المؤلفون: Olesia Suntsova

المصدر: Фінансово-кредитні системи: перспективи розвитку., Vol 1, Iss 12, Pp 24-36 (2024)

مصطلحات موضوعية: blockchain, economic growth, monetary base, fiat money, risk, investment, Finance, HG1-9999

الوصف: This article explores the role of blockchain technology in changing the structure of a country's monetary base. Specifically, it examines the potential benefits and risks of using blockchain in monetary policy, such as efficiency, transparency, and new opportunities for managing the financial system. The article highlights changes in approaches to monetary policy through the use of blockchain-based digital currencies, as well as discusses challenges that may arise in implementing this technology. The conclusions of this article may be valuable for government agencies, central banks, and researchers interested in the impact of blockchain technology on the financial sector. In recent years, the adoption of blockchain technology as an alternative to fiat currencies in various countries around the world has significantly expanded globally, as a significant number of business organizations have recognized the importance of all the advantages that blockchain technology provides. Previously, the focus was on cost control to remain competitive, but lately blockchain technologies have somewhat shifted the significance and monetary mass, influencing the structure of a certain country's monetary base. Based on recent research and publications, the article emphasizes the importance of understanding economic principles that govern the determination of the impacts of various economic and financial indicators on components of economic growth and predicting the consequences of such decisions. It references the seminal work of economists P. Romer, R. Lucas, R. Barro, I. Salla y Martin, and R. Levine, who laid the foundation for studying endogenous economic development. The purpose of this article is to investigate the practice of implementing blockchain technology in the financial support of various economic processes of economic entities and their impact on the structure of a country's monetary base. Thus, it has been identified that the influence of blockchain on the structure of the monetary base itself has received little attention. Despite blockchain being used as an alternative to components of the monetary base, thereby changing its structure within a certain country, most studies focus on literature reviews and provide information for practitioners and academic communities. Therefore, this article aims to bridge the gap by developing a model to identify distortions in the structure of the monetary base under the influence of blockchain. The effective use of blockchain is still being explored. As a result, the operations of many companies using blockchain technologies for payments are vulnerable to technical issues. Blockchain technology is utilized to address this problem and facilitate data exchange among relevant stakeholders. This document presents a benchmark for the impact of blockchain technology on the structure and mass of the monetary base for a specific country, integrating blockchain for sustainable money functioning with the integration of the Internet of Things and big data. Finally, potential benefits and limitations are analyzed during the implementation of this framework. Methods. Macroeconomic analysis, econometric analysis, trend analysis. Results. Determination of the level of influence of blockchain technologies on the change in the structure and volume of the monetary base of a certain country. The study casts doubt on classical economic doctrines by establishing a strong correlation between the distribution of components of the monetary base in its structure and the use of blockchain technology for payments for goods, labor, and services. It emphasizes that the economic growth of a country and the structure of its monetary base depend on the proportion of blockchain technology usage in that country. This research opens up possibilities for further studies in this interdisciplinary field.

وصف الملف: electronic resource

العلاقة: https://periodicals.karazin.ua/fcs/article/view/23124Test; https://doaj.org/toc/2786-4995Test; https://doaj.org/toc/2786-5002Test

الوصول الحر: https://doaj.org/article/75dbc0a9939d45c4909116f64c973200Test

المؤلفون: Olegs Cernisevs

المصدر: Фінансово-кредитні системи: перспективи розвитку., Vol 3, Iss 3, Pp 36-47 (2021)

مصطلحات موضوعية: electronic money, crypto assets, distributed ledger, tokens, coins, crypto currencies, fiat money, Finance, HG1-9999

الوصف: The blockchain as the tool was invented together with the Bitcoin and evolving. Despite the fact that new blockchains appeared, like Ethereum and other, the first one was not explored enough from the perspective of understanding dependencies between its elements. Mathematical and cryptographic dependencies are well described in the scientific literature, but dependencies exploration and description in relation to its economical usage of it is still missing. The blockchain structure and mechanics provide that transaction registered within the blockchain are not free for the final user. The transaction price in the Blockchain exists. This transaction price can be decisive for the implementation of a project using blockchain. Understanding factors, which affect this price forming helps to understand frames, when usage of the blockchain is effective. Taking into account all above mentioned, one of the targets of this article is to analyze the life cycle of transactions in the blockchain and determine the factors that have a significant impact on the formation of the transaction price in the Bitcoin Blockchain. From the other hand blockchain assumed as the competitor or even “killer” of the traditional payment systems. There is the list of elements, which should be taken in account comparing both approaches for the transaction execution. This list includes comparing deficits and advantages of both systems, like security issues, transaction speed issues and so on. From this perspective based on the comparing the transactional price forming in both systems, author assess the prospects for using transactions in the Blockchain in comparing with the traditional payment systems.

