Monetary System Research Articles

A Survey of Applications of Blockchain in Collective Decision-Making Scenarios in Swarm Robotics

Blockchain is a distributed ledger that was introduced to decentralize monetary systems. However, with time, the applications of blockchain in different realms have been identified. Swarm robotics is a field that combines swarm intelligence and robotics to solve real-world problems that cannot be solved by monolithic robots. Collective decision-making is one of the major behaviors implemented by swarm robotics. This study analyzes existing literature on the applications of blockchain in the collective decision-making scenarios in swarm robotics. Consequently, this study introduces a novel taxonomy to study the different applications effectively. The taxonomy categorizes existing literature into (i) application of blockchain in other areas of swarm robotics, (ii) application of blockchain in continuous collective decision-making scenarios, (iii) application of blockchain in discrete collective decision-making scenarios, (iv) application of blockchain in other discrete collective decision-making scenarios, and (v) application of blockchain in the collective perception scenario. Finally, the limitations of existing work such as excessive resource consumption and violation of swarm robotics principles are discussed.

The Renminbis Ascent: Challenges, Opportunities, and Implications for the Global Monetary System

The Renminbis (RMB) journey towards international prominence encapsulates China's economic metamorphosis and the evolving dynamics of the global monetary system. This paper delves into the multifaceted trajectory of the RMB, highlighting the challenges and opportunities it faces in its quest for global acceptance. It provides an in-depth analysis of the implications of the US-China trade war and the global pandemic on the RMBs internationalization. The paper also underscores the transformative potential of strategic initiatives such as China's Belt and Road Initiative (BRI) and the pioneering Digital Yuan. Through a nuanced exploration of these themes, this study offers insights into the RMB's current status and its prospective role in the global monetary order. As countries grapple with changing trade dependencies and the digital revolution in finance, the RMB emerges not just as a participant but as a potential leader in reshaping the contours of international finance.

The Orient in the West. The Consolidation of the Umayyad Monetary System in al-Andalus during the 2nd/8th Century

During the 2nd/8th century, the consolidation of the Umayyad monetary system took place in al-Andalus. In this process, the influence of Eastern coinage played a decisive role and shows us the fact that al-Andalus was one more territory of Dār al-Islām. The first Andalusi issues, despite having their own local characteristics, were deeply influenced by Eastern elements because they were immersed in the policy of the Umayyad caliphate. After a transitional period, Andalusi dinars and dirhams were adjusted to ‘Abd al-Malik’s reform, becoming fully Arabized currencies. In this process, they were also adjusted to Eastern parameters. The coin hoards of this period show the importance of Eastern coins in the economy of al-Andalus because they were the main currency circulating in the territory. When the Umayyad caliphate of Damascus was replaced by the ‘Abbāsid caliphate, and al-Andalus became an Independent Emirate from the ‘Abbāsid caliphate in 138/756, the maintenance of Umayyad monetary features was the best expression of their dynastic vindication and rejection of the caliphate of Baghdad. The political break with the East was not only reflected in the issues but also in the monetary circulation, as is evidenced by coin hoards. Unlike the previous period, the main circulating currency was the Andalusi dirham, which is evidence of the monetary autonomy and consolidation of the Umayyad monetary system in al-Andalus.

Financial Literacy, Financial Technology Literacy, and Capital Market Participation

Objective: This study aims to determine the effect of financial literacy and fintech literacy on capital market participation. It also examines the effects of individual characteristics (i.e., gender, age, student's allowances and income, parent's education, and parent's income) on financial and fintech literacy. Design/Methods/Approach: This study obtained 349 data from email and field surveys using purposive sampling. Data analysis was performed using OLS and path analysis. Findings: Results show that the level of student financial literacy is sufficiently literate, with a moderate level of fintech literacy but low capital market participation. The results also show financial and fintech literacy positively affects capital market participation. Financial literacy also exhibits indirect effects on capital market participation. Analysis of the determinants of literacy shows that gender, age, student allowances, and income have a significant positive effect on financial literacy and fintech literacy. We also find that parental education and income show a negative effect on fintech literacy. Originality/Value: This study is the first to examine the relationship between financial literacy, fintech literacy, and capital market participation in young adults in metropolitan cities in Indonesia. The results are expected to provide insight for the authorities of the monetary system and the capital market to develop strategies for the more intense involvement of young adults in the capital market. Practical/Policy implication: This study highlights the importance of educating students about financial and fintech literacy to increase their participation in the capital market. Decision-makers should focus on providing intense education on portfolio investment, risk and return, and investment instruments. Financial authorities should also collaborate with fintech operators and securities companies to promote capital market products through fintech and educate the public with more comprehensive information.

