Money Assets Research Articles

A Predictive Cyber Threat Model for Mobile Money Services

Mobile Money Services (MMS), enabled by the wide adoption of mobile phones, offered an opportunity for financial inclusion for the unbanked in developing nations. Meanwhile, the risks of cybercrime are increasing, becoming more widespread, and worsening. This is being aggravated by the inadequate security practises of both service providers and the potential customers' underlying criminal intent to undermine the system for financial gain. Predicting potential mobile money cyber threats will afford the opportunity to implement countermeasures before cybercriminals explore this opportunity to impact mobile money assets or perpetrate financial cybercrime. However, traditional security techniques are too broad to address these emerging threats to Mobile Financial Services (MFS). Furthermore, the existing body of knowledge is not adequate for predicting threats associated with the mobile money ecosystem. Thus, there is a need for an effective analytical model based on intelligent software defence mechanisms to detect and prevent these cyber threats. In this study, a dataset was collected via interview with the mobile money practitioners, and a Synthetic Minority Oversampling Technique (SMOTE) was applied to handle the class imbalance problem. A predictive model to detect and prevent suspicious customers with cyber threat potential during the onboarding process for MMS in developing nations using a Machine Learning (ML) technique was developed and evaluated. To test the proposed model's effectiveness in detecting and classifying fraudulent MMS applicant intent, it was trained with various configurations, such as binary or multiclass, with or without the inclusion of SMOTE. Python programming language was employed for the simulation and evaluation of the proposed model. The results showed that ML algorithms are effective for modelling and automating the prediction of cyber threats on MMS. In addition, it proved that the logistic regression classifier with the SMOTE application provided the best classification performance among the various configurations of logistic regression experiments performed. This classification model will be suitable for secure MMS, which serves as a key deciding factor in the adoption and acceptance of mobile money as a cash substitute, especially among the unbanked population.

PERBANDINGAN PMK NO 68/PMK.03/2022 PAJAK ASSET UANG KRIPTO DI INDONESIA DENGAN BERBAGAI NEGARA-NEGARA LAIN

The Indonesian tax authority, in this case the Ministry of Finance, has issued PMK No. 68/PMK.03/2022, regarding value added tax and income tax on crypto asset trading transactions Comparing the value added tax on Indonesian Crypto Assets, only France stipulates VAT, but only applies if you pay for goods in Bitcoin and does not charge VAT on Bitcoin sales, while other countries have not set VAT. Comparison of Income Tax on crypto assets in Indonesia, the United States, China, Hong Kong, England, Japan, Germany, Norway, France, and Spain determines income tax in the form of capital gains, with different provisions, where There are several countries with crypto asset tax implementations that are different from Indonesia's regulations, these countries are, India applies a policy of all digital money assets being taxed, Kazakhstan applies a tax policy on crypto assets only for mining. And there are countries that can be called crypto asset tax havens including Belarus, the state of Georgia and Illinois, and Portugal. Keywords: Crypto Assets, Value Added Tax, income tax

Colonial Virginia's paper money, 1755–1774: a reply to Michener

Ron Michener takes issue with my approach to and analysis of colonial Virginia's paper money. He objects to how I calculate the paper money's asset present value when the paper money is hypothesized to be zero-coupon and interest-bearing bonds. He questions my data on the amount of Virginia's paper money in circulation, and he objects to the econometric treatment I apply to my model of that money's performance. He, however, presents no alternative data constructions, or any alternative explanations for the patterns in the data, nor does he present any alternative hypotheses or do any hypothesis testing to account for the level and movement in the value of Virginia's paper money.