وصف الملف: electronic resource

العلاقة: https://periodicals.karazin.ua/fcs/article/view/18332Test; https://doaj.org/toc/2786-4995Test; https://doaj.org/toc/2786-5002Test

الوصول الحر: https://doaj.org/article/018fb13b67bc4829bb9b9264ad82bcc3Test

المؤلفون: Mudasser, Khawaja Mohammad

المصدر: Senior Projects Fall 2022

مصطلحات موضوعية: Gold Standard, Fiat Money, Policy Mechanism, History, Economic History, Economic Theory, Finance, Growth and Development, Macroeconomics

الوصف: This paper explains two world monetary orders, the Gold Standard and Fiat Money. The paper argues that the Fiat Money system is better than the Gold Standard system because the Gold Standard system increases risk of deflation and restricts economic growth unlike the Fiat Money system. The paper discusses history of both monetary regimes, policy mechanism under both systems and economic outcomes. The paper states the policy and framework for exchange rates and trading under both regimes. It also discusses monetary policy and gold/capital flows under both of the systems.

وصف الملف: application/pdf

العلاقة: https://digitalcommons.bard.edu/senproj_f2022/15Test; https://digitalcommons.bard.edu/cgi/viewcontent.cgi?article=1028&context=senproj_f2022Test

الإتاحة: https://digitalcommons.bard.edu/senproj_f2022/15Test
https://digitalcommons.bard.edu/cgi/viewcontent.cgi?article=1028&context=senproj_f2022Test

المؤلفون: Burkovska A., Lyashchenko N.

المصدر: Modern Economics, Vol 18, Pp 20-25 (2019)

مصطلحات موضوعية: cryptocurrency, blockchain, fiat money, virtual currency, bitcoin, cashless payments, electronic money, Business, HF5001-6182, Finance, HG1-9999

الوصف: Introduction. The article is devoted to the actual problem of cryptocurrency functioning in the world market and its place in financial and economic systems. The emergence of virtual money (cryptocurrency) is driven by the constant development of technology and the economy. Currently, non-cash payments are more common. Cryptocurrency is becoming an innovative form of payment in the information society. Unlike traditional types of money, it can be a means of payment in electronic payment systems with a high level of protection against cybercrime. Every day, cryptocurrency is strengthening its role not only as a way of saving, but also as a means of payment in electronic payment systems. Purpose. The main purpose of the study is to determine the place and role of cryptocurrency in financial and economic systems. Results. The experience of implementing and using cryptocurrencies and models of their regulation have been investigated, on the example of European countries. It has been found that the functioning of cryptocurrencies is a new challenge for government regulators of financial services markets. The cryptocurrencies most popular by their capitalization are compared. The strengths and weaknesses of virtual money, and the threats and prospects of their use in the financial and economic world market are identified. Further perspectives on the use of cryptocurrency at the country level and the ways to improve its position in the world economic system were substantiated. Conclusions. Analysed data in this article makes it possible to determine what a cryptocurrency is and its role in the financial and economic system. Cryptocurrency is a fairly new concept that has adapted to the current financial and credit system and is constantly evolving. Digital money has a future as it is very convenient not only for the average person but also for the whole country. It is possible to remove the drawbacks by developing effective laws regarding the use of cryptocurrency and the regulation of the rights and obligations of its users. In the future, thanks to transaction transparency and protection against virtual currency fraud, it can significantly reduce the level of corruption, drug business and the percentage of the shadow economy.

وصف الملف: electronic resource

العلاقة: https://modecon.mnau.edu.ua/issue/18-2019/burkovska.pdfTest; https://doaj.org/toc/2521-6392Test

الوصول الحر: https://doaj.org/article/9d6e5bae5c8645ccbf7ed15eab8adbe3Test

المؤلفون: Andrzej Sopoćko

المصدر: Problemy Zarządzania, Vol 16, Iss 3(76), Pp 160-175 (2019)

مصطلحات موضوعية: fiat money, currency board, exchange parity, Management. Industrial management, HD28-70, Finance, HG1-9999

