abdulnasser & Irandoust, Manuchehr, 2015. "Modelling Asymmetry in Oil, Gold and Stock Markets by a Hidden Cointegration Technique. - Modelli di asimmetria nel mercato del petrolio, dell’oro e nei mercati azionari attraverso una tecnica di coin," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 68(2), pages 213-228.
    14. Muneesh Kapur & Rakesh Mohan, 2014. "India’s Recent Macroeconomic Performance: An Assessment and Way Forward," IMF Working Papers 2014/068, International Monetary Fund.
    15. Kanjilal, Kakali & Ghosh, Sajal, 2014. "Income and price elasticity of gold import demand in India: Empirical evidence from threshold and ARDL bounds test cointegration," Resources Policy, Elsevier, vol. 41(C), pages 135-142.
    16. Lucey, Brian M. & Sharma, Susan Sunila & Vigne, Samuel A., 2017. "Gold and inflation(s) – A time-varying relationship," Economic Modelling, Elsevier, vol. 67(C), pages 88-101.
    17. Cui xiaozhong, & Yen-Ku, Kuo & Maneengam, Apichit & Cong, Phan The & Quynh, Nguyen Ngoc & Ageli, Mohammed Moosa & Wisetsri, Worakamol, 2022. "Covid-19 and oil and gold price volatilities: Evidence from China market," Resources Policy, Elsevier, vol. 79(C).
    18. Muhammad Aftab & Syed Zulfiqar Ali Shah & Izlin Ismail, 2019. "Does Gold Act as a Hedge or a Safe Haven against Equity and Currency in Asia?," Global Business Review, International Management Institute, vol. 20(1), pages 105-118, February.
    19. Gülseven, Osman & Ekici, Özgün, 2016. "The Turkish appetite for gold: An Islamic explanation," Resources Policy, Elsevier, vol. 48(C), pages 41-49.
    20. S. Maria Immanuvel & D. Lazar, 2021. "Elasticities of Gold Demand—An Empirical Analysis Using Cointegration and Error Correction Model," Arthaniti: Journal of Economic Theory and Practice, , vol. 20(2), pages 131-142, December.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:ecanth:v:5:y:2018:i:2:p:224-234. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=2330-4847 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.