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We develop a model where persistent trade shocks create demand for a basket- backed stablecoin, such as Mark Carney's "synthetic hegemonic currency" or Facebook's recent proposal for Libra. In numerical simulations, we find four main results. First, because of general equilibrium effects of the basket currency on the volatility of currency values, overall demand for that currency is small. Second, despite scant holdings of the basket, its global reach may contribute to substantial increases in welfare if the basket is widely accepted, allowing it to complement holdings of sovereign currencies. Third, we calculate the welfare maximizing composition of the basket, finding that optimal weights depend on the pattern of international acceptance, but that basket composition does not significantly affect welfare. Fourth, despite potential welfare improvements, low demand for the basket currency from buyers limits sellers' incentives to invest in accepting it, suggesting that fears of a so-called global stablecoin replacing domestic sovereign currencies may be overstated.

This study improves the African Regional Integration Index (ARII) proposed by the African Union, the African Development Bank and the United Nations Economic Commission for Africa by providing a theoretical framework and addressing shortcomings related to weighting and aggregation of the indicator. This paper measures monetary integration in the eight African Regional Economic Communities (RECs) by constructing an Index of African Monetary Integration (IAMI). It proposes an Optimal Currency Area as theoretical framework and uses a panel approach to appreciate the dynamics of the index over different periods of time. The findings show that: (i) inflation and finance (trade and mobility) present the highest (lowest) score while ECOWAS is (EAC and IGAD are) the highest (least) performing. (ii) Surprisingly, in most RECs, the highest contributors to wealth creation are not the top performers in regional monetary integration. (iii) The RECs in Africa are characterized by a stable monetary integration which is different from the gradual process usually observed in monetary integration because with the exception of the EAC and UMA, the dynamics of IAMI show a steady trend in the overall index across time. Policy implications are discussed.

This paper uses a uniquely granular online retail dataset that spans Russia's enormous currency depreciation in late 2014 to show that firms choose to offer lower quality products in response to rising input costs. We show that this reallocation is not driven by an income shock or "flight from quality". To explain quality downgrading, we construct a model of demand and firm dynamics where consumers value low prices and high qualities, and firms draw product cost and quality from a joint distribution on entry. We argue that a positive correlation between marginal cost and quality can explain quality downgrading. After verifying this correlation in the data, we calibrate the model and simulate a counterfactual cost shock. The model is able to generate a reallocation in offerings towards low cost, low quality products, and yields starkly different welfare implications following an exchange rate shock than a model with only cost heterogeneity.

Unlike previous studies, the current study uses oil price and inflationary shocks to assess the feasibility of actualizing the ECOWAS Vision 2020, which is aimed at creating a monetary union. With the help of the Blanchard and Quah (BQ) decomposition for a sample from 1975:05 to 2018:08, two sets of models are estimated: models for inflationary shocks and models for oil price shocks. It is found that although the vision is a mirage, the creation of a common currency can serve as a shock absorber against the negative spillovers of global and regional inflationary shocks. The study also finds that oil price shocks lead to appreciation of the currency for the oil exporting country Nigeria, while Nigeria, The Gambia and Ghana stand out in their responses to oil price shocks. The study recommends that these countries cannot be part of the Vision and that more coordination among ECOWAS members is needed before this Vision can be actualised.Keywords: Monetary union, Optimal currency area, ECOWAS, WAEMU, SVAR, BQ decomposition.JEL: C13, E31, E52, E58, F33, F42.

Este artículo tiene como objeto analizar el impacto de la fluctuación cambiaria en las utilidades y en el flujo de caja de compañías ubicadas en Colombia y que desarrollan actividades de importación o exportación, con el fin de identificar los principales riesgos cambiarios a los que se enfrentan, con base en los mecanismos de protección cambiaria vigentes desarrollar estrategias efectivas de gestión del riesgo y mejorar la toma de decisiones financieras. Desde el inicio de la pandemia de Covid-19 hasta la fecha, el comportamiento de la divisa del dólar americano ha tenido momentos a favor y en contra de importadores y exportadores, por lo cual estas compañías han tenido que emplear estrategias internas para tratar de poner frente a esta situación, por lo cual se ha hecho más común la implementación de mecanismos de cobertura cambiaria y por ello deben tenerse claras las alternativas que existen para estas compañías que han sido las más afectadas por esta situación The purpose of this article is to analyze the impact of exchange fluctuation on the profits and cash flow of companies located in Colombia and that carry out import or export activities, in order to identify the main exchange risks, they face, based on current exchange protection mechanisms, develop effective risk management strategies and improve financial decision-making. From the beginning of the Covid-19 pandemic to date, the behavior of the US dollar currency has had moments in favor and against importers and exporters, for which reason these companies have had to use internal strategies to try to put faced with this situation, for which the implementation of exchange rate hedging mechanisms has become more common and therefore the alternatives that exist for these companies that have been the most affected by this situation must be clear. Especialista en Finanzas Especialización