الوصف: The article discusses the history of fiat money, namely money having no exchange parity and not based on any commodity. Contrary to popular belief, it is very long, dating back to a thousand years ago. China has the longest, both good and bad, historical experience with this form of money. In Europe, it was in operation in relatively short periods; in China, nonetheless, it was used for almost 500 years, accompanying the country’s heyday. The author attempts to explain why fiat money in China continued for so long, while no European state was able to maintain this form of money for more extended periods. He also presents the reasons behind the common abandonment of metal-based money in the 20th century, even though it fulfilled its functions well for thousands of years. The final part offers arguments indicating not only the inevitability of maintaining fiat money but also a highly systemic nature of money in general. The author believes that money cannot be issued on the basis of considerations outside a particular economic system. Currency board or sliding peg solutions may help overcome hyperinflation and restore confidence in domestic currency. In the long run, however, they are very unlikely to maintain stable economic development.

وصف الملف: electronic resource

العلاقة: https://pz.wz.uw.edu.pl/resources/html/article/details?id=187590Test; https://doaj.org/toc/1644-9584Test; https://doaj.org/toc/2300-8792Test

الوصول الحر: https://doaj.org/article/09f4ff9669314811b790c92e1a0fa82bTest

المؤلفون: Laura Levulytė, Alfreda Šapkauskienė

المصدر: The Quarterly Review of Economics and Finance. 82:44-54

مصطلحات موضوعية: Economics and Econometrics, Cryptocurrency, Store of value, Currency, Financial economics, Fiat money, Liberian dollar, Economics, Unit of account, Medium of exchange, Stock market index, Finance

الوصف: The purpose of this paper is to investigate the ability of cryptocurrencies to fulfill three main money functions: medium of exchange, a unit of account, and store of value by applying a designated methodical approach to examine each currency function separately. The paper contributes to the scant literature on the subject as well as combines the accumulated knowledge of cryptocurrencies and comprehensively examines cryptocurrencies according to the mentioned functions. In this paper, cryptocurrencies are examined and studied not only from the perspective of strong fiat currencies but also include the currencies of developing countries, thus expanding the range of research on this topic and providing a broader approach. The cryptocurrencies examined are Bitcoin, Ethereum, and Ripple. In addition, data were collected on major exchange rates with respect to the Euro, namely, the United States dollar, Australian dollar, Swiss franc, Swedish krona, Japanese yen, Chinese Yuan, Russian ruble, Mexican peso, Argentine peso, South African rand. Finally, the following major stock market indices were selected: S&P500, FTSE, as well as commodity Gold. The study applied statistical analysis methods, Spearman correlation, cluster analysis, linear regression.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::d291f8c57a6bae9b1ff40dfa450f3bd3Test
https://doi.org/10.1016/j.qref.2021.07.003Test

المؤلفون: K. Kıvanç Karaman, Şevket Pamuk, Seçil Yıldırım-Karaman

المساهمون: Yıldırım-Karaman, Seçil

المصدر: Journal of Monetary Economics. 115:279-300

مصطلحات موضوعية: Economics and Econometrics, Commodity Money, Seigniorage, Fiat money, 05 social sciences, Monetary policy, Monetary economics, Commodity money, Fiat Money, Monetary system, Monetary Stability, Monetary Standards, Politics, 0502 economics and business, Value (economics), Economics, Endogeneity, 050207 economics, Finance, 050205 econometrics

الوصف: WOS:000579856000017 This paper investigates the determinants of monetary stability in Europe from the late medieval era until World War I. Through this period, the anchor for monetary policy was the silver or gold value of the monetary unit. States, however, frequently abandoned this anchor, some depreciating their monetary units against silver and gold less than 10-fold and others more than 10,000-fold between 150 0 and 1914. To understand the determinants of these differences, we compile a new and comprehensive monetary history dataset for all major states in Europe and test alternative theories. We find strong evidence that political factors, and in particular, fiscal capacity, political regime and warfare explain patterns of monetary stability. This finding is robust to addressing endogeneity, controlling for the instability induced by the mechanics of the monetary system and accounting for the impacts of new monetary technologies and the advent of fiat standard. (c) 2019 Elsevier B.V. All rights reserved. TUBITAK 1001 ProgramTurkiye Bilimsel ve Teknolojik Arastirma Kurumu (TUBITAK) [117K203]; BAGEP 2016 grant from Science Academy, Istanbul Seminar participants at Bogazici University, Koc University, Marmara University, Stanford University, University of California, Davis and University of Warwick in Venice and conference participants at the fifth Asian Historical Economics Conference, the third CEPR Economic History Symposium and the twelfth European Historical Economics Society Conference provided invaluable comments on earlier versions of the article. We would also like to thank Robert C. Allen, Michael D. Bordo, Selva Demiralp, Antonio Castro Henriques, Clemens Jobst, Mikolaj Malinowski, Nuno Palma, Michael Pammer, Luciano Pezzolo, Leandro Prados de la Escosura, Jaime Reis, Thomas Scheiber, Rita Martins de Sousa and Francois R. Velde for their comments and generous help with the data. This research project was supported by TUBITAK 1001 Program project number 117K203. K. KivancKaraman was also supported by BAGEP 2016 grant from Science Academy, Istanbul.

