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CAS SEE Seminars with Guests: Željko Ivanković

Željko Ivanković

Cryptocurrencies and financialization

On Thursday, March 10th at 12pm CET we hosted the CAS SEE Seminar with Željko Ivanković.

The emergence of cryptocurrencies stimulated once again the discussion of what money is. In order to answer that question it was common to compare different money systems, for example commodity money and bank money. Bitcoin is often called the digital gold. Liquidity is traditionally considered an essence of money. Both Hayek and Keynes would agree with this. However, the conceptual analysis of liquidity, which is very intensive in the 21st century, finds that liquidity is an ambiguous notion. I compare cryptocurrencies with the free minting system of gold and silver money, and besides economic analysis of liquidity I employ a legal and informational description of the notion. I argue that liquidity is a normative concept which is related to the technology of money. The Crypto community creates its own idea of liquidity and its specific moral attitude towards the subject. I also describe how crypto-finance betrays its initial promise to break with traditional finance and – as a consequence of the chosen attitude – gradually adapts and comes closer to the general trend of financialization. 

Dr Željko Ivanković (Principal Lecturer at Prague City University) holds a PhD in political philosophy from the Australian National University. His research interest evolved from theory of property, institutional economics and political economy to history of finance and digital money. Dr Ivanković published books and papers about democratic transition of socialist countries to a market economy, transformation of property rights, inequality, crony capitalism and digital society. He is currently investigating the legal history of money and digital economy and finance. His research is focused on digital money and cryptocurrencies as a laboratory of creation of money and of development of formal and informal financial institutions. Earlier in his career Dr. Ivanković was journalist and editor of a leading Croatian journal of banking and finance, research director of the Croatian Banking Association, university teacher, counselor at Croatian embassies in Tokyo and Canberra. He is a Permanent Fellow at Center for Advanced Studies – South East Europe, University of Rijeka.

 

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