Since Manolis Chatzidakis’s pivotal publications on post-Byzantine Cretan icon painting in the 1970s, research in the field is, by now, very well established. In turn, these studies have demonstrated the contribution of Venetian Crete’s artistic production to European culture. Despite Giorgio Vasari’s condemnations of the ‘Greek style’, Byzantine icons remained popular in Renaissance Europe among Western patrons. Research on Venetian Crete has greatly benefitted from the survival of its archives, presently housed in Venice (Archivio di Stato di Venezia), an incredibly rich and invaluable source of information. One of the best-known published and referenced documents from these archives, supporting the wider popularity and dissemination of Cretan icons, is a contract offered to three Cretan painters dated 4 July 1499 concerning the production and delivery of 700 icons of the Virgin in just 42 days, by 15 August 1499, the day of the feast of the Dormition of the Virgin. This paper revisits the information the famous contract provides with the aim to scrutinise it further.

The impact of the exchange rate on the trade positions of national producers and on the development of domestic production is one of the critical issues for developing countries. Before the start of the full-scale invasion in Ukraine, fluctuations in the exchange rate negatively affected the position of national producers. After the start of hostilities in 2022, the real sector of the economy suffered great losses and destruction. According to official data, the number of losses for 2022 reached about 30% of GDP. In the conditions of the post-war period, improving the exchange rate policy, which will contribute to strengthening the position of national producers, is one of the important directions of economic recovery. This research is aimed at finding optimal or improving current exchange rate policies to increase the level of competitiveness of national producers. The paper proposes three main policies that will contribute to the strengthening of the exchange rate and the development of the real sector of the economy. These include the share of international investments, improving the expectations of economic entities and reinvestment to increase the production capacity of industries. The relevance of the proposed policies is high during the war, but the main attention was directed to the post-war period. Because of the transition from a fixed currency regime to a flexible one. The research results demonstrate the importance of exchange rate revaluation, improvement of public expectations regarding exchange rate fluctuations, attraction of international investment and increase in the reinvested profit in the production capacity of industries for improving the competitiveness of national producers, which is essential in post-war economic recovery. Master's Thesis in System Dynamics GEO-SD351 INTL-MN INTL-MED INTL-PSYK INTL-SV MASV-SYSDY INTL-KMD INTL-HF INTL-JUS

Using measures of physical risk from climate change, we develop a methodology to allocate currency pairs according to a country’s vulnerability to climate change and construct portfolios with decreasing vulnerability to physical risk. We show that non-G10 currencies are more vulnerable to physical risk, have become less vulnerable over time, and that the vulnerability measure is correlated with higher losses from natural disasters. Portfolios exposed to currencies with decreasing vulnerability have exhibited positive abnormal returns, with the abnormal return coming from currencies that have relatively high levels of vulnerability. These results exist in non-G10 currencies, while no relation to returns exist within G10 currencies.

The birth, growth, and development of cryptocurrencies and their underlying technologies, such as blockchain and directed acyclic graphs, have made it possible for nations suffering from hyperinflation to adopt a customized cryptocurrency, with attributes specifically designed so that any nation wishing to transition from hyperinflation to a more stable monetary environment could do so. This paper identifies the sixteen most important attributes that this cryptocurrency would need to be a credible and viable monetary reform alternative. We call the breadth and depth of these attributes a cryptocurrency’s scope and refer to the act of adopting an optimal cryptocurrency, cryptozation. HACC (Hyperinflation Alternative Cryptocurrency) is our name for this specially designed (i.e., “optimal”) cryptocurrency. To succeed, the HACC would need to have near-immediate curative properties and provide user nations with a foundation for long-term growth and financial development. The HACC should be built for use by any nation considering currency reform, even those thousands of miles apart. As more nations adopt it, the HACC’s network would grow, increasing users’ trust and use. The HACC would sharply curtail a central bank’s ability to finance government deficits and bail out failing, nonviable financial institutions, thereby incentivizing them to manage their financial risks more prudently. It would also eliminate or sharply curtail ways in which governments and central banks can earn seigniorage returns.

This paper proposes a novel explanation for why foreign currency denominated loans to households have become so popular in some emerging economies. Our argument is based on what we call the debt limit channel, which arises when multi-period contracts are offered against collateral that is established on newly acquired assets. Whenever the difference between domestic and foreign interest rates is positive, this effect allows financially constrained agents to backload the real payments on their loans if they choose to borrow in foreign currency. We demonstrate in a structural macroeconomic framework that the debt limit channel is quantitatively important and can result in dollarization of debt despite realistic and correctly perceived exchange rate risk. Comparing this outcome to allocations under constrained-optimal policy reveals that much of the identified bias towards foreign currency is due to a pecuniary externality, i.e. borrowers' failure to internalize how their currency choice affects house prices.

