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Smith is the precursor of neither the orthodox nor the heterodox view of money. For him, money arose neither as medium of exchange out of barter, as in the orthodox view, nor as unit of account established by the state, as in the heterodox view. Instead, money emerges in that agreement on the valuation of mutual services in which exchange based on the desire for deserved credit consists. Money emerges in exchange, but, unlike the orthodox view, it emerges as measure of value. Unlike the heterodox perspective, paper money is a possible consequence of a historical process, not its beginning. [ABSTRACT FROM AUTHOR]

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

The significant development in the electronic commerce market has led to new issues in commerce in general and e-commerce in particular, especially in the trade of purchasing gold with paper currency. Therefore, it has become necessary to explore the Islamic rulings related to this type of trade. The research aims to: • Clarify the Islamic ruling on purchasing gold with paper currency through the internet. • Examine the principles that determine the ruling on purchasing gold with paper currency through the internet. • Describe the various methods of purchasing gold with paper currency through the internet. Research Methodology: Inductive and analytical methods. Among the most prominent findings of the researcher are: • Money is anything that is generally accepted in trading, used as a medium of exchange, a measure of value, and a store of wealth. • There are three types of money: commodity money, metallic money, and paper money. The first to use paper money were the Chinese. • It is permissible to purchase gold with paper currency with the authorization of receipt at the time of the contract. [ABSTRACT FROM AUTHOR]

In Regency Paris, the triumphant introduction into the economy of mass printed paper currencies coincided with images of equally victorious winged amours (cupids): serialised embodiments, in both cases, of the ascendancy of the flitting and fluttering. Examining works by Charles Coypel, Bernard Picart and others, this essay contextualises the reprisal of the omnia vincit amor theme—the idea of love's inescapable power—alongside the emergence of an equally indomitable financial culture. Amidst the bubble economy engineered by John Law, Amour served as incarnation of more than the salvific and emancipatory promise of a paper economy. Hailed for his 'empire of love', the tyrannical god also asserted the blend of seduction and subjugation practiced by a despotic state that demanded acquiescence: both to its banknotes, and to the purportedly 'soft power' exercised by the government-licensed Company of the Indies over French Louisiana's Indigenous population. [ABSTRACT FROM AUTHOR]

This article analyses the American Express travel board game Money Card (1972) as it highlights the intertwinement between the rise of a distinctive form of tourism as a modern mass industry and the expansion of the capitalist market, the primacy of the dollar, and U.S. hegemony. In a period marked by a shift from paper money to credit cards and global credit markets, American Express was the most powerful and easily identifiable symbol of the new post-war international economic order dominated by U.S. economic and political power. Placing the American Express Money Card board game within the shift from the post-war economy of reconstruction to credit expansion and neoliberalism, brings to the forefront the ways in which the game presented tourism as a ritual in celebration of capitalism. As a form of armchair travel, the board game sold tourism as a re-enchantment of the world. The article explores how the board game framed the American Express Card as fetish object, portrayed Europe as up for sale, and created a desire for the services of American Express and consumerism more generally. It shows how players were trained to use credit cards, be good consumers, and participate in the economy of the tourist industry. By advancing a capitalist tourist dreamworld, Money Card shaped perceptions of travel to Europe and created a religious illusion, offering a re-enchantment of the world through tourism and credit cards. [ABSTRACT FROM AUTHOR]

This review article assesses three new books on the "Golden Age" of caricature in Britain and the United States: Tim Clayton's James Gillray: A Revolution in Satire  (2022), Amanda Lahikainen's Money and Materiality in the Golden Age of Graphic Satire  (2022), and Alison M. Stagg's Prints of a New Kind: Political Caricature in the United States, 1789-1828  (2023). The article considers how satirical cartoons simultaneously educated and entertained the public about important issues, such as political corruption, nation building, and the perils of a credit economy based on paper money. [ABSTRACT FROM AUTHOR]

Andrea Kelly Henderson, "Harriet Martineau's Realized Abstractions" (pp. 81–105) Critics have long noted—and often lamented—the formal incoherence of Harriet Martineau's Illustrations of Political Economy (1832–34). This essay argues that the tales' formal bifurcations can be understood not as a failing but as a conscious response to the absence of a contemporary consensus regarding the groundedness of economic abstractions. Martineau's aesthetic of what I call "realized abstraction" offers a solution of sorts to this epistemological problem: unable to mediate between abstractions and particulars, she simply insists on the importance of both. Berkeley the Banker, her tale devoted to banking and currency, vividly dramatizes this dichotomizing logic. In this work, the relationship of concrete value to its abstract representation in paper money is analogized to a troubled marriage, one in which the husband forces his virtuous wife to subscribe to his false representations. Martineau's story will explicitly argue for the usefulness of economic theory and paper money, but she resists the tendency of abstractions to render the concrete invisible in an act of metaphoric coverture; instead, she presents the abstract and the particular as autonomous realms. Martineau's aesthetic of juxtaposition thus aspires to virtues quite different from those of Romantic organic wholeness or realist transparency: her tales aim not only to educate readers in abstract principles and historical particulars but also to train them to discriminate between the two. In subsequent decades, philosophers of science would formulate compelling new ways to bind abstractions to particulars, and the success of that project would mean that despite the Illustrations's enormous popularity during the 1830s, they would seem to later generations to be marred by formal fragmentation. [ABSTRACT FROM AUTHOR]

