Money Issues Research Articles

Money laundering and the automobile industry: a comparative study between the laws of Mauritius and UK

Purpose Motor vehicles play a vital role in the economic and social growth of any country. However, they have recently become instruments and a source of illegally obtained financial gains for criminal bodies and individuals. This study aims to assess the laws of Mauritius on AML procedures to prevent money laundering through vehicles transactions. Design/methodology/approach To achieve the research objective, the black letter research method was used by analysing laws, regulations and case laws on the subject matter. A desk-based and doctrinal approach was also used by examining policy papers, scholarly articles and newspaper materials on the researched topic. Additionally, the research adopted a comparative analysis by assessing how the laws of another country address the issue of money laundering through vehicle transaction and the selected country is the UK. Findings The research concluded that Mauritius AML laws are lagging behind of the UK laws and accordingly, some measures were suggested to deal with the issue of money laundering through vehicles transactions. Accordingly, this research recommended that motor vehicle dealers who are high value dealers engaged in cash transactions above certain threshold, must also be categorised as reporting persons under the FIAMLA such that the prescribed AML measures apply to them. Additionally, it is convenient for the FCC to be embodied with some additional punitive and corrective powers to assist the Commission in its fight for the prevention and elimination of financial crimes in Mauritius. Originality/value At present, this study will be among the first academic writings on the intersection between money laundering and the automobile industry and on the effectiveness of the legal and regulatory measures undertaken by the Mauritian authorities to prevent money laundering through vehicles transactions. The study is carried out with the aim of combining a large amount of empirical, theoretical and factual information that can be of use to various stakeholders and not only to academics.

CLASSIFICATION OF LEGAL PROVISIONS REGULATING RELATIONS, THE OBJECT OF WHICH IS ELECTRONIC AND DIGITAL MONEY

The article is devoted to the classification of legal provisions regulating relations, the object of which is electronic and digital money. It was determined that legal provisions are the first element of the mechanism of legal regulation of relations, the object of which is electronic and digital money. The legal rules establishing the procedure for the provision of financial payment services by electronic money issuers for the issuance of electronic money and the execution of payment transactions with them (regulatory legal rules) are differentiated into the following groups: legal rules establishing the procedure for opening and maintaining electronic wallets; legal rules establishing requirements for issuers of electronic money and their commercial agents; legal rules establishing the procedure for issuing electronic money; legal rules establishing the procedure for repayment of electronic money; legal rules establishing restrictions on the use of electronic money; legal rules establishing the specifics of performing payment transactions with electronic money. Legal rules regulating relations, the object of which is digital money (regulatory legal rules), are differentiated into the following groups: legal rules establishing the procedure for issuing digital money; legal rules establishing the procedure for storing digital money; legal rules establishing the procedure for repayment of digital money; legal rules establishing the specifics of performing payment transactions using digital money. It is proved that the system of atypical legal provisions regulating relations, the object of which is electronic and digital money, is not extensive (its truncated), since it does not include various types of prescriptions that do not have specific rules of behavior.

Chartalism in Ancient China: A Retrospective of Monetary Thought

Abstract Chartalism is an influential and continuous tradition of monetary thought in ancient China. It dates back to the earliest Chinese text on monetary thought and continued into the Qing Dynasty. A vast body of related literature can be found across ancient Chinese dynasties. Chartalism in ancient China had the following main propositions. First, money originated as an invention of ancient monarchs and is a creature of the state. The second is the nominal theory of money: useless metal can function as money and become a tool of state intervention in the economy through state support. Third, the right to issue money should be monopolized by the state; otherwise, the state's monetary policy will be interfered with by other currencies. Fourth, an important monetary policy is the government's buying and selling of commodities countercyclically by issuing and receiving money, thus stabilizing prices. Fifth, the circulation process of sovereign money consists of two parts: the state's minting of coins (or issuing of paper money) and spending are the outflow of money, and levying monetary taxes (or selling goods) is the inflow of money. The state stabilizes the value of money by intervening in the circulation process.