Mestrado Bolonha em Management The research in this thesis focuses on the current outlook for the future of money, what options are available and how these can be evaluated. Regarding the current options for central banks, the research revealed that two relatively similar options are to choose from; a Central Bank Issued Digital Currency (CBDC), essentially a digital version of cash, and a modern, robust Instant Payment System (IPS), for most countries upgrading our payments infrastructure. Both come with different advantages, while CBDCs provide more potential stability as it allows ongoing access to central bank money, an IPS proves successful in its ability to utilise existing infrastructure, showing relatively high levels of acceptance in countries around the world. Significant challenges found during the research for CBDC or IPS issuance were that trust in government (or a similar issuing entity) must be high while simultaneously there being no existing and therefore competing robust instant payment system within the jurisdiction. These two challenges would lead to a lack of incentive to adopt a new system of payments for the average user and have other negative network effects. Furthermore, the research has shown that clarification if an IPS will indirectly be capable of providing the necessary stability to ensure the coherence of a domestic system, especially if cash is no longer used and there is no alternative access to central bank money. However, experts agreed that this scenario has never happened before to a large functioning economy in the modern area and is difficult to predict, with Sweden likely being the first to experience this effect first-hand. Finally, the research has shown that acceptance of any newly issued CBDC or IPS will only reach sustainable levels if the interface is easy to use by all, fulfils user needs, and the onboarding has been marketed well with all key stakeholders and retailers on board. This thesis proves to serve as guidance, with limitations and should contribute to the ongoing research about the future of money. info:eu-repo/semantics/publishedVersion

Are food prices more or less equalised across countries? In view of obvious barriers to trade (both naturally occurring and of a man-made nature) and currency gyrations, the answer would seem to be an unambiguous “No”, but we show this question is worthy of further investigation. In order for the law of one price (LOP) to hold, domestic prices must respond one-for-one to changes in world prices and exchange rates, but this is usually prevented by variations in mark-ups and/or trade barriers. We use data on consumer prices from the International Comparison Program and producer prices from the Food and Agriculture Organization to test for the LOP for food. While not completely conclusive, these tests show the various market wedges appear to be insufficiently important to prevent food prices to equalise over the longer term.

The Russian economy has encountered substantial exchange rate volatility due to many endogenous and exogenous shocks, including the adoption of different exchange rate systems, the global financial crisis, sanctions, and the COVID pandemic. The economy has long experience with a managed floating exchange rate system, which motivates us to investigate the exchange rate response to domestic economic policy uncertainty, incorporating oil prices and the trade volume under different economic circumstances. We apply quantile-based time-series approaches to deal with extreme values. Our empirical investigation demonstrates that the local currency appreciates in response to increased Russian economic policy uncertainty under different quantiles of the managed floating exchange rate, but it depreciates under most quantiles in a floating exchange rate period. Our findings confirm that the Russian currency appreciates with the rise in international oil prices and trade as Russia is an oil-exporting country. Moreover, the findings are robust under the quantile-on-quantile approach. © 2021 The Authors Russian Science Foundation, RSF: 19-18-00262 This study was supported by the grant of the Russian Science Foundation , Code: 19-18-00262 . “Empirical modelling of balanced technological and socioeconomic development in the Russian regions”.

Purpose There has been almost no scholarly work on the challenges of money laundering in sovereign states that use the US dollar as their currency of choice. This study aims to break the silence by highlighting how money laundering thrives in these situations mainly due to lack of or weak regulation of the US dollar by both the adopting states and the USA. Design/methodology/approach The research depended on various secondary data sources. It is an adapted academic version of a shorter piece for a professional magazine for professionals in the Anti-Money Laundering (AML) Field. Findings Preliminary findings show that due to the lack of regulation of the US dollar in dollarized economies, unscrupulous politicians, organized criminal gangs and multinational corporations among others can use a variation of the Black Market Peso Exchange (BMPE) to counteract money laundering controls and launder ill-gotten gains from crimes such as corruption, transnational crimes and tax evasion. Furthermore, ordinary citizens, migrant workers and small businesses avoiding stringent exchange rates are also using the black market, posing a further challenge to the law enforcement authorities. Practical implications The practical implications of this paper relate to how the mutations of money laundering techniques, as they are adopted by criminals, to operate in different conditions are making it difficult not only to dictate but also to address using traditional AML techniques. Social implications BMPE has far reaching social consequences. Hence, this study is significant to instigate a search for solutions and for further detailed studies into the money laundering techniques in countries that do not have a sovereign currency. Originality/value To the best of the authors’ knowledge, this is the first paper to discuss the unique challenges faced by countries that have adopted the US dollar for domestic use. The paper also shows how dollarization is a modest reminder that money laundering technique such as the BMPE can evolve to counter the legislative and regulatory environment of the various jurisdictions in which they are laundered.

I study efficiency and optimal monetary policy in a two-country monetary union with frictional labor markets. With heterogeneity in labor market frictions, the constrained efficient allocation generically cannot be achieved even if productivity shocks affecting each country are the same. The second-best optimal policy targets smaller inflation and output gaps in the more sclerotic labor market. A quantitative calibration to the eurozone implies welfare gains from redefining the union’s inflation target to put more weight on its sclerotic members. (JEL E23, E24, E31, E52, F33, F45)

This paper shows the cross-sectional and time series momentum in currencies, which cannot be explained by carry and dollar factors, summarize the autocorrelation of these factors. These momentum strategies long currency factors following positive factor returns and short them following losses. Carry and dollar factors are strongly autocorrelated and only earn significantly positive excess returns following positive factor returns. By contrast, idiosyncratic currency returns contain little momentum. Consequently, factor momentum not only outperforms the cross-sectional and time series momentum but also explains them. Limits to arbitrage and time-varying risk premium help explain factor momentum.