This article explores the conception and execution of paper currency schemes in Tokugawa Japan (1603–1868). Paper currency was widely used as a form of local money in early modern Japan, but has received close to no attention in Anglophone scholarship even amid a recent upsurge in interest in the global history of money. From the perspective of monetary history, Tokugawa paper currency presents an intriguing puzzle. Even as paper currencies repeatedly collapsed in value, they remained in common use as an essential component of the early modern monetary system. Using the case of Sendai domain, a large fiefdom in northeastern Japan, the article argues that the monetary practices and expectations of ordinary subjects transformed paper money, created through partnerships between the samurai ruling class and powerful merchant financiers, from a tool meant to serve the interests of state finances into a low‐denomination currency convenient for everyday transactions, resulting in the bills' surprising longevity as a form of small change. Drawing on approaches that centre the role of non‐state and marginal actors in the making of money, it sheds new light on the political economy of late Tokugawa Japan and offers new insights into the global history of money. [ABSTRACT FROM AUTHOR]

The use of Artificial Intelligence (AI) to preserve and promote cultural heritage has experienced significant growth in recent years. Among the various areas of cultural heritage, numismatics have emerged as a particularly promising field where we can develop AI solutions. Numismatics refers to the study of coins, tokens, paper money, and medals, which play a critical role in understanding human history and culture. However, there are still limited resources available to help researchers and collectors in the identification of coins. This is due to the vast number of coins in circulation, which presents a significant challenge in developing smart tools for classification tasks. This paper aims to provide a contribution to this setting. In particular, we start by creating a new dataset called EURO-Coin, which consists of images showing the side of coins with reliefs and is designed to facilitate the training and testing of AI models for euro coin classification. Then, we propose two approaches that leverage Convolutional Neural Networks and self-attention layers to classify the country and value of the coins. In our experiments, we obtain an accuracy of 86.9% for country classification and an accuracy of 96.4% for value classification. Finally, we conduct an ablation study to evaluate the impact of the preprocessing activities and attention layers in our approaches. [ABSTRACT FROM AUTHOR]

The article "The Politics of Cryptocurrency Regulation in Africa" explores the varying approaches of African governments, specifically Nigeria and the Central African Republic (CAR), towards regulating cryptocurrencies. In Nigeria, the government has periodically sought to ban or restrict cryptocurrencies due to perceived threats to regime stability, particularly in response to the #EndSARS protests. In contrast, CAR legalized cryptocurrencies and even made Bitcoin legal tender to address financial challenges amid civil conflict and withdrawal of Western support. The article highlights how governments regulate cryptocurrencies based on threats to regime stability and the creation of state-backed virtual currencies to further regime stability. [Extracted from the article]

The understanding and interpretation of ḥadīths has become important with social change. One of the main factors affecting social change is economics. The interaction between religion and economics has been an important factor in the interpretation of religious texts in every period. In this article, the interpretation of ḥadīths on zakāt in the context of changing economic factors is discussed in the Tadjrīd-i Sarīh Translation and Commentary. This work was translated and commented by Ahmed Naim and Kāmil Miras, who witnessed the changes that occurred during the transition from the Ottoman to the Republican Period. Kāmil Miras analyzed the ḥadīths on zakāt in the context of changing economic factors and discussed the dīnār and dirham made of gold and silver, which were used as measures for zakāt. He analyzed the changes that the dīnār and dirham had undergone in the historical process and included the jurisprudential debates about the adulterated dīnār and dirham. Then, he evaluated the effects of the change in economic life on the zakāt of the newly issued fulus and paper money, the niṣāb and the measure of wealth. In this context, he defended the necessity of using custom and tradition as a method in solving the problems that arise in this framework and presented his analysis in this context. [ABSTRACT FROM AUTHOR]

Cambodia is one of the first two countries that adopted a retail central bank digital currency (CBDC) in October 2020. The design of the CBDC, called the Bakong, is a bit unique. We find a few design flaws that could potentially damage the central bank and then the Cambodian economy as a whole. We show some key statistics from our own survey in 2022 to support our arguments. The Bakong is offered in two currencies, the Khmer Riel (KHR) and the US dollar (USD), as Cambodia has been highly dollarized. We discuss theoretical predictions for the CBDC based on three kinds of substitutes: paper money, bank deposits, and foreign currencies. The third one is specific to the Bakong. Unlike a typical local currency CBDC, the USD Bakong may substitute for the KHR more. Moreover, it has been announced that the retail Bakong is legally not a liability of the central bank, but from the viewpoint of the underlying technology and economics, it is a central bank liability. [ABSTRACT FROM AUTHOR]