وصف الملف: application/pdf

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_dedup___::31958babafb3e9a8c73bfceb62e320e2Test
https://doi.org/10.1016/j.jmoneco.2019.07.007Test

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

المؤلفون: Michael Ward

المصدر: Emerald Emerging Markets Case Studies. 10:1-9

مصطلحات موضوعية: Modern Monetary Theory, Inflation, Economics and Econometrics, Strategy and Management, Fiat money, media_common.quotation_subject, Monetary policy, Barter, Financial system, Deflation, Education, Currency, Quantitative easing, Economics, Business and International Management, Finance, media_common

الوصف: Learning outcomes The case describes the origins of money, touching on the gold standard, the Fed’s 1942 purchase of US debt to fund the “war effort”, Bretton Woods (1944), Nixon’s 1971 pulling the currency peg and descent of money from gold to fiat. It also touches on theories of inflation and deflation, quantitative easing (QE) post the 2008 crisis and the “swamp” of (unorthodox) modern monetary theory (MMT). Aside from providing a brief history of monetary policy and economics, the case study seeks to widen students’ understanding of key economic issues including: fiat money, QE, government funding mechanisms, taxation, economic stimulation, inflation/deflation – and of course, the need for an ombudsman to limit excess. Case overview/synopsis In May 2020, South Africa’s deputy finance minister David Masondo announced that he would support the South African Reserve Bank’s lending to the government. This statement followed President Ramaposa’s earlier announcement of a R500bn COVID-19 stimulus package. The case explores the economic history of money, from barter to gold to cryptos. The case examines the origins of central banks’ printing of money, initially to support the Second World War effort and more recently the 2008 global financial crisis and now the COVID-19 crisis. In particular, the case raises the question of central bank independence – “democratically elected governments always need money, is it appropriate for central banks provide it? And are there limits?” Complexity academic level MBA and Executive Education Supplementary materials Teaching Notes are available for educators only. Subject code CSS: 1 Accounting and Finance.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_________::97f0ce67bf0c06a7a77fc71f90ea4cd0Test
https://doi.org/10.1108/eemcs-05-2020-0154Test

المؤلفون: Vladimir Gerasenko, Diana Milos

المصدر: Економічний вісник університету, Iss 44, Pp 56-63 (2020)

مصطلحات موضوعية: Cryptocurrency, Process (engineering), media_common.quotation_subject, Economic growth, development, planning, mining, digitalization, token, HB71-74, SWOT analysis, media_common, digital fiat money, Finance, swot-analysis, transaction, business.industry, factors, digital financial assets, Payment, Investment (macroeconomics), cryptocurrency, development priorities, Identification (information), Economics as a science, classification, HD72-88, State (computer science), business, Database transaction

الوصف: Actuality of the research topic: development and implementation of technological innovations related to digital financial assets will improve the efficiency of banking products and services, and will contribute to the economic growth of any state, providing faster payments, the ability to process and store a large amount of data, the ability to manage identification, attracting resources for investment activities and improving the level of efficiency of all business entities. Problem statement: the formation of scientific and methodological tools for assessing the development of digital financial assets is a relatively new area of world and Belarusian applied science. The problems associated with the system analysis of the development of digital financial assets are currently not sufficiently developed. The purpose of the research: to study the essence, identify global trends and assess the factors of development of digital financial assets in the Republic of Belarus to determine the prospects for its development. Methods of the research: generalization, systematization, classification, SWOT-analysis. The results of the research: the author's definition of the term «digital financial assets» is given and the classification is proposed, trends and factors of development of one of the most innovative digital financial assets – cryptocurrency – are identified, a SWOT-analysis of the development of cryptocurrencies in Belarus is conducted and priority directions of its development are defined. The field of the results application: financial and bankingspheres.

الوصول الحر: https://explore.openaire.eu/search/publication?articleId=doi_dedup___::2dd9aecbe471143664783d3f3ccae792Test
https://doi.org/10.31470/2306-546x-2020-44-56-63Test