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Islamic banking for the Indonesian people is a concept that has been developed since 1992 but is still relatively new for the Indonesian people, including the Muslim community itself. Based on the fact that the practice of Islamic banking is only at an early stage, it is only natural that the Islamic banking system is still poorly understood by the public, in the end, even though the customers of Islamic banks are not sure about bank management, they still use Islamic banking services. In the view of sharia, money is not a commodity but a tool to achieve added economic value. Without the added economic value, money cannot create prosperity. This is in contrast to interest-based banking where money breeds money, regardless of whether it is used in productive activities or not. Time is the main factor. Meanwhile, in the view of sharia, money will only grow if it is invested in real economic activities. In operational activities, Islamic banking is faced with problems that can become obstacles in achieving its goals, including problems related to a crisis. Basically, Islamic banking has similarities with conventional banking in dealing with risks in business process activities. These risks can be caused by natural disasters, human error and pandemic risks. This research is a literature review which is expected to produce a robust model Islamic money market to enhance quality of Islamic banking in facing and deal with the crisis due to the pandemic. [ABSTRACT FROM AUTHOR]

Copyright of Selcuk University Social Sciences Institute Journal is the property of Selcuk University Social Sciences Institute Journal and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

We investigate a market without money in which every agent offers indivisible goods in multiple copies, in exchange for goods of other agents. The exchange must be balanced in the sense that each agent should receive a quantity of good(s) equal to the one she transfers to others. We describe the market in graph-theoretic terms hence we use the notion of circulations to describe a balanced exchange of goods. Each agent has strict preferences over the agents from which she will receive goods and an upper bound on the quantity of each transaction, while a positive integer weight reflects the social importance of each unit exchanged. In this paper, we propose a simple variant of the Top Trading Cycles mechanism that finds a Pareto optimal circulation. We then offer necessary and sufficient conditions for a circulation to be Pareto optimal and, as a consequence, a easy recognition procedure. Last, we show that finding a maximum weight Pareto optimal circulation is NP-hard but becomes polynomial if weights are concordant with preferences. • Introducing a preference-based exchange market without money. • Providing a mechanism that returns a Pareto optimal exchange. • Characterization and recognition of Pareto optimal exchanges. • Showing that maximum weight Pareto optimal exchange is NP-hard and computing it in some special cases. [ABSTRACT FROM AUTHOR]

This study illustrates the effectiveness of geographical diversification using capital market data. The paper uses historical capital market prices to show how the neglect of geographical diversification results in a deterioration in investment decision-making. In addition, the correlations between the capital markets of the former socialist countries are presented, which in many cases can be explained by real economic processes and geopolitical events. Quantitative, real-time financial and statistical data provided by capital markets can also be used to justify the dependence systems between countries and groups of countries, but the method can also be used in many cases to show the economic and geopolitical changes between countries. The study shows how concentrated the world's stock markets are, which means that smaller capital markets cannot separate themselves from economic events, money and capital market news, or events of the largest ones. [ABSTRACT FROM AUTHOR]

The study examines the impact of digitalization on the money market, primarily from a regulatory perspective. New digital financial services pose a challenge for both supervisors and legislators when they are performed by unregulated financial services providers. The article points out these challenges and examines how legislation responds to them. The problem will be analyzed in the case of the European Union and also Hungary. Comprehensive solutions have not yet been found, but there are attempts to address the problem. The findings of the study may help to further examine the topic and find new solutions. [ABSTRACT FROM AUTHOR]

Copyright of Revista Fronteiras is the property of Universidade do Vale do Rio dos Sinos and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

We propose a model of collateral choice by banks to quantify how changes in the haircut policy of the central bank affect the collateral used by banks and the funding cost of banks. We estimate the model using data on assets pledged to the European Central Bank from 2009 to 2011. Our results suggest that an increase in the haircut on low rated collateral by 5 percentage points would have reduced the use of this collateral by 10% but would have increased the average funding cost spread between high yield and low yield countries by 5% over our sample period. [ABSTRACT FROM AUTHOR]