Miguel Antonio Caro is known as one of the most lucid conservative thinkers of nineteenth-century Latin America. His antiliberal thinking came to define what it meant to be a Catholic man of letters in Colombia and beyond. Today, he is mostly remembered for his work on linguistics, Latin translations, and the 1886 Colombian Constitution. However, Caro was also the most recalcitrant defender of paper money of his time. In press articles, he developed what can be described as a Hispanic Catholic theory of monetary signs. While he is often portrayed as an anti-modern ideologist, the financial dimensions of his writings reveal a very different picture. Vindicating a Spanish tradition of currency debasement that went back to Alfonso the Wise, the Colombian ultramontane conciliated his traditionalism with capitalism's global accumulation drive by equating paper money with God's infinite gift: the divine grace. He hence proposed a Catholic view of capitalist modernity that rejected the "evils" of utilitarianism but embraced Colombia's agro-exporter economic model as part of God's providential design. In his political-religious project, money is thus imagined as a key tool of the Christian oikonomia , that is, God's government of earthly affairs. [ABSTRACT FROM AUTHOR]

Money: It is a means of exchanging and accumulating goods and services and determining their value. From past to present, commodities such as wheat, dates, hides, spears, and axes; metals such as iron, copper, gold and silver, negotiable instruments such as suftece, papers such as banknotes, and digital assets have been used as money. While these money kinds used throughout history are generally classified as commodity money, metallic money, receipt money and fiat money in the economic literature, they are classified as hilqaten/created money and ıstılahî/terminologically money in fiqh literature. Hilqaten money are currency that have a dual nature as both goods and money, as they derive their value from their own intrinsic value. Those minted from gold were used in circulation as dinars, those minted from silver as dirhams, and those with a low contribution of other metals in these coins were used in circulation as magşuş (mağlûbu'l-gış) money. Istılahî money is money that has become a measure of value when people say, "This is money" and derives its real value from an external value, not from its own intrinsic value. Those minted from metals other than gold and silver were used in circulation under the names of fülûs and those with a more contribution of other metals in these coins were used in circulation as magşuş (ğâlibu'l-gış) and settûka. Paper money, which became widespread in the 19th century, was built within a system by the economically and politically powerful states of the period, and the way in which paper money would be put into circulation was determined by international principles. In this context, from the beginning, the world paper money system generally went through four phases and took its current form. These are respectively; pre-1875 bimetallism gold and silver standard; monometallism only gold standard from 1875-1944; between 1944 and 1973 it was the gold exchange standard and after 1973 it was only the paper money standard. Before 1875, paper money in bimetallism standard system, that is, banknotes, was put into circulation as representative money in exchange for gold and silver. In the monometallism standard between 1875 and 1944, banknotes were put into circulation as representative money only in exchange for gold. In the gold exchange standard between 1944 and 1973, known as the Bretton Woods system, paper money was put into circulation in exchange for the dollar, which derived its value from gold. Thus, banknotes were traded in the markets as representative money, taking their value directly from dollars and indirectly from gold. In the current paper money standard, which is called the flexible exchange rate system after 1973, paper money is used in circulation as fiat money, deriving its value from its purchasing power only to the extent of the power of the authority that puts it into circulation. In this context quality of being measure of value, structure and kind of banknotes which emerged and spread more recently than others are explicit at many points in the economic literature, they are controversial in Islamic law. In this article, it is examined whether banknotes qualify as money according to Islamic law and, if so, what type and structure of money they are. In this context, the history, theory, and types of money have been analyzed in the economics and Fiqh literature and banknotes was substantiated in Islamic law with consideration the international monetary system. As a result, banknotes are ıstılahî a measure of value, should be subject to ijtihad according to the way it is put into circulation and it has been determined that it is a separate money as paper money, unlike dinar, dirham, fulūs etc. In this respect, paper money, which was put into circulation as receipt money directly or indirectly in exchange for gold, silver or both before 1973, should be evaluated as ıstılahî money in terms of value measure but is hilqaten money in terms of provision; after 1973, namely today, paper money that is put into circulation as fiat money in a way that derives its value from the power of the authority that puts it into circulation should be evaluated as ıstılahî money in terms of both value measure and provision. [ABSTRACT FROM AUTHOR]

This paper constructs the money demand function including the variable of electronic payments while adopting the Autoregressive Distributed Lag (ARDL) bounds testing approach to investigate the relationship between electronic payments and money demand in China. The empirical results show that there is the cointegration among the variables in the constructed function with stability, and the e-payment variable is negatively correlated with the demand for money. According to the findings of this paper, in the long run, for every 1 percent increase in the e-payment variable, the demand for M1 will decrease by approximately 0.01 percent. In addition, the money demand function that contains the e-payment variable performs better than the one that does not in the forecast evaluation. [ABSTRACT FROM AUTHOR]

Recent advancements in technology-based payment methods have prompted central banks all over the world to consider the possible advantages and hazards of issuing Central Bank Digital Currencies (CBDC) in order to keep up with the current innovation trend. The Indian payment system is no exception to this fintech innovation trend. As a result, the Reserve Bank of India (RBI) must begin considering related patterns and develop a phased implementation plan that progresses gradually through the pilot project. The present research is proposing a Pilot project on the issuance of retail e-rupee first. The research is primarily based on the normative method presenting a qualitative analysis of the creation of a digital rupee possibly like paper money and its smooth implementation. The study examines the potential effects of retail e-rupee implementation on the banking industry, monetary policy, technology architecture options, potential retail e-rupee applications, issuance methods, etc., as well as privacy issues. Thus, it will assist RBI in making policy decisions. [ABSTRACT FROM AUTHOR]

