IDEAS home Printed from https://ideas.repec.org/a/taf/jculte/v14y2021i4p403-415.html
   My bibliography  Save this article

Banking on gold in Vietnam

Author

Listed:
  • Allison Truitt

Abstract

Today central bankers regard gold as an asset but not as money. Does this distinction still hold in a period of financial globalization? This question has taken on great urgency since the 2008 global financial crisis when assets have become more liquid and transferable. In this essay, I examine a series of monetary policies in Vietnam that culminated in commercial banks mobilizing privately held gold, an experimental monetary design I call ‘banking on gold.’ The run-up in the price of gold (2006–2011) made this design ultimately unsustainable. While banking on gold is particular to monetary ecologies in Vietnam, a late socialist country with low rates of banking, this case study illuminates the role of commercial banks in drawing on household assets to create money.

Suggested Citation

  • Allison Truitt, 2021. "Banking on gold in Vietnam," Journal of Cultural Economy, Taylor & Francis Journals, vol. 14(4), pages 403-415, July.
    • Handle: RePEc:taf:jculte:v:14:y:2021:i:4:p:403-415
    DOI: 10.1080/17530350.2021.1879210
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/17530350.2021.1879210
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/17530350.2021.1879210?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
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    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:taf:jculte:v:14:y:2021:i:4:p:403-415. 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.

    We have no bibliographic references for this item. You can help adding them by using 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: the person in charge (email available below). General contact details of provider: http://www.tandfonline.com/RJCE20 .

    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.