The Effect of Stress on the Academic Performance of School-Going Adolescents in Central Monrovia, Liberia

The current study aimed to examine the effect of stress on the academic performance of school-going adolescents. For this study, a sample of 60 adolescents ranging in the age group of 12 to 19 years were randomly selected from five secondary schools (J. J. Roberts United Methodist School, Monrovia College, William V. S. Tubman High School, St. Peter Lutheran High School and College of West Africa) in Central Monrovia. The research instrument used by the researcher was a questionnaire. The questionnaire combines both quantitative (closed-ended questions and qualitative (open-ended questions) data. The instrument used to generate data was the questionnaire titled: The effect of stress on the academic performance of school going adolescents (ESAPSGA). Data obtained as responses were analyzed using SPSS (Statistical Package for the Social Sciences) for quantitative data and Nvivo for the qualitative data. The findings of this study show that stress has a big effect on how well students in Central Monrovia, Liberia do in school. Results showed that the sources of academic stress include schoolwork (exams, assignments, and grades), bullying from friends, family problems, and money issues. It affects students negatively through depression, distraction, and panic attacks, which leads to poor academic performances as they responded in the questionnaires administered. Results also showed that the majority of school-going adolescent manage stress by listening to music, followed by talking to a friend/ family or parent about the problem. Based on the findings and conclusions of this research, the following recommendations are made: 1. School managements should organize stress reduction programs such as sport clubs and activities for students. 2. School managements should have a school counsellor so that students can get access to counseling services that include music therapy. 3. School management should create a nurturing and empathetic school environment.

Protection of Electronic Money Saving Customers At the Bank

Currently developing again with the emergence of a new payment instrument in the form of a certain amount of money stored in an electronic media owned by someone, this payment instrument is known as Electronic Money. As a means of payment, the acquisition and use of Electronic Money (e-money) can be considered quite easy. Prospective holders or users only need to deposit a certain amount of money to the issuer or through issuing agents and the total value of the money will be digitally stored in electronic media. The problems raised in this paper are regarding the characteristics and status of electronic money as a non-cash payment instrument in banking products and the urgency of legal protection against stored customer electronic money. This type of thesis research uses normative juridical research. The results of this study are that electronic money is essentially cash that is converted into electronic data that is stored on storage media on cards in the form of chips or servers belonging to electronic money holders. The value of the electronic money is also recorded on electronic media managed by the issuer of electronic money. Payment transactions with electronic money are carried out by transferring funds electronically at merchant payment terminals (merchant), by directly reducing the value of electronic money on electronic media managed by electronic money holders. The status of the value of money received by the electronic money issuer, both for the results of the electronic money issuance and refilling, is a float fund, which is the obligation of the electronic money issuer to electronic money holders and traders at the time of billing reconciliation by the merchant to the electronic money issuer and the urgency of guaranteeing funds Customers using electronic money by customer fund guarantee institutions (LPS) have not yet reached the point where they really need them. Because currently existing regulations regarding electronic money, both those regulated by Bank Indonesia Regulations and Financial Services Authority Regulations are still able to protect the rights of customers who use electronic money, but it is possible that in the future IDIC will guarantee the funds of electronic money customers. Considering the very rapid development of electronic money users and the very large circulation of money, then of course LPS can be present as a guarantee institution, of course with updated regulations. And at this time LPS is also reviewing with OJK about the need for LPS to be present as a guarantor of electronic money customer funds.

Analisis Konsep Bank Sentral Dalam Penerbitan Uang Baru Untuk Mencegah Pemalsuan Uang Pada Jasa Penukaran Uang Pinggir Jalan di Saat Hari Raya

Money changers are also increasingly developing not only in banks as official exchange places. On the eve of the holidays, some traders sell money on the side of the road. There is a phenomenon where money becomes something that is traded in the form of money exchange that often occurs before the holidays. This research uses a qualitative method. By using a qualitative approach, researchers can focus on attention and also natural events that occur. This research examines how the concept of central bank concept analysis in the issuance of new money to prevent counterfeiting of money on roadside money exchange services during the holidays. The conclusion is that transactions that always occur before the holidays with money exchange are considered violating the law because they do not comply with the standards of exchange transactions, which should always have goods traded rather than money.