The paper considers the question that has gained relevance in the last decade: whether the cryptocurrency bitcoin is money. The economic literature provides different opinions on this issue. The analysis shows that disagreements arise because of the different understanding of the category of ‘money’ rather than because of the nature of bitcoin. The author analyzes popular interpretations of money in terms of their applicability to the definition of the role and place of cryptocurrencies in the financial system. The purpose of this study is to define money as a financial instrument that linksthe creation of gross social product with its distribution. The author believes that money emerged and exists as a tool that ensures a connection between the contribution of each economic entity to the total product of society and the right to receive an equivalent amount of goods from this gross product. At the same time, the author defines money as an ‘ideal right’ to receive a share of the gross social product. In this regard, the analysis of bitcoin shows that this cryptocurrency allows obtaining goods from the gross social product in many countries, while bitcoin owners do not contribute to the gross social product. Based on this, bitcoin cannot be considered money; it is a money substitute, or surrogate money. At the same time, bitcoin was created as money and performs the functions of money, but to a limited extent. Bitcoin can only perform the functions of money as a supplement to an existing official currency. It is not capable of functioning as the only currency in a society. The interpretation proposed in this paper can be used for the purposes of developing the Russian law on cryptocurrencies is currently being worked on by the Government and the Central Bank of Russia.

The article titled "Economic History of the Mexican Peso: From the Global Market to the Political Management of Currency" is a book that addresses the evolution of money in Mexico from colonial times to the late 20th century. The Bank of Mexico has aimed to provide the country with national currency and promote the development of payment systems. The book highlights the importance of security and trust in money for it to fulfill its functions properly. It also mentions moments of transition in the political management of currency, such as the financial bankruptcy of the Viceroyalty and the reintegration of the Mexican peso into the global economy after Independence. During the 19th century, different forms of political currency management emerged, including the introduction of copper coins and the use of paper money. The text provides a summary of Mexico's monetary history from the late 19th century to the present, highlighting the adoption of a floating exchange rate regime and the relevance of the Mexican peso as a global currency. The importance of understanding monetary history to effectively face future challenges is emphasized. [Extracted from the article]

Much has been written on the intertwined histories of art and money, from trompe-l'œil depictions of banknotes to so-called money art to the elements of trust and authenticity undergirding these arenas. Yet, what happens when an artwork representing paper money is inserted into the financial system itself? What mechanisms of monetary production and regulation are activated and revealed? In the 1980s and 1990s, artist JSG Boggs realized Boggs Bills — representations of banknotes that pulled the financial system and the laws regulating money into art, and likewise, pulled art into the machinery of finance and its governance. Alongside the more widely discussed modes of creative engagement such as intervention, culture jamming, and semiotic disobedience, I propose the term contrast agent to discuss the operations of Boggs Bills within the systems of art and law. This conceptualisation allows for a consideration of the laboratory-like mapping of the vectors of exchange performed by Boggs Bills as they weave through various bureaucratic systems. These works of art were injected into and circulated through different arenas of exchange, animating the bureaucracy that both constructs and regulates money. [ABSTRACT FROM AUTHOR]

This article seeks to provide insight into the history and acceptance of paper money within British North America by examining the state money issued by Lower Canada's civil government and the British Army during the War of 1812. Prior to the war, British North America was suffering from a specie shortage that was further exacerbated by the need for significant expenditure increases to provision the state with the resources it needed for its war effort. In response, colonial authorities issued the Army Bills, a paper money that was backed by acceptance in paying public debts and duties while also possessing qualities that adhered to metalist principles. To many observers surprise, the money successfully circulated and was accepted by Lower Canada's colonists, who beforehand had largely been perceived by colonial officials as distrusting of paper money. This research argues that the state's acceptance of Army Bills for discharging public debts, particularly merchant duties, ensured that the money would provide the colonial government with the fiscal flexibility it needed to conduct its war effort. This provision, in addition to measures like legal tender laws protecting its use in private transactions, also supported its successful circulation within the colonial economy during the war. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to provide a systematic literature review (SLR) on contemporary cardinal money mule issues. Design/methodology/approach: This paper reviews the most common money mule themes in perpetrating financial crime activities, especially its roles, recruitment and awareness. A systematic review protocol called preferred reporting items for systematic review and meta-analysis protocols is adopted for this study. Findings: Money mules are used by organized criminal groups (OCG) or fraudster to launder illicit funds from outrageous criminal activities. They allow their accounts to be used for money laundering by OCG. The attacker, OCG or fraudsters would layer the stolen funds using money mule accounts. These money mules are recruited using various approaches, oftentimes deceived by opulent lifestyles to captivate the interest of potential money mules. Originality/value: This paper presents money mule awareness needed by accountant, bank employees and the society. It is an unprecedented SLR on money mule. This paper will be beneficial for future money mule researchers, enforcement agencies and practitioners in banking industry. [ABSTRACT FROM AUTHOR]