RMB Internationalization

The internationalization of the renminbi (RMB) is viewed by some experts as a potential challenge to the US dollar's (USD) hegemonic status in the current global monetary system. This study employs a mixed theoretical framework to delve into the prospective evolution of China’s monetary influence. By applying the power transition theory to analyze the global monetary power structure, this study evaluates China’s dissatisfaction as a potential challenger against the dominance of the USD and examines the power parity between China and the United States. On a regional scale, the analysis focuses on possible Asian monetary integration of the RMB-domination by adopting the neofunctionalist paradigm derived from the European experience and juxtaposing this process with European monetary integration. The analysis shows that China has not been able to directly challenge the dominance of the USD, nor has it effectively spearheaded the agenda for regional monetary integration. More specifically, China’s export-oriented growth model has hindered the emergence of the RMB as a substantial competition to the USD within East and South Asia.

THE SYSTEM OF BUYING AND SELLING ARISAN MONEY IN ANTHROPOLOGY REVIEW OF ISLAMIC LAW (Case Study In Toteker Hamlet, West Banuaju Village, Batang-Batang, Sumenep)

The sale and purchase of arisan money in Toteker Hamlet, West Banuaju Village, Batang-Batang District, Sumenep is a practice that has been carried out for generations, not only by members of the arisan from among the farmers, but also by members of community leaders, and the parties involved become the power it is interesting to reveal the reasons and factors behind it, as well as the unclear status of Islamic law. This study aims to analyze the system of buying and selling arisan money in an anthropology review of Islamic law, revealing the identity of the parties involved, the underlying factors, and the reasons for carrying out the practice of buying and selling. This research method uses field qualitative methods with data collection procedures through observation, interviews, and documentation. The results showed that the system of buying and selling arisan money is an act that is forbidden because there is an additional advantage from buying and selling money with the same type of money, this is done under forced circumstances, and there is hilah done by one of the community leaders.Keywords: Anthropology, Buying and Selling, Arisan

Новый взгляд на денежную реформу Ольвии второй половины IV в. до Р. Х.

The known fact of the resumption of the issue of full-weight coins (with Demeter) in 340—330 BC in Olbia was also accompanied by the issue of its fractions. It is the first series of minted copper (subgr. Iв (Ма), Iг (Мо), IIб (Ро)). The renewal of issue of full-weight copper and its fractions was a consequence of the failure of the decimal reform by the Aristocratids; the population did not accept the reduced “obol series” (gr. 2), apparently, due to insufficient silver coins. In 333 BC, the Aristocratids tried unsuccessfully to legitimize the new monetary system by means of Canob’s decree; the copper and silver of the decree (… τὸν χαλκὸν καὶ τὸ ἀργύριο[ν]…) are “obol series” (ΑΡΙΣ, ΘΕΥ, ΦΙΛΙ, ΜΟΣΧ, ΠΑ, etc.) and silver (ΑΡΙΣ, ΜΟΣΧ). Thus, the traditional hypothesis about the mention of the full-weight copper in Canob’s decree is refuted. Subsequent episodic emission of the “obol series” (gr. 1) in 330—317 BC probably had no effect on monetary circulation; the coins were used to mint the “borysthenes” of gr. 1 until 309 BC.

Monetary issues of the south of Russia during the Civil war: historiographical aspect

The article examines the complex economic and political situation that developed during the Civil War in the South of Russia. Analysis of existing works on the monetary issue of this territory is carried out, the completeness of these studies is determined. Source studies and comparative methods of analysis of factual material are used. The conclusion is made about the instability of the existing monetary system due to the lack of a unified command among the white movement and the presence of numerous political and emission centers.