The Bitcoin payment system involves two agent types: users that transact with the currency and pay fees and miners in charge of authorizing transactions and securing the system in return for these fees. Two of Bitcoin’s challenges are (i) securing sufficient miner revenues as block rewards decrease, and (ii) alleviating the throughput limitation due to a small maximal block size cap. These issues are strongly related as increasing the maximal block size may decrease revenue due to Bitcoin’s pay-your-bid approach. To decouple them, we analyze the “monopolistic auction” [ 16 ], showing (i) its revenue does not decrease as the maximal block size increases, (ii) it is resilient to an untrusted auctioneer (the miner), and (iii) simplicity for transaction issuers (bidders), as the average gain from strategic bid shading (relative to bidding one’s value) diminishes as the number of bids increases.

In observing British pound spot prices and European sugar import prices over the 2004–2016 period, an unusually strong currency-commodity correlation is detected and statistically validated. This correlation is the result of a single firm dominating European refining, effectively fixing the import price to sterling. This paper proposes a generalized pricing-power detection framework based on currency-commodity correlation and corporate consolidation to efficiently detect such future instances, and to inform future industrial organization and currency-commodity research.

Between May 2014 and April 2017, the Pound Sterling depreciated substantially against the Dollar. The objectives of this paper are: 1) to investigate how that depreciation affected the main British industries; 2) to verify whether the trade asymmetries following the currency depreciation can be explained by considering the technological features of the industries as represented in the Pavitt Taxonomy. Using an ARDL methodology, our study analyses the effects of this depreciation for the UK with respect to the USA. We employ industry-level data at monthly frequency for the period 2010-2019. In detail, our estimation suggests that only in four industries out of thirty did the Trade Balance improve in the long run, while it worsened in eight. Moreover, our analysis shows that the Pound Sterling's depreciation against the Dollar had a long-run negative effect on the science-based UK industries. Finally, the size of industries does not seem to give clear indications as to long-term dynamics.

This paper identifies the fear-of-appreciation (Levy-Yeyati et al., 2013) channel through which trade balance affects domestic currency appreciations. By decomposing currency appreciations into a continuous and a discrete (jump) component, we find that only the discrete (jump) component of currency appreciation is significantly reduced by increases in trade balance, and this effect is stronger in countries with more foreign exchange interventions. The mediation analysis suggests that the fear-of-appreciation channel plays a unique role in the link between trade balance and the discrete (jump) component of domestic currency appreciations, above and beyond the fear-of-floating (Calvo and Reinhart, 2002) channel identified in prior literature.

We use a present-value model of the real exchange rate to impose structure on the currency risk premium. We allow the currency risk premium to depend on both the interest rate differential and a latent component: the missing risk premium. Consistent with the data, our present-value model implies that the real exchange rate should predict currency returns. We find that the missing risk premium, not the interest rate differential, explains most of the variation in the real exchange rate. Moreover, our model sheds light on puzzling relations between the interest rate differential, the real exchange rate, and the currency risk premium.

We assess alternative monetary policy regimes including a consumer price index (CPI) and a producer price index (PPI) targeting in a commodity-exporting economy with multiple currency practices (MCPs). Under these regimes, the central bank in our model i) target the official exchange rate, ii) target the growth rate of nominal monetary base, and iii) intervene in the foreign exchange market to control the exchange rate gap. We find that using the PPI as the central bank's target produces less pro-cyclicality compared to monetary regimes with the CPI targeting. In addition, the PPI targeting results in lower welfare losses. We study these regimes under unified and MCPs as a characteristic of some commodity-exporters. We show that with a persistent external shock, MCPs could be effective at best in the short-run, while the aggregate welfare in the long-run can be diminished. We then illustrate that under both unified and MPCs regimes, the PPI targeting regime considerably performs better. Finally, we show that monetary instruments are more effective in the presence of a fiscal rule, based on commodity revenues.

We propose an optimal currency hedging strategy for global equity investors using currency value, carry, and momentum to proxy for expected currency returns. A benchmark risk constraint ensures the overlay closely mimics a fully hedged portfolio. We compare this with naïve and alternative hedges in a demanding out-of-sample test, with transaction and rebalancing costs and margin requirements. Other hedging methods generally reduce risk but at a cost. Some tend to short currencies with high returns and all incur substantial costs with frictions, mostly margin requirements and equity rebalancing costs. The proposed strategy uses predictable returns to reduce this cost. It produces a statistically significant 17% gain in Sharpe ratio and an annualized Jensen-α of 0.93% versus a fully hedged benchmark. Notably, most of the implementation costs of the strategy would be incurred by the benchmark anyway. This reduces its marginal cost and highlights a specific synergy of integrating hedging with speculation. This paper was accepted by Gustavo Manso, finance.