"Life after Death Today in the United States, Japan, and China" is a book written by Gordon Mathews, Yang Yang, and Miu Ying Kwong. The authors conducted research on the afterlife in these three countries, using intensive interviews as their primary research method. The book explores the complex and varied beliefs and practices related to life after death, and how these beliefs reflect people's lives before death. The authors also discuss the factors that shape people's beliefs, such as Christianity in the United States, Buddhist ancestor veneration in Japan, and the shift away from state atheism in China. Despite cultural differences, the authors found similarities among the three cultures, including the influence of religious or spiritual orientation on belief in the afterlife, and the increasing significance of individual choice. While some assumptions in the book may be questioned, it offers an interesting and informative read for those interested in anthropology, sociology, philosophy, and religious studies. [Extracted from the article]

As most countries use currencies to denote paper money created as a medium of exchange for buying and selling goods or services. Nevertheless, there are attempts from several entities to create a crypto asset named cryptocurrencies which aims to replace the functions of paper money. The issue arises whether cryptocurrency is valid to be used as a currency or investment asset according to Shariah’s perspective. This article aims to clarify the Shariah views on the legality of cryptocurrency, analyze the suitability of cryptocurrencies as a currency or investment assets, and finally, suggest that cryptocurrency is one of the investment assets or commodities in line with the requirements of Shariah. The research adopts pure legal research methodology utilizing content analysis on the primary and secondary sources. The research findings revealed that Islamic scholars have conflicting views regarding the legality of cryptocurrency as a means of exchange to replace the function of paper money and as an investment asset. Nevertheless, cryptocurrency and crypto assets are required today because of Maqasid Shariah, maslahah, and qawaid fiqhiyyah. Future research should focus on the usage and practice of cryptocurrency worldwide and its legal application in specific countries. [ABSTRACT FROM AUTHOR]

This article examines the Shāfiʿī school's position on ribā in contemporary fiat currencies. It analyzes the definition of ribā, the underlying legal rationale for its prohibition (ʿillah), and engages with historical debates on the valuation of currencies and the applicability of ribā laws to non-gold-and-silver currencies (fulūs). By tracing the evolution of currency within Shāfiʿī jurisprudence from the 9th to the 20th century, the article identifies key trends among Shāfiʿī jurists regarding the legal characterization of bonds and paper money in the late 19th and early 20th centuries. The paper argues that the traditional Shāfiʿī exemption of fulūs from ribā laws is not absolute and does not solely depend on the physical attributes of the currency. Historically, Shāfiʿī jurists have emphasized the subjective value of gold and silver, owing to their longstanding roles as primary mediums of exchange. Furthermore, the potential for future currencies to share a similar legal basis for the prohibition of ribā--akin to that of gold and silver--is acknowledged, reflecting the adaptability of Shāfiʿī jurisprudence to evolving economic conditions. [ABSTRACT FROM AUTHOR]

Copyright of Res Humanitariae is the property of Res Humanitariae 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.)

A Central Bank Digital Currency (CBDC) is a country's fiat currency that exists in a digital form. This digital currency becomes a liability on the balance sheet of a nation's central bank when it ceases to be a liability on the balance sheet of one of the nation's commercial banks and gets transferred to the central bank. Instead of printing paper money, the central bank can create CBDCs by opening electronic bank accounts at commercial banks that are backed by the full faith and credit of the nation's central bank. The goal of a CBDC is to provide the nation's government, businesses and consumers with a liquid and accessible currency that supplies privacy, transferability, convenience, and financial security. If CBDCs become highly popular, someday the world might operate with only one global CBDC. [ABSTRACT FROM AUTHOR]

This article studies a previously unknown asset market in eighteenth-century Sweden. It emerged as a result of a partial default in 1719, when large amounts of recently released fiat coins were converted into government liabilities. These could only be redeemed as a customs duty on international trade, the licent. As merchants had to acquire such assets to conduct their trade, tens of thousands of transactions were carried out on a secondary market over a period of more than 45 years. Networks of local merchants bought assets from initial holders and sold them on to intermediaries or merchants, who deposited the liabilities with a newly established government agency, the Debt Office. Here, hundreds of account holders could transfer the value of their deposits between them. When a licent payment was due, the amount was deducted from the merchant's account. Prices on the liabilities were low and sometimes volatile, but the long-term trend was rising. We have distinguished three types of market participants: a small group of very active users, most of them professional dealers or brokers; merchants who traded on a regular basis as they needed to pay the licent , or when a favorable opportunity appeared; and finally, those who traded sporadically. The emergence of this market was part of a financial expansion that occurred in many European countries at the same time, the closest equivalent being the segmented default in France after the abolition of John Law's system. This study aims to broaden our understanding of eighteenth-century financial developments, which have rarely been studied in a semi-peripheral European economy. [ABSTRACT FROM AUTHOR]

Few studies have focused specifically on the physiocratic analysis of money. The physiocrats' position was based on their criticism of Law's system and more broadly on the role of finance. First, they rejected the idea that a large amount of money was the condition for the wealth of nations. Second, they rejected paper money, as well as any form of currency alteration. As a simple means of exchange, Quesnay and his followers recognized that money could be replaced by paper. However, in order to comply with the "value for equal value" principle of exchange, money had to be made of precious metals, as Le Trosne, the main architect of the physiocratic monetary doctrine, forcefully asserted. This doctrine of money created a tension: from the circulation perspective, money was not considered as a component of wealth and could be replaced by paper to simply represent flows in expenditure; but from the equality-of-exchange perspective, money had to be made of precious metals, thus becoming a storable asset in a portfolio. To overcome this tension, the économistes were to forcefully denounce hoarding and deny money the function of a store of value. [ABSTRACT FROM AUTHOR]