Dirty Money, Clean Consequences: The Impact of Money Laundering in India

Abstract Money laundering, the process of concealing the origins of illegally obtained money which tend to pose formidable threat to the integrity of financial systems globally, and India confronts its repercussions with distinct legal and societal ramifications. This study endeavors to comprehensively address the complex issue of money laundering in India Firstly; the study will analyze the extensive impact of money laundering on the Indian economy, society, and governance structures, with the help of case laws the study will highlight the efforts made to combat the issue of money laundering India. Thirdly, the study will analyze the effectiveness of the current regulatory landscape and enforcement mechanisms related to money laundering in India with that the study will the evaluate will both strengths and weaknesses in the existing framework, shedding light on areas that require improvement to combat money laundering more effectively. Lastly, the study will propose some strategies for enhancing the detection and prevention of money laundering activities in India. By addressing any identified gaps in the regulatory framework. Through shedding light on the multifaceted impact of money laundering and proposing pragmatic solutions, this study aspires to contribute to the fortification of India's financial integrity and foster sustainable economic development.

The impact of the russian-ukrainian war on economic processes in russia: analysis and forecasting

In this article, the author examines the impact of the war in Ukraine on the Russian economy, analyzes and forecasts some of the main factors. The relevance of the issue under consideration is due to the fact that the economic situation in Russia directly affects Russia's ability to continue the war in Ukraine. Therefore, the purpose of the article is to analyze and forecast the impact of the Russian-Ukrainian war on economic processes in Russia. Despite the fact that officialstatistics are mostly classified or distorted by Rosstat, the analysis shows that the economic situation in Russia is getting worse. For the past six years, the Russian economy has been experiencing strong inflation, and in the current environment, inflationary processes have intensified significantly. Eventually, the Kremlin will face a problem: either to continue fighting in Ukraine, or to boost the economy, or to move to a large-scale money issue, which will lead to even higher prices. The National Welfare Fund has shrunk by almost a third and continues to shrink. That is, without additional investments of foreign capital, Russia will not be able to raise the economy and conduct military operations.The key policy rate was forecasted using neural networks based on the method of group consideration of arguments using the GMDH Shell program. The forecast shows that in 2023 the key policy rate may increase to 23%.The article shows how the national welfare fund of Russia has been reduced, and the federal budget expenditures are analyzed. The author gives the estimated expenditures of the Russian Federation for the first year of the war and the budget deficit. According to experts' estimates, an approximate figure of the need for funds to support combat operations in the current conditions is provided. The materials of the article are of practical value for analysts, economists and anyone who studies the Russian-Ukrainian war from the point of view of the economic component.

Enhancing User Experience and Ride Efficiency: A Case Study of Bike-Sharing App Design

Abstract: The bike sharing app “Bike Buddy” facilitate people living in the big cities particularly where number of two wheelers are increasing. Many prefer two wheelers to save time and money. This can avoid wastage of the time traveling by public transport. Personal cars used individually raises traffic problems. This has attracted attention in using and sharing of bike service. The app developed provides hassle-free, easy way to share bike. The rider once declares the travelling route, he invites friends to join the ride which is claimed to save money and traffic issue in large cities. The invitation is visible to people who want to travel by the said route. After accepting the invitation, the rider will pickup the designated passenger. The service, depending upon rider may be paid or free.