We find that an option-based equity tail risk factor is priced in the cross section of currency returns; more exposed currencies offer a low risk premium because they hedge against equity tail risk. A portfolio that buys currencies with high equity tail beta and shorts those with low beta extracts the global component in the tail factor. The estimated price of risk of this novel global factor is consistently negative in currency carry and momentum portfolios, and in portfolios of other asset classes, suggesting that excess returns of these strategies can be partially understood as compensations for global tail risk.

Time series is the analysis of historical data which is used to analyse the past trend and then to determine the future directions. This helps organizations to make a proper plan and develop the appropriate strategic decision in the right direction. One such example is the analysis of the currency exchange rate. Prior information on the currency exchange rate or currency conversion rate helps the organization to make a better decision while trading in the international market. This is also called FOREX trend analysis. This study attempts to analyse the applicability of machine learning techniques in predicting the currency exchange rate in a very short-term period particularly in the case of Indian Rupees (INR) Vs U.S Dollars (USD). Two approaches have been implemented 1) A simple Artificial Neural Network (ANN) model and 2) A hybrid model of ANN with a Genetic Algorithm (ANN-GA) where the ANN weight matrix is being optimized using Genetic Algorithm (GA). Finally, the results of both methods have been compared in terms of RMSE values obtained from their implementations.

Au-delà des différences apparentes entre les économies des sociétés pré- et protohistoriques, antiques, médiévales, modernes et contemporaines, des permanences s’affirment de plus en plus à travers le temps. Elles tiennent au besoin chez les humains d’une reconnaissance sociale dont les principaux moyens d’accès sont la richesse et le pouvoir. Les sociétés protohistoriques européennes faisaient usage de « monnaies archaïques ». La plupart des objets utilisés comme tels ont été découverts dans le contexte des dépôts non funéraires. Ces dépôts commencent ainsi à nous offrir des informations fort éclairantes sur l’économie des sociétés protohistoriques. Des avancées décisives ont confirmé que ces dépôts étaient des offrandes votives, et qu’ils avaient tendance à être effectués en alternance avec les dépôts funéraires ostentatoires. Les moments durant lesquels, dans certaines régions, les dépôts non funéraires ont été nombreux signalent probablement des périodes de graves difficultés. Quelques résultats en cours d’étude suggèrent des significations sociales, c’est-à-dire économiques, politiques et idéologiques, très enchevêtrées. L’étude de ce corpus indique d’ores et déjà l’existence d’un même objectif ultime pour les dépôts funéraires ostentatoires et les dépôts non funéraires. Se profilent aussi l’identification des types de régimes politiques, des plus communautaires aux plus autocratiques, et la mise en perspective de « l’énigme du don ». Beyond the apparent differences between the economies of pre- and protohistoric, ancient, medieval, modern and contemporary societies, some permanent features have become increasingly apparent over time, stemming from the human need for social recognition, the main means of access to which are wealth and power. European protohistoric societies used "archaic currency" ‒ often discovered in the context of non-funerary deposits ‒ which are now providing us with enlightening information on the economy of protohistoric societies. Significant breakthroughs have confirmed that these deposits were votive offerings and that they tended to alternate with ostentatious funerary deposits. Times when, in some areas, non-funerary deposits were numerous probably signal periods of severe hardship. Some of the results under study suggest that these deposits had highly intertwined social (i.e. economic, political and ideological) meanings. The study of this corpus indicates the existence of the same ultimate objective for both ostentatious funerary and non-funerary deposits. The types of political regimes, from the most communitarian to the most autocratic, are also identified and the "enigma of the gift" is put into perspective. Más allá de las aparentes diferencias entre las economías de las sociedades prehistóricas, protohistóricas, antiguas, medievales, modernas y contemporáneas, ciertas permanencias se van afianzando cada vez más a través del tiempo. Éstas dimanan de la necesidad de reconocimiento social de los seres humanos, siendo la riqueza y el poder los principales medios para alcanzarlo. Las sociedades protohistóricas europeas utilizaban « monedas arcaicas » y la mayor parte de los objetos usados como tales han sido descubiertos en el contexto de depósitos no funerarios. Estos depósitos han empezado a brindar informaciones bastante esclarecedoras respecto a la economía de las sociedades protohistóricas. Así, avances decisivos han permitido confirmar que dichos depósitos eran ofrendas votivas y que solían fabricarse en alternancia con los depósitos funerarios suntuosos. En ciertas regiones, los momentos durante los cuales los depósitos no funerarios fueron abundantes indican probablemente que se trató de períodos de grandes dificultades. Algunos resultados en curso de análisis sugieren, además, que poseían significaciones sociales, es decir económicas, políticas e ideológicas que están, no obstante, muy enmarañadas. El estudio de este acervo ya ha permitido determinar la existencia de un mismo objetivo final para los depósitos funerarios suntuosos y los depósitos no funerarios. También se perfilan la identificación de los tipos de regímenes políticos –desde los más comunitarios hasta los más autocráticos– y la puesta en perspectiva del « enigma del don ».