Following the commodity-money system that prevailed at the time of his research, Marx assumed the monetary expression of labor time (MELT) to be fixed. This assumption cannot hold in the contemporary regime of non-commodity money. It is essential to resolve the question of how the MELT is determined in a system of non-commodity money. The expression is the ratio of the total paper money circulating in the economy, less all paper money advanced on constant capital, to the total number of socially necessary labor hours exerted in the economy. Expressed algebraically, m = (Mv − C)/L. This model differs from those proposed by Moseley; Saros; Rieu, Lee, and Ahn; and Foley. JEL Classification : B51, E11 [ABSTRACT FROM AUTHOR]

In this article, I study the effect of the Money Market Fund Liquidity Facility (MMLF) on corporate short‐term borrowing costs. Although MMLF loans accept a broader range of collateral acquired from money market funds (MMFs) than Asset‐Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF) loans, their higher loan rates could make the intervention less effective. I find the average yield has decreased by 20–24 basis points. The yield‐decreasing effects of the MMLF are stronger for securities issued by eligible non‐US firms, non‐asset‐backed commercial paper securities that are newly accepted as collateral under the MMLF, and securities held by affiliated MMFs. However, I do not find an additional yield‐decreasing effect of the MMLF on lower rated securities or nonfinancial sector securities. After the implementation of the MMLF, domestic MMFs seem to increase the weight of nonfinancial sector securities, which helps them achieve a higher return. [ABSTRACT FROM AUTHOR]

How people pay is critically important to consumers and businesses alike. Many consumers are choosing to pay for goods and services from an increasing number of options. Tech‐savvy urbanites buy coffee by tapping their phone on a reader. Parents returning from a night out use peer‐to‐peer payment apps, such as Venmo, to pay the sitter. The recent explosion of financial innovations promises faster, more efficient, and cheaper transactions. These increasing digital payment options coincide with decreased number and volume of cash transactions. However, vulnerable populations face more constrained payment choices and often rely exclusively on cash. Without experience, devices, or acceptable credit histories, vulnerable populations may have little access to digital transactions. The advantages of falling digital costs and other benefits thus accrue to the digitally connected. At the same time, those who must transact in coins and paper money are likely to find their relative costs increasing. This paper highlights payment trends and the potential impact on vulnerable populations in the United States as we move toward a cashless society. This paper should stimulate discussions of public policy initiatives to mitigate digital payment issues for vulnerable people. [ABSTRACT FROM AUTHOR]

Benjamin Franklin was a preeminent proponent of the new colonial and Continental paper monetary system in 18th-century America. He established a network of printers, designing and printing money notes at the same time. Franklin recognized the necessity of paper money in breaking American dependence on the British trading system, and he helped print Continental money to finance the American War of Independence. We use a unique combination of nondistractive, microdestructive, and advanced atomic-level imaging methods, including Raman, Infrared, electron energy loss spectroscopy, X-ray diffraction, X-ray fluorescence, and aberration-corrected scanning transmission electron microscopy, to analyze pre-Federal American paper money from the Rare Books and Special Collections of the Hesburgh Library at the University of Notre Dame. We investigate and compare the chemical compositions of the paper fibers, the inks, and fillers made of special crystals in the bills printed by Franklin’s printing network, other colonial printers, and counterfeit money. Our results reveal previously unknown ways that Franklin developed to safeguard printed money notes against counterfeiting. Franklin used natural graphite pigments to print money and developed durable “money paper” with colored fibers and translucent muscovite fillers, along with his own unique designs of “nature-printed” patterns and paper watermarks. These features and inventions made pre-Federal American paper currency an archetype for developing paper money for centuries to come. Our multiscale analysis also provides essential information for the preservation of historical paper money. [ABSTRACT FROM AUTHOR]

Copyright of Accounting & Financial History Research Journal / Muhasebe ve Finans Tarihi Araştırmaları Dergisi. is the property of Association of Accounting & Financial History Research 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.)

This contribution examines Sismondi's money, banking and credit theories and explores his public debt analysis (1803–1838) to connect the instability of market economy with his vision of the social contract. A detailed analysis is offered of the evolution in Sismondi's opinion on the nature of money and the banking system, and the part it plays in his trade cycle theory. Sismondi's monetary thought is then contextualised with a discussion of his policy-mix in relation to the Napoleonic war financing in Continental Europe. Connections with the upcoming flood of literature in England on the bullion controversy are also offered. Remarks are then suggested on the progressive emergence of an "art of public borrowing" according to which the people who provide the money also control the government. Finally, some reflections are proposed on the explicit connection established by Sismondi between budget deficits, the (ab-)use of inconvertible paper money and the partial collapse of the social contract initiated by banks and the governments using it. The entrenched instability of a market economy (discussed in an earlier article) is reinforced by the banking/credit system that works along similar line than any wealth-producing firm. Hence, thanks to the financial system, wealth does grow faster but at the expense of social justice. [ABSTRACT FROM AUTHOR]