The Baktrian Coregency Legend Coinage of Seleukos and Antiochos: Context and Origin

The light weight standard coregency legend coinage of Seleukos and Antiochos struck at the mint of Ai Khanoum in Baktria is an enigmatic punctuation of the otherwise consistently Attic weight standard coinage of the Seleukid realm in the 3rd century BC. A newly identified coregency legend gold stater weighing c.7.05 grams establishes that the coregency coinage system was a comprehensive trimetallic coinage. Consistent with this reduced weight standard stater is the tetradrachm weight standard of c. 14.10 grams. This coinage briefly displaced the previously issued Attic weight coinage in the Oxus valley. A reappraisal of the coinage and its context leads to the conclusion that the impetus for its mintage was the creation of a closed monetary system in the Oxus valley, seeking to emulate the success of Ptolemy in the Nile valley. This extended a pattern of Seleukid adoption and adaptation of Ptolemaic innovations. A motivating factor in this regard was the absence of an indigenous source of silver in the Oxus valley at a time when an influx of Greek settlers catalysed a rapid growth in the monetary economy. However, changing demographics, permeable frontiers, and the assassination of Seleukos contributed to the abandonment of this epichoric coinage, marking the collapse of a dedicated Seleukid effort to rapidly advance the development of monetized economies in eastern reaches of the kingdom.

The monetary policy trilemma from the perspective of European integration

AbstractFollowing the breakdown of the Bretton Woods agreement the international monetary system has operated based on floating exchange rate arrangements and free capital mobility. A most significant subsequent improvement has been the process of European monetary integration, from the institution of the European Monetary System to the Euro currency. The relationships between the short‐term interest rates of European Union (EU) countries and the United States suggest, that in the post‐Bretton Woods period the US dollar has held an important anchor currency role, while EU countries acquired considerable monetary policy independence. Further, the stronger relationships between the short‐term interest rates of EU countries and Germany may be viewed as a consequence of monetary unification. The econometric evidence provides important insights for the period following the adoption of the Euro, when European economies have in many instances been subject to heterogeneous shocks.

How the metal supply for mintage shifts in the transforming monetary system of the Han Empire: Archaeometallurgical study of the Wuzhu coins from the Guanghuacun cemetery, Chengdu, Southwest China

The monetary system and the metal supply for mintage are both important for state governance. The relationship between these two issues in the Han Empire, China, still need to be verified. In this paper, 23 Wuzhu五铢 coins of the three Shanglin offices (上林三官, SLSG) of the Western Han dynasty (202BCE-8CE, WHD) and the Eastern Han dynasty (25–220 CE, EHD), excavated from Guanghuacun cemetery, Chengdu city, were studied by SEM-EDS, ICP-AES and MC-ICP-MS, etc. The results show Cu-Sn-Pb, Cu-Sn, and Cu-Sb-Sn-Pb alloys, and identify one of the coins with the highest content of tin in ancient China. The lead isotopes and trace elements reflect the changes in the provenances of metal materials for mintage from concentrated to scattered between the SLSG and EHD periods. The lead isotopes infer that the lead of SLSG coins was mainly derived from the Xiaoqinling小秦岭 region, and the sources of lead for EHD coins should include the Xiaoqinling, the Sichuan-Yunnan-Guizhou Rhombic Block川滇黔菱形地块, the Qinling秦岭, and the lower Yangtze regions. These findings on the shift in metal supply for mintage in the transforming monetary system provide a new insight into the issues of political and economic policy of the Han Empire.

From Fiqh to Finance: Assessing Bitcoin Status in Indonesian Monetary System

From Fiqh to Finance: Assessing Bitcoin Status in Indonesian Monetary System

The Impact of Tax Cuts on Exchange Rate Changes in The Context of High Inflation and High Debt: Evidence from The UK "Mini-Budget"

This research mainly focuses on the exchange rate fluctuations after the British government of Liz Truss announced to introduce the tax reduction policies, mini-budget. This budget covers the abolition of the highest 45% income tax rate, turning down the income tax and partial stamp duty, aiming to provide greater tax relief to the wealthy to encourage investment and consumption. Based on the SVAR, in the case of high inflation and high debt, tax reduction policies may further intensify the pressure of currency depreciation, leading to a significant decline in the exchange rate. In addition, this paper found that fiscal expenditures and inflation rate have significant and persistent impact on the exchange rate. The conclusion of this research emphasizes that the tax reduction policies in the context of high inflation and high debt will exacerbate the exchange rate fluctuations, which has important implications for policy makers and market participants. In the current highly unstable global economy, a deep understanding of the impact of tax reduction policies on the money market is crucial for stabilizing the economy and monetary system.