KINERJA REKSA DANA PASAR UANG DENGAN METODE SHARPE, TREYNOR DAN JENSEN PADA BURSA EFEK INDONESIA (BEI) – PERIODE 2013 – 2017

<em>This study aims to determine the performance of money market mutual funds using the Sharpe, Treynor and Jensen methods for 5 years from 2013 to 2017. This research uses qualitative quantitative design. The selected money market mutual fund products are 5 aggressive money market mutual fund products, where the asset allocation is money assets. Data analysis method uses Sharpe, Treynor and Jensen methods. In general, the performance of money market mutual funds based on the Sharpe, Treynor and Jensen methods has fluctuated. The higher the value of Sharpe, Treynor and Jensen, the better the performance of the Money Market mutual fund, because it can provide actual return that is higher than the expected return so as to minimize the individual risk that it bears. Mutual funds with Sharpe and Jensen approaches, the best performance of money market mutual funds is PT Bahana Dana Likuid. Whereas according to Treynor’s approach the best is Danamas Rupiah Plus because for five years it gives a positive value. This shows that it is useful to provide information to investors who want to invest in Money Market Mutual Funds, because it results in a higher return on risk-free investment</em>

Monetary Reform, Central Banks, and Digital Currencies

The modern debate about monetary reform has taken on a new twist with the development of private digital currencies employing distributed ledger payments technology. In order to consider the appropriate state response, we go back to first principles of money and finance and the case for financial regulation: to ensure provision of a safe money asset and a stable supply of credit within an inherently unstable financial system. We consider calls to privatize money or to restrict money issue to the state against the background of the increasing marketization of the financial sector and money itself. Following an analysis of private digital currencies, we then consider proposals for state issue of digital currency. It is concluded that the focus of attention should instead be on updating of regulation, not only to encompass digital currencies but also to address other innovations in the financial sector that generate credit and liquidity, in order to meet the needs of the real economy.

Money assets of internally displaced persons as financial resources of commercial banks

The article highlights the necessity of ensuring the interests of the state, commercial banks and internally displaced persons. The analysis of the scientific literature has shown that there is no the problem of this kind in the European countries. So wide “hybrid warfare” in the world history is being waged on the territory of Ukraine. The world has not encountered similar problems. The extensive research of the scientific literature has shown that Ukrainian scientists attempted to solve the problems of bank management, the market of deposit services, the relations of commercial banks with the National Bank of Ukraine, the management of banking system and risks, etc. The relations of three participants (internally displaced persons, commercial banks and the National Bank of Ukraine) in the deposit market of Ukraine have not been under study yet. This paper explores the ways in which it is possible to combine the interests of the state, internally displaced persons and banks and find new sources of banks’ credit resources. The methodological approach taken in this study is a mixed methodology based on dialectical method, formal-and-logical method, logical-and-juridical method and methods of analysis, synthesis, and comparison. The uniqueness of the problem for the economy and social sector of the European countries is determined; the ways of the state support of citizens-investors in their economy and national banks are explored and some important changes in the Ukrainian legislation are studied.

The Effect of Earned Versus House Money on Price Bubble Formation in Experimental Asset Markets*

Does house money exacerbate price bubbles? We compare house money asset market experiments with an earned money treatment where initial portfolios are constructed from a real effort task. Bubbles occur; however, trading volumes and earnings dispersion are significantly higher with house money. We investigate the role of cognitive ability in accounting for the differences in earnings distribution across treatments by using the cognitive reflection test (CRT). Low CRT subjects earned less than high CRT subjects. Low CRT subjects were net purchasers (sellers) of shares when the price was above (below) fundamental value. The opposite was true for high CRT subjects.

What are banks and bank regulation for? A consideration of the foundations for reform

The paper considers the different ways in which we can approach reform of banking regulation by reflecting on different views on the nature and purpose of money and banks. We consider first the mainstream theory of banking and the interpretation of moral hazard as an expression of calculative rational behaviour, such that reform of banking regulation is formulated in terms of financial incentives and constraints. Post-Keynesian banking theory rather emphasises banks' role in providing society's money and thus the centrality of social conventions, particularly confidence in the money asset. The key is to design regulation so as to allow banks to play their supportive role in the economy, while suppressing scope for a negative role. This approach involves a broader understanding both of moral hazard and of regulation itself.