Purpose: Mobile-based payment is increasing exponentially but in the developing country like India, consumers' perception is highly positive in daily cash transaction. The purpose of this research is to identify and examine the important challenges for mobile wallet (m-wallet) implementation in India. In the wake of COVID-19, one of the transmission mechanisms of this virus has been the coins and paper money passed between a buyer and a seller. As such m-wallet considered as a convenience of payment has become a necessity in light of the pandemic. Design/methodology/approach: The authors explored 19 unique sets of challenges selected from the literature and collected data from 14 experts from private sector, multinational corporations and mixed private and public partnership who have significant knowledge and experience of mobile payment implementation and use in their respective organisations. Also, the authors have used Interpretive Structural Modelling (ISM) methodology in developing a hierarchal model for the identified challenges. The authors implemented Cross-Impact Matrix Multiplication Applied to Classification (MICMAC) analysis to classify the identified challenges. Findings: The ISM-based framework is divided into nine different hierarchical levels. "Lack of strong regulatory compliance (Ch6)" has been recognised as the most important challenge, which inhibited the mobile wallet implementation, whereas "Perception of customers about the value of using mobile wallets (Ch11)" is the most dependent critical challenge. There are seven hierarchical layers in between the top and the bottom level with the varied number of challenges based on their driving and dependence power. Originality/value: This is the first research to the best of our knowledge that has not only comprehensively reviewed the m-wallet literature but also employed a unique ISM-MICMAC-based approach to develop a framework of challenges for the m-wallet implementation. [ABSTRACT FROM AUTHOR]

This article provides a brief overview of the role of Catalonia’s own currency from the War of the Reapers to the Spanish Civil War in an effort to point out how the exceptionalism of the conflicts spurred the development of Catalonia’s own currency, with the need for such currency coupled with the opportunity of symbolic vindication offered by currencies, one of the most prized symbols of identity and self-governance.

This article contributes to recent scholarship on early American money by exploring the role of print and the public sphere in making local paper currencies meaningful. In the late seventeenth and early eighteenth centuries, elected assemblies and paper money advocates produced currencies, legislation, and discourse to incite belief in paper money and foster confidence in the fiscal promise that underpinned its value. With the spread of the press and the rise of counterfeiting, colonial governments and established printers turned monetary crime into a force of legitimation, distinguishing genuine monetary tokens from their fraudulent counterparts to authenticate "real" paper money. At a time when threats to the monetary system came less from counterfeiters than from political and economic factors, the authorities used the power of the press to legitimate paper as money and to demonstrate stewardship over the market relations paper money shaped. By the mid-eighteenth century, printers were putting variations of the phrase "To Counterfeit Is Death" on colonial currencies and detailing harsh punishments for counterfeiters in their newspapers, rendering colonial state power visible to abstract subjects. The political basis of paper money's value--the power of the purse--was in the process hidden from public view. [ABSTRACT FROM AUTHOR]

Copyright of Jordanian Journal of Law & Political Science is the property of Mutah University 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 literature on monetary history has tended to present as 'revolutionary' the switch from barter and slave money to the introduction of paper money in regions like West Africa, while describing monetary reform processes in Britain, North America, and other Western capital markets as 'evolutionary'. In part, the resulting tension comes from believing that colonial currency systems were imposed by the colonial states, while those that emerged elsewhere did so as a result of private transactions involving individual market participants. When read concurrently, four books published recently advance our understanding of the differences between theories that explain the emergence of money as a result of private transactions and those which describe the importance of state involvement in introducing and maintaining currency systems. These works highlight how closely similar the emergence of a modern currency system was in Britain, the United States, and several parts of Africa. By 'modern', I am referring here to currency systems that ultimately led to single national currencies which eventually came to be managed by central banks. [ABSTRACT FROM AUTHOR]

Since ancient times, gold is treated asone of the most desirable metals in the world. It is often used as a fiat currency by many countries due to its robustness. Gold will always be valued as the most priced possession even after the downfall of a country or loss of the worth of paper money. The demand for gold varies from person to person depending on their financial goals, social beliefs and status in society. Even though gold is more popular in its physical formbut there are varied forms of gold which can be opted for investment purposes like Gold ETFs (exchange traded funds), Gold Mutual funds, Sovereign Gold Bonds etcGold has some different benefits as an investment option. In order to popularize these forms, there is an urgent need to create the awareness among the common masses. The current study aims at finding out the perception of investors towards different forms of gold as an investment avenue and the awareness level of investors about them.This paper also endeavours to explore various factors affecting the investor behaviors towards gold investment. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Historia Económica / Journal of Iberian & Latin American Economic History is the property of Cambridge University Press 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.)