US Dollar Dominance in International Trade and the Impact of Trump’s Policies

This paper delves into the status of the US dollar as a world reserve currency and its profound impact on China's economy. It emphasizes the significance of capital account convertibility for governments and advocates the necessity for reform in the international monetary system. The study sheds light on China's remarkable economic growth and its reliance on the US dollar, while also exploring the emergence of an alternative currency basket featuring the Chinese yuan (RMB). With the gradual depreciation of the US dollar on the horizon, the potential consequences for China's economy are thoroughly examined.Additionally, the paper addresses the risks associated with de-dollarization and the potential flight of USD-denominated debt to alternative assets like gold. A detailed analysis of how Trump's economic policies, especially the trade war with China, have impacted the global role of the US dollar is presented. Furthermore, the paper provides a comprehensive historical review of the international monetary system, spanning from the gold standard to the Bretton Woods system and the Jamaican system. It critically discusses the flaws and instability inherent in the current system, including issues related to currency over-issuance and the multi-currency reserve system.In conclusion, the paper examines the policy signals of the Federal Reserve and the US Treasury, along with the ramifications of Trump's economic policies on the US dollar and the global economy. The findings underscore the urgent need for measures to address the challenges posed by the current monetary system and its potential impact on China's economy. The study advocates for a proactive approach to international monetary system reform to ensure economic stability, promote balanced global economic growth, and address the complexities arising from the dominant status of the US dollar as a world reserve currency.

A short history of the USD and a Reflection on the Current World Order

Economic integration has emerged as a significant concern due to its potential threats to local culture, social stability, and economic growth. Led by the United States, Western countries have adopted economic integration as a means to further their global political and economic interests. The dominance of the US dollar in the global economy empowers the US to manipulate world markets and exert control over other nations' economies. This paper delves into the evolution and historical significance of the US dollar, with a specific focus on its influence on the Chinese economy. It investigates the economic, political, and other implications of US dollar exchange rate fluctuations on China, particularly in relation to Chinese-US trade and import-export activities. This study introduces a novel perspective on the potential impacts of the US dollar exchange rate on China's economic relations with the United States. The paper concludes by proposing measures and countermeasures from China's standpoint to identify viable solutions.The literature review section provides a comprehensive overview of the historical evolution of the US dollar, drawing from the works of Ferguson, Marthur, Duncan, and other researchers. It traces the journey of the US dollar from its origins in colonial America, through the establishment of the gold standard, the impact of wars and crises, to the transition to the Bretton Woods system. The review also highlights the US dollar's central role as a dominant currency in international trade and the leverage it grants the United States in imposing trade sanctions and influencing other countries. In conclusion, the abstract underscores the urgency for reform in the international monetary system to mitigate the adverse effects of the US dollar on the global economy. It advocates for a more independent and equitable system that fosters fair economic relations among nations. Addressing the challenges posed by economic integration and the dominance of the US dollar is essential for safeguarding local cultures, social stability, and sustainable economic growth worldwide. By exploring the impacts on China's economy, this study contributes valuable insights to develop effective strategies for fostering a balanced and mutually beneficial global economic landscape.

The Analysis and Countermeasures of US Dollar Exchange Rate on China\'s Import and Export Trade

This paper investigates the intricate relationship between the Chinese exchange rate and the US dollar, particularly amidst a low-growth economic environment and the potential impact on trade dynamics. Set against the backdrop of the 2008 financial crisis, concerns have arisen over China's substantial dollar-denominated debt stock and the possibility of a sell-off that could devalue the US dollar and impact the global economy. As the post-Covid recession is expected to weaken the US dollar, this study aims to explore potential US countermeasures to maintain the currency's strength. The analysis suggests that China should transition from an export-led development strategy to a more domestically focused approach, promoting industrial modernization, implementing strategic economic adjustments, and enhancing the management and regulation of foreign exchange reserves. Active participation in East Asian monetary cooperation and the establishment of a regional monetary system in East Asia are also recommended. The paper highlights the influence of the US dollar exchange rate on China's import and export trade, illustrating how fluctuations in the exchange rate impact trade volumes and different sectors. To mitigate these effects, China should concentrate on developing advanced industries, modernizing traditional sectors, accelerating new urbanization, and stimulating domestic consumption. Additionally, the government should optimize the external trade services system by reducing burdens on enterprises, deepening tariff facilitation reforms, and supporting small and medium-sized enterprises. In conclusion, comprehending the complex relationship between the Chinese exchange rate and the US dollar is crucial for maintaining global trade stability. Implementing the recommended countermeasures can assist both countries in overcoming economic challenges and fostering mutually beneficial trade relations. By carefully navigating the dynamics between these two currencies, governments can strengthen their economies and contribute to a more stable and prosperous global trade environment.