Property Rights over Money: the Italian Perspective and English Law

Abstract The work considers money in a different way depending on whether it is used as a means of payment or for other functions. Only in the first case it comes to evidence a characteristic proprietary regime which cuts across the different categories of property by which money assets are represented. In the other cases, money should be considered simply as a fungible asset. However, rules of specification of fungibles should be reconsidered. Specifically, the paper deals with the issues arising in transactions where money is transferred to an intermediary for management. It aims to show that the transferor or the beneficiary keeps real interests in the money transferred. It argues how these interests may be relevant to Italian law, by comparing it with the English legal system. The paper demonstrates that reference to property law may be useful for evaluating the quantum of rights of the transferor of money by referring to the concept of value and by the analysis of law of mixtures under the Italian and the English law. The analysis is worked out in terms of corporeal money but argues that law reaches equivalent outcomes for incorporeal money in the field under consideration.

Constructing a new monetary aggregates

This study proposes a new kind of monetary aggregates that explains the more moneyness of money assets than the simple sum monetary aggregates. Our primary purpose is to shed light on PLS modeling as a structural equation modeling (SEM) technique and to deliver guidelines for the use in money and banking. This article indentifies PLS monetary aggregates that have greater predictable power when forecasting economic activities as elements of monetary index numbers. Our findings suggest policymakers to adopt a more holistic perspective by using the SEM method based on the key objectives of monetary policy.

SHOULD BUFFER STOCK THEORISTS BE BROADOR NARROW‐MINDED? SOME ANSWERS FROM AGGREGATE U.K. DATA: 1966‐1989*

The concept of a buffer stock in the demand for money literature, as explained in Chapter 2, indicates that the individual is concerned to minimise the costs of adjustment of assets, the most costly to adjust being the most illiquid and the least costly being money, the perfectly liquid asset. Therefore the individual adjusts the stock of money assets when there are unexpected shocks to the portfolio in order to minimise the adjustment required amongst other less liquid assets. The crucial question for an empirical economist is how liquid must the relevant component assets of the money measure be for the aggregate to act as a buffering asset?

Monetary and Political Influences on Balances of Payments and Exchange Rates and Their Redistributive Effects

The perspective of this study is global, viewing each nation in a multi-nation setting, and viewing the interdependencies among them as they interact with each other. Each nation-state is nonetheless a separate, sover eign entity, with authority over its geopolitical spaces, its national currency, and over its transactions with other nations. There is no global supreme authority over interna tional transactions; that authority void is shared among nations. In this study, the na tion-state, embodied with sovereignty rights, is considered the principal actor. The overall purpose of this study is to develop perspectives and methodologies for examining net redistribution of the world's commodities, financial assets and money among sovereign nations, coalitions of na tion-states and areas of the world. Each na tion within its geographical space has its own endowments and has developed its internal economy to varying degrees. By entering into international and transfer transac tions, a net redistribution of commodities, financial assets and money assets may occur. Net redistribution is reflected or proxied by changes in the various balances of the balance of payments statements and in rates. These changes are viewed as the cur rently available technical measurement of such net redistribution. The current account bilateral balances reflect the net redistribution of goods and services, the capital account bilateral balances reflect the net redistribution of financial assets, and the overall money account bilateral balances and rate changes reflect the net money redistributions which result from all international transac tions.1 The overall equation is a theoretical model used as a vehicle for discussing monetary and influences on changes in interna tional payments balances and rates. Several versions or scenarios of monetary and determinant sets are used to explain exchange market pressure, a Girton Roper term denoting the combination of changes in net overall balance of payments and in rates resulting from disequil ibrating monetary stresses.2 Four scenarios of the monetary determinant set are discussed, comparing the monetary approaches of the standard Girton and Roper model and three modifications of the model which include currency substitution concepts. The second, third, and fourth determinant sets of the over all equation represent and coalition building effects among nations, economically justified via the concept of public goods. These three variable sets represent relative price considerations, intended to reflect ex ternal price shocks and political pricing, sovereignty-based economic strength considerations, and initial coalition member ship considerations. The political-economic strength measures are empirically generated applying the methodology of control analysis (3, 1-153). These three variable sets are in dependently estimated and inserted into the overall equation. The inductive approach is employed ini tially in organizing the frame-work for view ing interdependent world transactions, at tempting techniques to develop and reveal general patterns of transactions using matrix modeling for viewing n nations, n commodi ties, n assets, n monies. This matrix modeling allows various levels of aggregations of na tions and economic activities, and adjusts easily to real world data, increasing flexibility and expanding uses of the model.