Our knowledge of the second Iron Age has evolved considerably over the past 30 years as shown by several recent syntheses (Buchsenschutz et al., 2015; Garcia, 2014; Krausz et al., 2013; Guilaine, Garcia, 2018). In the more specific field of numismatics, research has focused mainly on the civilization of the oppida (late 2nd-Ist centuries BC), a period when there was already a significant monetarization of economic activities. But the realities prior to the emergence of the oppida remain largely unknown. Looking further upstream, as early as the 3rd century BC, this study looks at the triggers for the monetarisation of the economy in protohistoric societies at various targeted points in Europe. Does the transformation of trading systems result from a structural change in European societies?, Nos connaissances sur le second âge du Fer ont considérablement évolué depuis 30 ans comme l’ont montré plusieurs synthèses récentes (Buchsenschutz et al., 2015 ; Garcia, 2014 ; Krausz et al., 2013 ; Guilaine, Garcia, 2018). Dans le domaine plus particulier de la numismatique, les recherches ont surtout porté sur la civilisation des oppida (fin IIe-Ier siècle avant notre ère), période où l’on constate une monétarisation déjà importante des activités économiques. Mais les réalités antérieures à l’apparition des oppida demeurent largement méconnues. En regardant plus en amont, dès le IIIe siècle avant notre ère, cette étude s’intéresse aux éléments déclencheurs de la monétarisation de l’économie dans les sociétés protohistoriques, en divers points ciblés de l’Europe. La transformation des systèmes d’échanges résulte-t-elle d’une modification structurelle des sociétés européennes ?

To uphold the justice in financial matters is the utmost purpose of Sharī‘ah. Therefore, it is the borrower's duty to pay back to the lender the same thing that he borrowed from him without any devaluation. But currently situation, as we see that the loan contract occurs between two parties for a long period and when the time comes to repay these loans to the borrower, a major change in their values occurs. Therefore, it is necessary to us to know the Sharī‘ah position about these situations. Does the Sharī‘ah look only at their shapes and forms, or does it also look at their inner values? So this paper describes a lot of Jurisprudential examples which show that Sharī‘ah looks at the shape and figure with their internal values. But when internal values do not remain in them, it makes compulsory to the borrower to return the loan with market price without looking about their shapes and their figures. After studying these examples, it applies the same rule on currencies loans as model when their values changed with the passage of time.

In this article the modern problems of the legal regime of the digital ruble as an object of civil legal relations are considered. Based on the analysis of the current legal acts, the ambiguous approach to the understanding of the digital ruble as an object of legal regulation from the position of private- law and public-law legislation is demonstrated. For the purpose of remediation of possible problems of legal qualification of the digital ruble regime, the perception of money, including digital money as an independent object of civil rights is offered.

This study aims to explore the principle of the interdependence and mutual influence of the Dark web and cryptocurrency. Specifically, it explores the terms "the Dark web" and "cryptocurrency", as well as distinguishes cryptocurrency from normal currency. Furthermore, it establishes a connection between the Dark web and cryptocurrency. In order to reach the aim of this study, multiple sources of literature had been analyzed, including books and online articles. The analysis of literature shows that there is a strong correlation between the existence of the Dark web and demand on cryptocurrency. Thus, the results of this paper conclude that the Dark web and cryptocurrency exist in symbiosis - cryptocurrency allows the Dark web to exist for its anonymity and impunity, while the Dark web guarantees demand on cryptocurrency.

В публикуемой статье рассматривается вопрос применения технологии блокчейн в государственном и муниципальном управлении, в частности проводится положительный эффект внедрения технологии блокчейн в сферу государственного управления. Представлены прогнозы развития блокчейн в ближайшие годы., The published article discusses the issue of the application of blockchain technology in state and municipal government, in particular, the positive effect of the introduction of blockchain technology in the field of public administration is carried out. Blockchain development forecasts in the coming years are presented., Экономика и предпринимательство, Выпуск 2 (151) 2023, Pages 496-499

Recent literature has documented substantial arbitrage opportunities in markets for cryptocurrencies. Given these rather surprising findings, we re-examine the exchange rates of four cryptocurrencies on 21 exchanges with data from October 2018 to June 2019. Our results first provide evidence that price differences exist based on our created arbitrage indices, however, at only a fraction of values reported in previous literature. We then analyze the drivers of these price differences, identifying exchange-specific factors to have the most important role. Based on this, we test actual arbitrage strategies for specific cryptocurrency and fiat currency pairs, finding, in contrast to previous literature, that arbitrage opportunities hardly exist.