Влияние криптовалюты на развитие российской экономики: угрозы и экономические возможности

Current trends in economic development determine the course towards digitalization, which implies the development of entrepreneurship in the format of an electronic environment, marketed digital goods and services. Payments for services and goods in the digital economy are often made in digital currency. However, a number of features of the cryptocurrency, such as full virtuality, the absence of a single repository, control center and emission center; the absolute anonymity of all transactions and others create a number of threats to the stability of the national and global economy. The author states that gaps in Russian legislation in relation to cryptocurrency call into question a number of its advantages, forming them as risks and threats. For example, the existence of an alternative payment system violates the integrity of the national system, in particular, the Central Bank loses the monopoly right to issue money, and the supervisory authorities lose the right and ability to control the money turnover in the country.

ЗАХИСТ ДЕЯКИХ ПРАВ ЛЮДИНИ В ЕПОХУ ЦИФРОВІЗАЦІЇ: ПРОБЛЕМИ ТА ПЕРСПЕКТИВИ В УКРАЇНІ

Digitization is the process of creating an all-encompassing cyber-physical space through total digitization with the aim of increasing efficiency, effectiveness, quality and reducing the cost of economic, social and personal activities. Digitization has both many advantages and great threats to basic values in the field of human rights. The most important digital rights of a citizen are currently considered to be the right to confidentiality, anonymity, and depersonalization of already digitized personal information. A very serious violation of human rights in the conditions of digitalization is the leakage of personal data. One of the problems associated with the violation of human rights is the so-called “digital divide”, that is, unequal access to technology and the deepening of the technological gap between countries and within countries. In the financial sphere, the issue of electronic money cannot be ignored. The introduction of the electronic money system has many advantages: mobility; automation of monetary transactions; lack of human factor; absence of production costs; ease of use. However, the gradual phasing out of cash in many countries poses a serious threat to the financial system, as too much reliance on digital payment systems can leave you vulnerable to catastrophic failures in the event of cyber-attacks or power outages. Cash has two of the most important qualities that are always in demand, namely: stability in the event of a power outage or during cyber-attacks; this is the most democratic (free from state and corporate control) payment method. The current legislation in Ukraine regarding the protection of human rights in the context of digitalization is imperfect and needs to be revised. Key words: digitalization, human rights, privacy, anonymity, digital rights, digital divide, electronic money.

Monetary Reform and Central Bank Digital Currencies: The Impact on Retail Banking

This research aims to clarify the impact of monetary reform on retail banking, with the introduction of private crypto-currencies (CCs) and retail central bank digital currencies (CBDCs). Given the exponential increase in private de-centralized CCs, involving stablecoins and non-backed digital assets, total crypto assets have now developed into a USD 1.04 trillion market capitalization. Governments and monetary authorities were initially reticent, but now a number of central banks are developing their own wholesale and retail CBDCs. By conducting library research, document and content analysis involving secondary data, this research confirms, involving central bank admission, that the current centralized monetary system allows commercial banks to lend the vast majority of deposit money into existence. However, the impact of private CCs and introduction of retail CBDCs will eliminate credit creation, thus rendering the commercial banking model obsolete. This will inevitably involve a structural change in the global financial system, with the separation of the public issuance of money and the private issuance of equity finance and investment. Ultimately, retail CBDCs will have to develop into public stablecoins that are pegged to intrinsic value to satisfy the store of value function of money and provide stability as the common denominator for all economic transactions.

The case for 100% money: Ten reasons for separating money issuance from banking

AbstractThe ‘100% money’ proposal aims at divorcing the creation of money from banking, by requiring 100% reserves on transaction accounts. The public monetary authority would then be the sole issuer of means of payment, while the banks would function as true intermediaries, financing loans with pre‐existing money. This article, building on the works of 1930s economists such as Irving Fisher, presents ten arguments in favour of this reform proposal — arguing that it would, in particular, prevent cumulative variations in the money stock, facilitate monetary control, reduce government intervention in banking, improve public finances, and make money creation more neutral.