We study how the distribution of excess liquidity amongst banks alters the transmission of policy rate hikes to bank interest rates. Using a difference-in-difference approach, we measure the difference in the pricing behavior of the 19 euro-area banking systems depending on their excess liquidity holdings when the European Central Bank's Deposit Facility Rate (DFR) increases. According to our estimations, every 100 bp increase in the DFR, banking systems holding one additional standard deviation of excess liquidity apply a 1.9 bp higher interest rate on new checking accounts and between 3.2 and 6.8 bp lower interest rates on new loans. • Current rate hiking cycle materializes in presence of liquidity abundance. • Excess liquidity is unevenly distributed amongst euro-area national banking systems. • Excess liquidity distribution affects the transmission of monetary policy. • Banking systems with more excess liquidity transmit rate hikes differently. [ABSTRACT FROM AUTHOR]

Although certain features o f electronic money (or e-money) may suggest a break with money in its previous forms, many o f its other characteristics align with the trajectory o f money as it has evolved over time. With money retaining a broad definition, it would appear that e-money, at least in its current forms, continues to fall within this age-old concept. [ABSTRACT FROM AUTHOR]

Bulgaria's potential output and cyclical position for the period 2010-2015 are estimated by a methodology based on a two-factor Cobb-Douglas production function. An IS-LM model of the Bulgarian economy is developed to study the condition of the different types of markets (labor market, goods market and money market). During the entire period 2010-2015 Bulgaria's output remained below its potential, while unemployment was above its natural level. The goods market and the money market were not balanced but fluctuated around their equilibrium levels. The conclusions of the study are in agreement with the Keynesian views about the disequilibrium character of the economic system and about the necessity of an expansionistic macroeconomic policy to stabilize the economy at its potential level in case of a deflationary gap (as in Bulgaria during 2010-2015). [ABSTRACT FROM AUTHOR]

The paper entitled "Forecasting of Financial Markets and Monetary, Fiscal, Financial, Economic and Political Freedom Features in Nowadays Society -- A Case Study on Romania's Situation" tackles the following key aspects: the role and the importance given to the financial markets nowadays, taking into account the fragility of the economic system and the general money movement encountered especially in the modem economies; the influence of the monetary, fiscal, financial, business, investment, labour, economic, property and political freedom features upon the financial markets world-wide; and the situation concerning Romania's financial market. In the first part of this research paper, elements such as monetary, fiscal, financial, business, investment, labour, economic, property and political freedom features are being presented, starting from the complex definitions of these concepts, continuing with an in-depth analysis of these concepts and their roles and importance in today's society structure. In this regard, numerous valuable examples of successful economic and political structures are being presented, in order to emphasize the nations' potential in terms of monetary, fiscal, financial, business, investment, labour, economic, property and political freedom. In the second part of this scientific work, the role and the importance given to the financial markets nowadays is being presented, starting from the definitions of the financial markets, continuing with the challenges that these types of markets are facing today, given the monetary challenges, the fragility of the economic systems world-wide, the insecurities brought by the continuously changing public policies, the financial "game" that is "played" between the banks and the capital markets, as well as the investments' role at the level of the economy. In the third part of this paper, Romania's situation is being addressed taking into consideration the latest data and analysis provided by the National Bank of Romania (September 2016) based on the discoveries and the general conclusions of the document named "Dynamic Stochastic General Equilibrium (D.S.G.E.) model estimated for Romania". [ABSTRACT FROM AUTHOR]