The origin of the Reserve Bank of India (RBI) can be traced back to 1926, when the Royal Commission on Indian Currency and Finance - commonly referred to as the Hilton Young Commission - recommended the institution of a central bank to separate the control of currency and credit from the government and to increase banking facilities over the country. 73 The Reserve Bank of India, the central bank of India, is entrusted with monetary stability, the management of currency, and the supervision of the financial and payments system. The RBI bank also operates the credit systems and the currency and thus plays a critical role in the Indian economy. However, its functions have evolved in response to the country’s changing economic environment, and the increasingly globalized economy. At its origin, the RBI was a private institution before it was nationalized by The Banking Regulation Act of 1940. At first, the RBI headquarters were located in Kolkata, Bengal, but since 1937 its headquarters have been permanently moved to Mumbai, Maharashtra. Beside its headquarters, the RBI has 26 regional offices and branches in India.

Θέμα της διπλωματικής εργασίας είναι τα άρθρα 207 και 209 ΠΚ μετά το Ν. 4947/2022, που αναφέρονται στην παραποίηση και νόθευση (παραχάραξη) των νομισμάτων και των άλλων (υλικών και άυλων) μέσων πληρωμής πλην των μετρητών. Η ανάλυση, στόχος της οποίας είναι, μεταξύ άλλων, η κριτική αποτίμηση των αλλαγών που επέφερε ο Ν. 4947/2022 στο ένατο κεφάλαιο του Ειδικού Μέρους του ΠΚ, διαρθρώνεται σε τρία κεφάλαια. Στο πρώτο κεφάλαιο, παρουσιάζεται η διεθνής, ευρωπαϊκή και ελληνική νομοθεσία για τα εγκλήματα περί το νόμισμα και γίνεται αναφορά στη νομοθετική ιστορία των άρθρων 207 – 215 του ισχύοντος ΠΚ. Στο δεύτερο κεφάλαιο, λαμβάνει χώρα ερμηνευτική ανάλυση των άρθρων 207 και 209 ΠΚ με αναφορές 1) στο έννομο αγαθό, 2) στα χαρακτηριστικά γνωρίσματα των εγκλημάτων, 3) στα στοιχεία της αντικειμενικής και της υποκειμενικής τους υπόστασης, 4) στους λόγους άρσης του αδίκου και του καταλογισμού, 5) στα ζητήματα του χρόνου τέλεσης, της απόπειρας και των προπαρασκευαστικών πράξεων κατά το άρθρο 211 ΠΚ, 6) στα ζητήματα συμμετοχής, 7) στα ζητήματα συρροής, 8) στα ζητήματα του τόπου τέλεσης των εγκλημάτων και των τοπικών ορίων ισχύος των κυρωτικών διατάξεων, 9) στις προβλεπόμενες κυρώσεις (κύριες ποινές, δήμευση κατά τα άρθρα 213 ΠΚ και 40 Ν. 4557/2018, κυρώσεις σε βάρος νομικών προσώπων κατά το άρθρο 22 Ν. 4947/2022), 10) στην έμπρακτη μετάνοια και την παραγραφή και 11) στα ζητήματα διαχρονικού δικαίου. Τέλος, στο τρίτο κεφάλαιο εξετάζονται ζητήματα δικονομικού δικαίου και οι περαιτέρω εγγυήσεις που προέβλεψε ο Ν. 4947/2022 για τα αδικήματα των άρθρων 207 και 209 ΠΚ. Στο πλαίσιο αυτό γίνεται λόγος για 1) τον τρόπο δίωξης των εν λόγω εγκλημάτων και την παράσταση προς υποστήριξη της κατηγορίας, 2) τη δικαιοδοσία, την καθ’ ύλη και κατά τόπον αρμοδιότητα, 3) την υπαγωγή τους στο θεσμό της ποινικής διαπραγμάτευσης (άρθρο 303 ΚΠΔ), 4) την απόδειξη (αυτοψία / έγγραφο, πραγματογνωμοσύνη και μάρτυρες), 5) ορισμένες ειδικές ανακριτικές πράξεις κατά τα άρθρα 254 ΚΠΔ, 6 Ν. 5002/2022 και 42 Ν. 4557/2018, 6) την έκδοση και εκτέλεση Ευρωπαϊκού Εντάλματος Σύλληψης, 7) τη μεταβολή της κατηγορίας, 8) τον αναιρετικό έλεγχο βάσει της νομολογίας του Αρείου Πάγου, 9) την παροχή συνδρομής και στήριξης στα θύματα, το δικαίωμα λήψης πληροφοριών των νομικών προσώπων, την παρακολούθηση και τις στατιστικές κατά τα άρθρα 23 – 25 Ν. 4947/2022, The subject of the postgraduate thesis concerns the articles 207 and 209 of the Greek Penal Code after the L. 4947/2022. These articles standardize the crimes of falsification and counterfeiting (forgery) of currencies and other (corporeal and non-corporeal) non-cash means of payment. The analysis aims indicatively at the critical evaluation of the changes brought by the L. 4947/2022 in the ninth chapter of the Greek Penal Code’s Special Part and is structured in three chapters. Τhe first chapter of the thesis presents the international, European and Greek legislation concerning the crimes related to the currency and makes reference to the legislative history of the articles 207 – 215 of the Greek Penal Code. In the second chapter of the thesis an interpretative analysis of the articles 207 and 209 of the Greek Penal Code takes place. This interpretative analysis includes references to 1) the legal interest protected by the above articles, 2) the characteristics of crimes described in the above articles, 3) the elements of actus reus and mens rea of the crimes described in the above articles, 4) the grounds for excluding criminal responsibility, 5) the issues concerning the time of commission of the crimes, the attempted crimes and the preparatory acts according to the article 211 of the Greek Penal Code, 6) the issues concerning the forms of participation in the crimes, 7) the issues concerning the accumulation of the offenses, 8) the issues concerning the place where the crimes are committed, the territory and the persons to whom the above articles apply, 9) the prescribed sanctions (penalties, confiscation according to the article 213 of the Greek Penal Code and the article 40 of the L. 4557/2018, sanctions against legal persons according to the article 22 of the L. 4947/2022), 10) the practical repentance and lapse of crimes and 11) the issues concerning the intertemporal law. Finally, the third chapter of the thesis examines issues concerning the procedural law and the further guarantees predicted by the L. 4947/2022 for offences of the articles 207 and 209 of the Greek Penal Code. In this context there are references for 1) the way of prosecuting the crimes and the representation in support of the criminal charge, 2) the jurisdiction and the competence, 3) the acts subject to the plea bargaining process (article 303 of the Greek Code of Criminal Procedure), 4) the evidence (autopsy / document, forensic expertise and witnesses), 5) certain special investigative acts according to the articles 254 of the Greek Code of Criminal Procedure, 6 of the L. 5002/2022 and 42 of the L. 4557/2018, 6) the extradition and the execution of the European arrest warrant, 7) the change of criminal charge, 8) the case law of “Areios Pagos” and 9) the assistance and support to victims, the right of legal persons to receive information, the monitoring and statistics according to the articles 23 – 25 of the L. 4947/2022

