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1دورية أكاديمية
المؤلفون: V. D. Kuligin, I. D. Matskulyak, D. I. Matskulyak
المصدر: Вестник университета, Vol 0, Iss 4, Pp 146-152 (2022)
مصطلحات موضوعية: bitcoin, money, cryptocurrency, exchange, fiat money, digital currency, Sociology (General), HM401-1281, Economics as a science, HB71-74
الوصف: The purpose of the article is to reveal the evolution of things exchange from its emergence described as a simple model to formation of the commodity-money circulation with its subsequent transformation into an innovative state tending to the digital currency. The objective of the study is to identify the specifics of the double exchange of things model. In it, the needs of one individual are satisfied by the means of ensuring them that are in the possession of another. With the money’s advent, the alienation of one’s product and the appropriation of someone else’s in exchange for it is divided in space and time. This introduces fundamental changes in the simple exchange model. The circulation process does not end like a direct exchange of products. Money does not leave the sphere of circulation. They are deposited at those points in the circulation process that are purified by this or that commodity. The research methodology proceeds from the statements that, firstly, the identical is different, and the difference is manifested in the identity; secondly, in the thing being exchanged there is a hidden contradiction between its subjective assessment for oneself and for the other, and both sides value other people’s things higher than their own. The results obtained reveal the evolution of money towards digital currency as an objective social phenomenon. Their manifestation in different historical periods is compared – random exchange, commodity-money circulation, depreciation of money, the ratio of their supply and demand, the appearance of fiat money, and digital currency – their advantages and disadvantages are revealed.
وصف الملف: electronic resource
العلاقة: https://vestnik.guu.ru/jour/article/view/3522Test; https://doaj.org/toc/1816-4277Test; https://doaj.org/toc/2686-8415Test
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2دورية أكاديمية
المؤلفون: TAN, Kheng Tat Marcus
المصدر: Dissertations and Theses Collection (Open Access)
مصطلحات موضوعية: Search Models, Coexistence of Money and Credit, Limited Commitment, Money, Fiat Money, E-Money, Digital Currency, Money Distribution, Credit, Debt, Deposits, Collateral, Housing, Liquidity, Asset Prices, Monetary Policy, Welfare, Heterogeneous Agents, Behavioral Economics, Economics
الوصف: This dissertation consists of three chapters on Search Models of Money. The first chapter is a review of recent advances in Search Models of Money. It reviews the Lagos and Wright (2005) framework which is the workhorse of many modern search models with applications to models with Competing Media of Exchange to Fiat Currency, and models with Money and Credit. We trace the history of the development of search models of money from the first generation to present day. We highlight recent developments that address puzzles such as the coexistence of money in an environment where an asset serves as both an alternative means-of-payment and a superior store of value. We look at search models of money with credit which address the fact that in the original LW framework, credit could not exist because agents are anonymous in the decentralized market while in the centralized market all agents can work with linear utility in hours rendering credit unnecessary. The second chapter explores the adoption and acceptance of alternative means-of-payment to fiat currency. We determine the inflation rate and transaction costs of adoption that encourage the adoption of an alternative means-of-payment. However, the buyer’s bargaining power must also be high enough for money and the asset to co-exist as means of payment, otherwise buyers will choose to use money only for low inflation and asset only for high inflation. We observe that when inflation is low, for a given fraction of acceptance of the alternative means-ofpayment by sellers, and the cost of holding money is not great so the benefit of using the asset as an alternative means-of-payment to the buyer is negative or zero, and buyers will not adopt the asset. At high inflation when the asset is adopted and accepted as an alternative means-of-payment, when acceptance rate is low, welfare gains are limited because agents do not use too much of the asset as an alternative means-of-payment. However, when the acceptance rate is high, the welfare gains are much higher. In equilibria ...