A Statistical Study of Price of Gold

Gold has long been considered one of the most precious metals, and its value has been used as the standard for many currencies (known as the gold standard) in history. Ancient India accumulated gold through trade of Indian spices with Roman Empire and by gold mining operations, predominantly in the regions of Hatti and Kolar of modern-day Karnataka. 1. There has been drastic increase in the prices of gold since 2001. Gold prices have been increased by 90% during last 10 years. 2. The Bank of India has one of the largest stores of gold in the world. India is the second largest consumer of gold in the world and is one of the most reliable drivers of global demand. Gold accounts for nearly 5.5% of the total foreign reserve holdings of India. India’s festival and wedding season, which runs from October to December, has historically been a huge boon to gold trade. 3. Gold has always been used as a monetary standard. Gold has a profound impact on the value of world currencies. Even though the gold standard has been abandoned, gold as a commodity can act as a substitute for fiat currencies and be used as an effective hedge against inflation. There is no doubt that gold will continue to play an integral role in the foreign exchange markets. Gold consumption observed a sharp acceleration during the 1990s amidst liberalization of gold import policy, strong economic growth and favourable movements in gold prices. Gold is now being used as an alternative for dollar since its collapse. Monetary and Non- Monetary demand for gold is steeply rising. It has been demanded by individual buyer, institutional buyer as well as he Countries too.

Analysis of the Path and Countermeasures for the Central Bank's Digital Currency to Boost the Internationalization of the RMB

In order to meet the needs of China's economic development and international trade, and to prevent potential risks arising from the international monetary system dominated by the US dollar, China officially began the process of RMB internationalization in 2009. However, in the process of development, it faces obstacles caused by factors such as US dollar hegemony and limited financial openness in China. In recent years, China has further developed the internationalization of the RMB and achieved significant results. Among them, the issuance of the Central Bank's Statutory Digital Currency (DC/EP) in 2020 has brought a new upgrade to the RMB. As an emerging circulation method, the digital RMB has the advantages of efficiency, convenience, centralized management, and information recording, bringing a new development to the internationalization of the RMB. It can be foreseen that with the development of China's economy and technology, the digital RMB will play an important role in future development. This article aims to analyze the current development status of RMB internationalization, explore the opportunities and challenges brought by the issuance of legal digital currency by the central bank to the development of RMB internationalization, and propose corresponding countermeasures and suggestions.

The AFL-CIO, the U.S. Balance of Payments, and the End of the Post–World War II Liberal Order, 1965–1973

This article analyzes the AFL-CIO’s international economic policy activism in the late 1960s and early 1970s within the context of the collapse of Bretton Woods monetary system. It shows that AFL-CIO economists developed a far-reaching critique of multinational corporations that encompassed not only concerns about import competition and capital flight but also charges that multinational firms contributed to the United States’ balance of payments woes. Fighting charges that union wages drove inflation, labor leaders maintained that private capital outflows and intracompany transactions exacerbated U.S. payments deficits. They therefore advocated for capital controls and import restrictions as alternatives to fiscal and monetary restraint. Their efforts to preserve the expansionary policies underpinning postwar liberalism, however, ultimately failed. By calling attention to the AFL-CIO’s failed activism in international monetary politics, the article offers a new vantage point for understanding organized labor’s declining influence in the last third of the twentieth century.

Has Italy Won or Lose in the European Monetary Union

The transformation of the European Monetary System into the European Monetary Union is a significant event in the development of the world economy and a major issue of concern in international financial research. The establishment of the European Monetary Union is the basis and guarantee for the establishment of the European Economic Union and Political Union. In this study, by analyzing various economic indicators of Italy, the author can determine whether it is a winner or loser in terms of gains and losses in the European Monetary Union and then can also infer the changes in the economies of various countries under the union policies. In terms of economic development, it can be seen from the Gini coefficient and GDP growth rate that Italy has long been in a predicament of a large wealth gap and weak economic development. In terms of economic security, it can also be inferred that Italy is trapped in a quagmire of foreign debts and perennial fiscal deficits through the two data of the percentage of foreign debt to GDP and the ratio of fiscal revenue and expenditure, resulting in insufficient amplitude credibility and large economic loopholes. From this, it can be judged that Italy is in the position of a loser in the European Monetary Union.