В данной статье рассмотрено социально-экономическое положение Чеченской Республики, приведен анализ социально-экономических показателей республики за 2018-2022 гг., а также в основном рассматриваются проблемы, существующие в фискальной и налоговой политики Российской Федерации при координации регионального экономического развития, выбор фискальной и налоговой политики для содействия скоординированному развитию региональных экономик и т.д., включая фискальную политику, налоговую политику и стандартизированные системы трансфертных платежей. Методами исследования послужили общенаучные методы, такие как сравнение, описание, классификация, системный подход, нормативно-правовой, контент-анализ. Для проведения исследования использовались данные статистической отчетности Правительства РФ, Правительства ЧР, Федеральная служба государственной статистики по Чеченской Республике и т.д., This article examines the socio-economic situation of the Chechen Republic, provides a comparative analysis of the socio-economic indicators of the republic for 2018-2022, and mainly examines the problems existing in the fiscal and tax policy of the Russian Federation in the coordination of regional economic development, the choice of fiscal and tax policies to promote the coordinated development of regional economies, etc., including fiscal policy, tax policy and standardized transfer payment systems. The research methods were general scientific methods, such as comparison, description, classification, systematic approach, regulatory, content analysis. To conduct the study, data from statistical reports of the Government of the Russian Federation, the Government of the Czech Republic, the Federal State Statistics Service for the Chechen Republic, etc. Were used., Вестник КНИИ РАН. Серия "Социальные и гуманитарные науки", Выпуск 1 (4) 2023, Pages 18-25

Summary: Since 2009, virtual currencies have been based on the “Block chain” technology, making these virtual currencies a reality that raises many controversies about whether or not it is a currency, as well as the challenges it may pose at the local and international levels, creating a space for disagreement. And what may result from the spread of the world and more than it is now, and the study aimed to answer “what the economies of Bitcoin and the mechanism of circulation? What are the most important economic challenges posed by virtual cryptocurrencies, whether they are real or not?” Using the inductive descriptive approach to present the theoretical rooting of virtual currencies, their 2 characteristics and trading mechanism, characterize the developments of the Bitcoin exchange rate as an example and a case study representative of virtual currencies, and the volume of global trade in them from 2009 to 2018, which is based on extrapolating the most important challenges that these virtual currencies may pose. The study concluded that Bitcoin and then virtual currencies are not a currency, as well as the existence of many local and international economic challenges that may be posed by these virtual currencies now and in the future.

There is an increasing need for in-depth theoretical and applied studies of the essence, structure and features of the formation of the exchange rate, the development of the mechanism of currency regulation in the Russian Federation, determining the degree of state regulation of currency relations, including due to the introduction of currency restrictions, clarifying the main criteria for the effectiveness of their application, as well as developing directions for improving the mechanism of currency regulation in the conditions of post-crisis economic development. The main purpose of this article was to consider the peculiarities of the formation of the exchange rate in a resource-oriented economy, which includes the Russian economy. The article uses general scientific methods, in particular, analysis, synthesis, comparison, as well as a systematic approach to the study of information. The value of the exchange rate for the economy is indicated. The main indicators of exchange rates and the main groups of factors affecting the exchange rate of the national currency are described.