On measuring the nearness of near moneys revisited

In this paper we re-examine the theoretical foundations and empirical estimation of models which incorporate a CES utility function to study the nearness of money substitutes. We show that previous studies using these models have been subject to a number of theoretical and empirical flaws. The result of these flaws has been to overestimate the degree of substitutability between money and near money assets. We show that when these errors are corrected, estimates of substitution elasticities are several times smaller than even those of the most recent studies and therefore are more in line with estimates from more traditional demand for money studies.

SAVINGS, REAL BALANCES, INFLATION AND EXPECTATIONS‐FURTHER EMPIRICAL EVIDENCE*

In an earlier paper (Tait and Burnell, 1976), evidence showed that in a period when consumer prices were rising an overwhelming proportion of the sample were aware inflation was happening and expected it to continue in the coming 12 months, at least, at the rate of the previous 12 months. In these conditions, they thought it more important to save (in money and near money assets). Despite their awareness that their savings were falling in value, they still thought it more important to save. They did not try to translate their savings into goods as quickly as possible. Their balances were held mainly in banks. The evidence, therefore, supported the real balance effect and the basic postulate of the quantity theory of money, that there is a tendency toward a stable demand function for money in real terms and that people are prepared to accept the cost, through the rate of idation, of holding these real balances.

Price-Level Changes and Capital Consumption Allowances

zV THEN evaluating a business concern, historical facts are among * s the most important bases for a final judgment. Reporting those facts in a clear and understandable way has been a very important goal of accounting. Figures should be presented by the accountants in a way most useful to management and the investing public. The financial reports should therefore, as much as possible, reflect our basic business concepts. However, up until now, some of those concepts have been imperfectly incorporated in financial reports; one such concept is that the average investor of capital stock expects that the purchasing power of his investment will be preserved. Liabilities shown on a balance sheet are of differing natures. Bondholders and creditors expect a specified amount of interest and a final reimbursement of their money. They intrust management with a certain amount of money, and we shall call liabilities toward them money liabilities. On the other hand, we shall call liabilities toward stockholders value liabilities because stockholders intrust management with a certain amount of purchasing power. Not only do they expect a return on their purchasing power, but they also expect that it will be safeguarded so that they can recover it by sale. We can find numerous references in the literature supporting the view that investors hold stock as a hedge against inflation.' It seems desirable to show this responsibility of management in the financial reports, although in classical historical accounting the responsibility of management for purchasing-power recovery has been completely ignored. Assets shown on the balance sheet are also very different in nature. Some, like cash and receivables, fluctuate in real value as money does and we shall call these money assets. Others, which we shall call value assets, are expected to preserve their value. Typical value assets are inventory and fixed assets. Management expects value assets to perform differently from money assets. This is another business concept that is usually very imperfectly shown in financial reports (if at all). A capital investment in equipment with a normal return is not satisfactory if the purchasing power originally committed has not been recovered at the * This paper is a revised and abridged version of an essay which received the National Award in Dynamic Equipment Policy offered in 1957 by the Department of Business and Economics and the National Center of Education and Research in Dynamic Equipment Policy at the Illinois Institute of Technology, Chicago.