The fourfold relation between the essence of money, inflation, bubbles and debt-A theoretical macrofounded analysis

摘要

The paper makes an unprecedented claim by identifying a significant relationship between money's (immaterial and intrinsic-worth-detached) essence and the measurement of inflation rates, on the one hand, and bubbles and private/public indebtedness, on the other hand. The inflationary potential of cryptocurrencies-among others: xenocurrencies and special drawing rights-is also analysed. Another added value is the consistently macroeconomic approach, which starts from the structural and interconnected mechanisms and then explains economic-financial crises and their increasingly common features.