The rise and fall of paper money in Yuan China, 1260–1368

AbstractFollowing the Mongol invasion of China, the Yuan (1260–1368) dynasty was the first political regime to introduce a precious metal standard and deploy paper money as the sole legal tender. Drawing on a new dataset on money issues, prices, warfare, imperial grants, taxation, natural disasters, and population, we find that a silver standard initially consolidated the Chinese currency market. However, persistent fiscal pressures eventually compelled rulers to ease the monetary standard, and a fiat standard was adopted. We show that inflation was high in the early and late periods of the dynasty but remained moderate for nearly half a century. We find that military pressure, particularly civil war, generated fiscal demands that led to the over‐issuance of money. By contrast, natural disasters and imperial grants did not trigger the over‐issue of money. Warfare was much more likely to increase paper money issues under the fiat standard than during the silver standard period.

Challenges University Students Face while Studying away from Hometown: A Cross-Sectional Study.

This study aims to highlight the challenges that undergraduates face when traveling a significant distance from home to study. These challenges are psychological, financial, and nutritional. The study was descriptive and based on a survey conducted to investigate the challenges faced by university students while studying away from their hometown. A questionnaire was used to collect data from 214 undergraduates between February and April 2021. The collected data were analyzed using the computer program SPSS version 24. Pearson's Chi-square and Fisher's exact tests were applied to observe associations between qualitative variables. A total of 214 undergraduates participated in the study, with a median age of 22 years. The study found significant relationships between weight change and housing (P < 0.001), weight change and distance (P < 0.001), level of homesickness and housing (P < 0.001), level of homesickness and college distance (P < 0.001), and financial status with housing (P = 0.025). The study revealed that a significant number of undergraduate participants face psychological, financial, and nutritional challenges. These challenges include psychosocial issues, such as homesickness financial difficulties, such as money issues, and nutritional concerns, such as weight changes.

Изменение социального облика финансового права на рубеже ХХ–ХХI веков

The consolidation of the Russian state as a social state in the Constitution of the Russian Federation required significant changes both in the system of domestic law and in the system of its individual branches. One of the leading industries that bore a significant “burden” to implement the corresponding transformation is financial law, which by that time, as scientists put it, occupied a “modest place” among other industries. The fulfillment of the assigned mission significantly contributed to changing not only the content, but also the role of financial law in the life of society, the state, and the individual. In essence, the social appearance of financial law has changed, which, although it should be social at its core, is not always clearly socially “coloured”. In this regard, the purpose of this study, based on the thesis about the change in the social image of financial law at the turn of the 20th–21st centuries, is to argue for the presence of a social vector in the development of this branch of law as one of the special branches of the Russian legal system. Using historical, logical methods, as well as methods of comparative legal research and system analysis, the basic prerequisites and conditions for the corresponding transformation, as well as its features, are identified using the example of individual sub-sectors and institutions of financial law. The thesis about the implementation in the norms of financial law of the state’s targets for the implementation of plans and forecasts of socio-economic development is substantiated, it is proven that not only traditional financial and legal institutions (budgetary and legal, tax and legal) are involved in the implementation of the social tasks of the state, but also other (institutions of public banking law, money issue). The current financial legislation and individual acts of strategic planning are analyzed, which made it possible to argue the hypothesis that in the last three decades the social appearance of financial law has changed significantly: not only the socialization of financial law itself has occurred (external aspect), but its content has also changed, including changes the composition of its principles, system, subjects (intra-industry aspect).

ИСТОРИЧЕСКИЕ АСПЕКТЫ ДЕНЕЖНОГО ОБРАЩЕНИЯ РОССИИ XX ВЕКА

The article is devoted to the consideration of the historical aspects of the development and reform of money circulation in Russia at the beginning of the twentieth century and the first years of Soviet power. Taking into account the historical nature of money and money circulation, the relevance of the analysis and practical application of the accumulated experience in regulating the country's monetary system is determined. The historical stages of the development of money circulation and especially significant measures of its regulation are singled out. The sequence and content of the transformations carried out are revealed taking into account the interconnection of the monetary and credit systems. Particular attention is paid to the analysis of the composition of the money supply and the significance of money issues. Characteristics of the types of banknotes of the corresponding stage are given.