Purpose – The article examines Sheikh Ahmad Khatib Al-Minangkabauwi's initial concept of paper money, which in the early 20th century wrote Risala Raf'u Al-Iltibas. Design/methodology/approach – This paper uses a qualitative approach based on the critical extraction analysis that can reveal a set of concepts related to the thoughts of Sheikh Ahmad Khatib Al-Minangkabauwi on paper money. Findings – Through an attentive reading of Sheikh Ahmad Khatib Al-Minangkabawi, the authors can formulate several significant results: First, Ahmad Khatib Al-Minangkabawi applies two methods in studying critically on paper money, namely, the comparative law method and qiyas. Second, Ahmad Khatib believes that paper money has similarities with dinars and dirhams, namely its nominal value function. It is just that the existence of these values is different. Briefly, there are set law consequences for those who used paper money in economic activities, i.e. payment of zakāt on paper money applies when used as business capital. Research limitations/implications – Sheikh Ahmad Khatib Al-Minangkabawi's work related to paper money is written heavily from the perspective of fiqh. Briefly, it is challenging to describe legal reasoning from work. As a result, articles are also thicker with fiqh analysis. Practical implications – Sheikh Ahmad Khatib Al-Minangkabawi's view regarding paper money becomes the foundation for the theory of the value of money in Islam. However, it is rarely disclosed. In this regard, this paper can serve as the foundation of the value for money offered by scholars from Indonesia in the early 20th century. Social implications – Money is not a commodity. Still, it must be positioned as capital to be productive. It finally becomes why trade is compelling and becomes the most practical reason for paying out zakāt. Originality/value – It is not easy finding out articles that attempt to reveal the concept of classical ulemas or clerics from Indonesia relating to paper money. This article manages to identify that, and at the same time, becomes a novelty.

Skin manifestations of systemic disorders give a clue to the organ involved and help identify the possible disease-causing injury. Skin changes of liver cirrhosis are not specific, as they may be seen in disorders not involving the liver. Thus, a constellation of skin changes along with systemic features may help us to identify the disease-causing liver cirrhosis. Pruritus is one of the most common and distressful symptoms of liver cirrhosis, severely affecting the quality of life, which further necessitates understanding cutaneous manifestations of cirrhosis. Other nonspecific cutaneous manifestations include spider telangiectasia, palmar erythema, paper money skin, xanthomas, pigmentation changes, nutritional deficiencies, hair changes, and nail changes. This review discusses the nonspecific skin manifestations associated with liver cirrhosis followed by specific cutaneous findings seen in common diseases causing liver cirrhosis, such as viral infections, biliary tract disorders, chronic alcoholism, and metabolic disorders. Early recognition of cutaneous features can help prevent or delay the development of complications and end-stage disease, decreasing morbidity and mortality. [ABSTRACT FROM AUTHOR]

Analyzing Capacitated Two-Echelon Systems with Permutation-Dependent Separability Capacitated multiechelon systems are common in practice due to the escalating costs of labor and advanced manufacturing technology. However, identifying the optimal replenishment policies for such systems is a largely open area of research due to the intrinsic complexity, especially when there is an upstream bottleneck. In "A Permutation-Dependent Separability Approach for Capacitated Two-Echelon Inventory Systems", Shen, Yu, and Huh propose a new approach, that is, permutation-dependent separability, to tackle a capacitated two-echelon system in which the capacity of upstream stage can be the bottleneck. They show that the value function for the capacitated two-echelon system in each period is permutation-dependent separable, and that for each echelon, a permutation-dependent echelon base stock policy is optimal. The authors also develop efficient solution procedures on how to obtain the optimal policy. We consider optimal inventory replenishment policies for capacitated 2-echelon serial inventory systems, where the capacity of upstream echelon can be the bottleneck. We show that the optimal replenishment decisions in each period can be made one echelon at a time by introducing a procedure that can sequentially decompose a multidimensional optimization problem to a series of one-dimensional problems. We also introduce the notion of permutation-dependent separability. A permutation-dependent separable function is a function that can be decomposed as a sum of single-variable component functions under each nondecreasing order of variables. We find that the value function for the capacitated 2-echelon system in each period is permutation-dependent separable, and that, for each echelon, a permutation-dependent echelon base stock policy is optimal. [ABSTRACT FROM AUTHOR]

Paper money occupied a deeply ambivalent place in works of British monetary writers in the late eighteenth century. On the one hand, writers like Adam Smith and Jeremy Bentham thought that paper money's ability to represent wealth in exchange without itself containing any intrinsic value was an unparalleled benefit to commerce and industry. On the other hand, having disburdened itself of any intrinsically valuable commodity, the abstract monetary sign of paper money gave rise to a fear of excess, a fear that in essence there was nothing which could limit its growth. In this paper, I will discuss the concept of paper money as it took shape in the writings of eighteenth-century British monetary writers, introducing the idea of a general economy of notes to help explore the ambivalent place it occupied. [ABSTRACT FROM AUTHOR]

It was a much-repeated line in newspapers across the US: While newsboys could make money selling papers by keeping their eyes peeled, their female counterparts could only sell papers by keeping their eyes appealing. This oft-repeated adage is an example of the gendered experiences of Progressive Era newsgirls—girls and young women who hawked newspapers as newsies on city streets. Newsgirls took up a disproportionate amount of public conversation during this period compared to their male counterparts, yet they have been brushed past by historians. This research suggests the image of newsgirls was strategically framed and exploited to further reformer's causes, bolster newspapers' business, or excuse the public's equal parts of apathy and fascination. [ABSTRACT FROM AUTHOR]