The aim of the paper is to reveal the main causes and. consequences of the underground economy, seen as a mix between the shadow economy, reflecting the officially unreported monetary transactions, and the black economy, consisting in the criminal monetary transactions associated with the latter. Given that the underground economy, as a whole, can stand for and/or deepen the budgetary deficit of any country, by diminishing the level of revenues to the state budget, leading, as a consequence, to restrictions as to the public spending volume, thereby adversely influencing the living standard of its population, the focus of the study is related to laying, to a reasonable extent, the general framework, for limiting, via well-grounded macroeconomic fiscal policies and other related, targeted measures, the negative effects of the same. [ABSTRACT FROM AUTHOR]

does money market liquidity affect crude oil prices movements? This paper addresses the question by looking at liquidity from two different perspectives: safe and risky money availability. Using M2 and VIX as a proxy for each type of money liquidity, respectively, I find that risk money liquidity measured by VIX is significantly estimated to have a positive effect on the NYMEX WTI crude oil prices. Moreover, sub-period analyses show that the effect of risk money liquidity on oil price is prominently significant from 2007 to 2008, when the oil prices excessively rise and fall. These results imply that money liquidity in emerging countries is an important factor for explaining dynamics of crude oil prices especially when oil prices are turbulent. [ABSTRACT FROM AUTHOR]

We estimate two standard spatial econometric models in order to study the cost of collateralized borrowing among Colombian financial institutions, and its relationship with traditional determinants (leverage, size, and borrowing concentration), and with the observed linkages among financial institutions (spatial variables). Our main findings indicate that (i) the selected models are able to capture the extent and significance to which linkages matter for money market's liquidity pricing in the form of a spatial dependence parameter; (ii) spatial effects play a significant role in the pricing of liquidity in the collateralized money market; (iii) direct and spill-over effects from financial institutions’ size and the spatially lagged value of financial leverage and borrowing concentration most significantly determine the cost of collateralized borrowing; (iv) traditional determinants are of low explanatory power by themselves. Concurrent with contemporary lending relationships literature, our results emphasize the importance of connectedness among financial institutions, and are essential in the context of a macro-prudential perspective of financial stability and systemic risk. [ABSTRACT FROM AUTHOR]

This paper examines the theoretical concept of equilibrium in the money market that is empirically verified for the economy of the Czech Republic. The subject of the analysis is the relationship defining equilibrium in the domestic money market, i.e. when money demand corresponds to the money supply in the economy. The main objective is to determine whether such a long-term equilibrium relationship exists by verifying this assumption on real data for the Czech economy. The Johansen cointegration approach is applied for modelling the money demand function including four domestic macroeconomic indicators: money supply, price level, gross domestic product, and interest rate. The results suggest that the level of real money supply fluctuated around the estimated long-run equilibrium value in the analysed period 2000-2013. [ABSTRACT FROM AUTHOR]

Copyright of Revue d'Histoire Moderne & Contemporaine is the property of Societe d'Histoire Moderne et Contemporaine and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Ensayos Sobre Política Económica is the property of Banco de la Republica and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Considered as an axiomatic basis of classical, neoclassical, and monetarist theories, the long-run money neutrality assumption does not always seem to be verified. Indeed, in our view, the money, in the sense of M2, can constitute a long-run channel of growth transmission. Thus, this paper examines the long-term relationship among money supply (M2), income (GDP), and prices (CPI). The subprime crisis in 2007 has shown that the demand for money does not only meet motives of transaction, precaution, and speculation but also of fictional or quasi-fictional future demands due to the fact that they are created without real counterparts. The capacity of production systems in developed countries to respond to increases in money supply by creating more wealth, involves the assumption of money neutrality in the long-run. However, in developing countries, the excess of money supply may lead to inflation trends. The present study has confirmed the long-term non-neutrality of money supply in the USA, and its neutrality in Gabon and Morocco. [ABSTRACT FROM AUTHOR]

Copyright of Economics / Ekonomija is the property of Rifin d.o.o. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article looks at the evolution of the credit policy of the Banque de France, the central bank of France, from the 1960s to 1981. It analyzes the evolution of the monetary policy and the role central banks played in the emergence of neoliberalism. The influence of the Marjolin-Sadrin-Wormser report (MSW) on monetary policy in France published by French economists and politicians Robert Marjolin, Jean Sadrin, and Olivier Wormser in 1968 is also discussed.