Macroeconomic conditions of Russia’s transition to high growth rates: China’s experience

Taking China’s economy as an example, some macroeconomic characteristics of the new economic world order, which ensure GDP growth rate ahead of the US, acceleration of innovation activity and growing influence on the structure of global finances are considered. Attention is drawn to the little-studied effect generated by the difference in financing fixed capital investment: while in China the direct use of budgetary resources for that purpose plays a major role, in the United States the indirect use of similar resources dominates. As a result, there is a lag effect, which allows China (given equal rates of the issue of money) generate a higher growth rate and lower inflation. It is shown that in Russia in 2023—2025 no changes towards China’s macroeconomic characteristics are expected. One reason lies in selective attitude of monetary authorities to the economic theory. First, the hypothesis of the neutrality of money in the long term still prevails. With the help of the shifting mode of reproduction model it is shown that this hypothesis is incorrect: in the long run, money can be both neutral and non-neutral, what matters is how a single cash flow is distributed between investment activities and the production and consumption of non-productive goods. Therefore, the possibility of switching to a policy of monetary stimulation of economic growth is ignored. Second, the macroeconomic theory of managing the transitional processes arising from a sharp acceleration in the rate of GDP is insufficiently developed. Calculations of nonstationary trajectories of GDP rates and inflation have been made, as well as ways to minimize the duration of the transition process and to mitigate inflationary fluctuations have been developed. This largely removes the problem of uncertainty in the transition process, and also makes it possible to control it. As a result, it is possible to transit to accelerated economic growth in Russia.

Beyond labels: segmenting the Gen Z market for more effective marketing

Purpose The purpose of this study is to identify segments in the Gen Z population (born between 1996 and 2010) in Europe, the USA and Australia, based on brand- and lifestyle-related variables and perceptions about their online activities. This study explores how these segments differ and provide insights into cross-country similarities and differences. Design/methodology/approach An online survey was conducted with 4,304 participants, and cluster analysis and analysis of variance were used to identify and profile Gen Z segments in each of three geographical areas. Findings Five segments in Europe and four segments in the USA and in Australia were identified. Segments differ in terms of the importance they attach to exclusivity, inclusivity and sustainability of brands, how Gen Z members perceive money issues and stand in life and how they perceive their online activities. Similar segments are found in the three geographical areas. Research limitations/implications This study proposes a conceptual and analytical approach for exploring intra-cohort diversity. Future research can apply this approach to different generational cohorts and use it to study intra-cohort diversity in other parts of the world. Practical implications This study provides input for marketing practitioners to create better focused and more effective campaigns. Originality/value Cross-country generational cohort research is scarce, and especially intra-cohort diversity is under-researched. This study offers a deep and fine-grained insight into the diversity of the Gen Z cohort across three geographical areas, based on representative samples in these areas.

The classical and neoclassical perspectives: A theoretical framework for studying the advent and growth of mobile money—The Tanzanian experience

AbstractThe article addresses the need for comprehensive analytical frameworks or perspectives in mobile money research. It also proposes and develops a conceptual framework utilizing classical and neoclassical perspectives. The interdisciplinary nature of mobile money studies and the need for robust analytical frameworks or perspectives pose a significant challenge to researchers, creating a political‐economic gap in analyzing mobile money. In this case, classical and neoclassical mindsets bridge this gap in mobile money analysis. Moreover, the article also addresses the following research question: How have classical and neoclassical perspectives influenced the emergence and growth of mobile money in Tanzania throughout the past 15 years? The argument posits that implementing and dismantling neoliberal policies have facilitated the introduction and advancement of mobile money, drawing upon classical and neoclassical principles. In‐depth, unstructured interviews and content analysis from relevant and scholarly sources have been used as data collection methods. Thematic analysis has also been used for data analysis. The findings indicate that researchers can rely on classical and neoclassical perspectives to analyze mobile money's advent, growth, and consolidation. The implications are that classical and neoclassical perspectives provide a context and a unit of analysis that can be used to study the political‐economic issues of mobile money and other digital financial innovations.