وصف الملف: application/pdf
العلاقة: https://ink.library.smu.edu.sg/etd_coll/510Test; https://ink.library.smu.edu.sg/context/etd_coll/article/1508/viewcontent/Search_Models_of_Money___Alternative_Means_of_Payment_and_Consumer_Behaviour_with_Credit.pdfTest
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3دورية أكاديمية
المؤلفون: Wachira, Virginia Kirigo, Wachira, Esther Wanjiru
المصدر: European Journal of Economic and Financial Research; Vol 5, No 1 (2021) ; 25019430
مصطلحات موضوعية: digital currency, bitcoins, fiat money, disruptive innovations, disruptive technologies
الوصف: This paper aims to investigate how digital currencies have caused a drastic evolution, especially in the payment sector. It aims to further studies on how bitcoin is the most conspicuous digital currency and is perceived as disruptive innovation with the potential of replacing fiat currency. The study was employed through a case study to examine whether bitcoins are disruptive innovation or a threat to the Central Banks and Fiat money. The study adopted a mixed approach research design by using qualitative and quantitative research approaches. The literature reviewed journals were published in credible journals in various databases. The Time series analysis approach was used to forecast the future prices of bitcoins. The study used an in-sample and out-of-sample time series forecasting using the Gretl software. The ARIMA (1,2,1) Model was found to be a good fit with 85% accuracy (the Mean Absolute Percentage Error -MAPE was 15%) to forecast the future of bitcoin prices. The outcome of the forecast suggested that bitcoin price will have a gradual but insignificant increase. The results of this study also suggest that bitcoins fail to fulfill the functions of money as a store of value, medium of exchange, and unit of account. This is attributed to high price volatility, lack of centralization, and exposure to hackers and fraudsters. The study further suggests that bitcoins are not disruptive innovations and do not pose any threat to the Central banks and the Fiat currency in the future. The results support that bitcoin can benefit the community as well as attracting investors as a speculative investment mainly because the bitcoins are limited in transactions. The study recommends more research on the potential impact of the Central bank's digital currencies on National and Global currencies particularly because China launched its digital Yuan recently. JEL: G21; E58; E51; 031; C10 Article visualizations
وصف الملف: application/pdf
العلاقة: http://oapub.org/soc/index.php/EJEFR/article/view/1052/1638Test; http://oapub.org/soc/index.php/EJEFR/article/view/1052Test
الإتاحة: https://doi.org/10.46827/ejefr.v5i1.1052Test
http://oapub.org/soc/index.php/EJEFR/article/view/1052Test -
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المؤلفون: Martin Samek, Martin Vlasta
المصدر: AUC IURIDICA. 67:111-127
مصطلحات موضوعية: Legal policies, Currency, Fiat money, Digital currency, Materials Chemistry, Renminbi, Circulation (currency), Financial system, Business, China, Virtual currency
الوصف: Central bank digital currencies (CBDCs) are Bitcoin-inspired currencies that combine aspects of virtual currencies with FIAT money. Many central banks and countries around the world are thinking about or planning to introduce some form of CBDC. Among them, China is leading the way, being the first country to issue their CBDC (Digital RMB) into circulation, even if it is yet a pilot program only. This article focuses not only on the Digital RMB and its legal implementation but also on the political, historical, and economic circumstances of its birth, which, when talking about anything related to China, is often crucial to understanding the phenomenon more than the legal provisions themselves. The aim is to deepen the understanding of legal policies in China and open a discussion about the Digital RMB.
الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::088db81372ebbeda603f89cdf62448e6Test
https://doi.org/10.14712/23366478.2021.28Test -
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المؤلفون: M. Venkatesan, P Swathi
المصدر: ICT Express, Vol 7, Iss 3, Pp 283-289 (2021)
مصطلحات موضوعية: Cryptocurrency, Supply chain management, Blockchain, Computer Networks and Communications, Transparency (market), Computer science, Permissioned blockchain, Fiat money, Scalability, Information technology, Hyperledger fabric, T58.5-58.64, Computer security, computer.software_genre, Data science, Artificial Intelligence, Hardware and Architecture, Digital currency, Throughput (business), computer, Software, Information Systems
الوصف: Through the Bitcoin application, the innovative technology was miraculously launched in the markets, influencing numerous industries. Bitcoin is nothing but a form of digital currency (cryptocurrency) that can be used for trading in place of fiat money, where the underlying infrastructure is called Blockchain. The Blockchain is an open ledger that provides decentralization, transparency, immutability, and confidentiality. Blockchain can be used in massive, beneficial applications such as healthcare, logistics, supply chain management, the Internet of Things (IoT), etc. Most of the industrial applications rely on the permissioned Blockchain. However, the permissioned Blockchain fails in some aspects, such as scalability and throughput. This paper suggests a system to solve the scalability issue of permissioned Blockchain by incorporating data science techniques. The scalability analysis of the proposed solution is done in the hyperledger fabric framework with a variable number of transactions and results in scalability improvement.
الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_dedup___::f77b5003e6933e716365e8eea24ca21bTest
https://doi.org/10.1016/j.icte.2021.08.015Test -
6
المصدر: St Petersburg University Journal of Economic Studies. 37:205-240
مصطلحات موضوعية: Finance, Unification, business.industry, Convertible, Fiat money, media_common.quotation_subject, Payment, Issuer, SAFER, Digital currency, Key (cryptography), ComputingMilieux_COMPUTERSANDSOCIETY, business, media_common
الوصف: The article examines modern models of digital currency systems of central banks (CBDC) for retail payments and wholesale settlements. The study gives economic interpretation and defines the key characteristics of central bank digital currencies, identifies the features of the main models of digital currencies systems and analyzes the most advanced national implementation projects of CBDC. The study concludes that the digital currencies of central banks are a new (digital) form of fiat money. The implementation of digital currencies of central banks is due to the need to improve the efficiency of the monetary and payment systems and is aimed at preserving of the central banks as a monetary issuer. The main advantages of digital currencies for retail payments are the offer of a highly liquid, low-risk and universally accessible means of payment. The key benefits of wholesale digital currencies are to provide faster, safer, and cheaper cross-border payments. Among the models of digital currencies systems for retail payments (R-CBDC) the model of hybrid system is characterized by the best reliability and speed when processing a large number of payment transactions. Therefore, these systems are the most promising for implementation. Between the models of systems for wholesale payments (W-CBDC) systems with a universal digital currency are the most suitable for eliminating the main problems of cross-border payments. However, the implementation of such systems may require a large number of technological, managerial and financial changes in the payment systems of central banks. Currently, the most advanced project for issuing R-CBDC is the DCEP system of the People’s Bank of China, which is implemented on the basis of a hybrid model. W-CBDC projects are implemented jointly by the central banks of the leading countries, as they require financial and technological unification of settlements. Most projects of W-CBDC involve the use of systems with a convertible or universal digital currency.
الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::18f37016c23e64960f924dc9e71adabdTest
https://doi.org/10.21638/spbu05.2021.202Test -
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المصدر: ICR Journal. 9:48-65
مصطلحات موضوعية: Cryptocurrency, Commerce, Currency, Digital currency, Fiat money, Alternative currency, Purchasing power, Business, Money laundering, Medium of exchange
الوصف: Fintech (or financial technology) is the current driving force behind innovations in the financial services industry. One of the most debated innovations is cryptocurrency, or digital currency, which uses blockchain technology to make a direct electronic payment between two people possible, without going through a third party (like a bank) or expensive intermediaries in order to save costs. This future money is pressurising central banks to manage the looming threat of redundancy as it overshadows fiat currency in a world of infinite fintech possibilities. Bitcoin, being the first decentralised cryptocurrency, will be the focus of this research. This digital currency is not produced by minting money in an unlimited supply, but through a virtual mining process designed to control the supply of money and make it more valuable. The increasing pace in financial innovation is pushing regulators to make a change in the way they define money and what money can be. Traditionally money is used to serve as a medium of exchange, legal tender for repayment of debt, standard of value, unit of accounting measure and a means to save or store purchasing power. Bitcoin may not fulfill all the functions of money but its scarcity value, anonymity (or pseudonymity), transparency, and autonomy from the government, make it attractive to users who are speculators, traders, merchants, consumers and netizens disenchanted with fiat money. Despite the alluring features of Bitcoin, it is not spared from potential abuses such as webcrimes, tax evasion, fraud, online black markets, money laundering and terrorism financing. In this paper, a forensic examination of Bitcoins benefits and risks will help regulators decide whether to adopt cryptocurrency and provide an appropriate framework to regulate it based on other jurisdictions approach. This paper recommends that Malaysia should fully embrace cryptocurrency due to global trends - the Islamic Development Bank is developing Shariah compliant contracts using blockchain technology; China is leading the drive to develop its own national cryptocurrency to complement fiat money; and a Shariah-compliant cryptocurrency has already entered the market backed by gold (Onegram). Financial and regulatory architectures in Malaysia should accommodate these changes to remain relevant. In addition, future research is recommended focusing on developing a Shariah compliant national cryptocurrency that is unique to Malaysia.
الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::6e975d9c58129d52d1a2ecf24be35525Test
https://doi.org/10.52282/icr.v9i1.137Test -
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المؤلفون: A.B. Fiapshev
المصدر: Economics, taxes & law. 13:80-87
مصطلحات موضوعية: Phenomenon, Fiat money, Digital currency, Economics, Monetary economics
الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::dd8cedc2aed4e2badc3e23f3a4784a37Test
https://doi.org/10.26794/1999-849x-2020-13-5-80-87Test -
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المؤلفون: Michael D. Bordo
مصطلحات موضوعية: Outside money, Fiduciary, Inside money, Digital currency, Fiat money, Monetary policy, Economics, Commodity money, Monetary economics, Monetary system
الوصف: Digitalization of Money is a crossroad in monetary history. Advances in technology has led to the development of new forms of money: virtual (crypto) currencies like bitcoin; stable coins like libra/diem; and central bank digital currencies (CBDC) like the Bahamian sand dollar. These innovations in money and finance have resonance to earlier shifts in monetary history: 1) The shift in the eighteenth and nineteenth century from commodity money (gold and silver coins) to convertible fiduciary money and inconvertible fiat money; 2) the shift in the nineteenth and twentieth centuries from central bank notes to a central bank monopoly; 3) Then evolution since the seventeenth century of central banks and the tools of monetary policy. This paper analyzes the arguments for a CBDC through the lens of monetary history. The bottom line is that the history of transformations in monetary systems suggests that technical change in money is inevitably driven by the financial incentives of a market economy. Government has always had a key role in the provision of outside money, which is a public good. Government has also regulated inside money provided by the private sector. This held for fiduciary money and will likely hold for digital money. CBDC could make monetary policy more efficient, and it could transform the international monetary and payments systems.
الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::65943b9910a9905a9a813557875c5d50Test
https://doi.org/10.3386/w29171Test -
10تقرير
المؤلفون: Alistair Milne
مصطلحات موضوعية: Business and Management not elsewhere classified, 100-percent reserved banking, Bank payments, Bank reserves, Bitcoin, Blockchain, Central counterparties, the Chicago plan, Clearing and settlement, Credit money, Cryptography, Commodity money, Digital currency, Distributed ledgers, Electronic currency, Fiat money, Fiduciary media
الوصف: Placing bank and fiat money off balance sheet, using the distributed transaction technologies of Bitcoin and other cryptocurrencies, avoids the need for centralised payment settlement (in central bank money). Just like earlier proposals for ‘narrow-banking’ or 100-percent reserving this prevents bank failure disrupting monetary transactions. Unlike those earlier proposals banks can continue using fractional reserving with ‘x-percent reserving’ offering fine-grained control of unsustainable money and credit expansions. This reform helps achieve monetary outcomes desired by the Austrian school of economics: reducing the need for bank regulation, lender of last resort and bank bail-out.
العلاقة: 2134/37319; https://figshare.com/articles/preprint/Cryptocurrencies_from_an_Austrian_perspective/9497750Test
