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Any society must undertake economic activities, which are embedded within social systems, to generate the flow of goods and services to provide for the material means of life, including the provisioning of money. The economic ideology of money as a "neutral" medium of exchange obfuscates the sociopolitical nature of the monetary provisioning system. In contrast, we ground our analysis in the understanding of money as a social relation, and we apply the lens of social provisioning to the monetary system. This view makes clear that the monetary system is embedded within, and reinforces, existing hierarchies and power structures and evolves through processes of political contestation. First, our analysis traces how changes in the monetary system have shaped the institutional structures of early capitalism such that the monetary system was seemingly depoliticized. Second, we apply this historical analysis to generate a deeper understanding of current monetary contestations. We apply a discourse analysis of the European Union's fiscal rules to reflect these debates. The monetary system as it has taken shape through the financial crisis of 2007–2008 and the COVID-19 pandemic has brought the political nature of money back into the public imaginary. Accordingly, we highlight the role and power of the state as guarantor of the functioning of the monetary system. A full acknowledgement of this governmental capacity could create renewed space for monetary contestations and democratization. Our analysis reveals that these are both necessary elements to ensure the financing and macroeconomic stability of a social-ecological transformation. [ABSTRACT FROM AUTHOR]

This paper considers the design of the Bitcoin protocol from a monetary perspective. To this end, it relies heavily on the publications of the creator(s) of Bitcoin, Satoshi Nakamoto, on different mailing lists and forums. It first expounds the political and economic motives which led Nakamoto to build an electronic system of payment based on ‘proof’ rather than on ‘trust’. Then, it considers the predetermined nature of the issue of bitcoins and support the view that one consequence of this issuing rule is that the bitcoin has no ‘monetary standard’ in any of the senses that have been attributed to this term in the literature. Finally, it deals with the concept of ‘synthetic commodity money’ and the widespread comparison of bitcoin to the Iraqi Swiss dinar. The conception of the monetary standard as a measure of the appreciation or depreciation of money is then used to distinguish the bitcoin from the Iraqi Swiss dinar. [ABSTRACT FROM AUTHOR]

This policy brief presents a new comprehensive dataset on the currency compositions of international reserves of 64 economies from 1996 to 2023. The dataset contains country-specific shares in international reserves for the eight major international currencies, i.e. the United States Dollar (USD), the Euro (EUR), the Japanese Yen (JPY), the British Pound (GBP), the Canadian Dollar (CAD), the Australian Dollar (AUD), the Chinese Yuan or Renminbi (CNY), and the Swiss Franc (CHF). The dataset provides an up-to-date and comprehensive account of publicly available data on the denomination of international reserves, including data on international currencies other than the USD, EUR, JPY, and GBP. While the USD and the EUR remain the dominant global reserve currencies, the data indicate their significance has diminished as countries diversify their reserves. Currencies, including the CNY, have gained prominence, hinting at a gradual fragmentation of the international monetary system. While the USD should retain its leading role in the medium term, ongoing geoeconomic shifts suggest a move towards a multipolar reserve currency landscape. The eventual look of this landscape will depend on the credibility of reserve currency candidates and their ability to retain the characteristics that make them desirable as reserve currencies in the face of future economic and political developments. [ABSTRACT FROM AUTHOR]

This paper explores the effects of government debts and deficits on long-term interest rates under different international monetary systems from the perspective of monetary sovereignty. The findings of this paper confirm conventional accounts of financial crowding-out and the adverse impact of growing public debt on interest rates among countries under the classical Gold Standard period (1879–1913) and non-sovereign countries under the recent fiat system (1973–2016). By contrast, countries in the Bretton Woods era (1959–1970) and sovereign countries in the contemporary post-Bretton Woods era (1973–2016) do not exhibit such positive debt-interest rates relationships while still showing crowding-out but with much less magnitude. Overall, the results support the Modern Money Theory (MMT) view that the consequence of monetary sovereignty from 1879 to 2016 is to remove, or greatly attenuate, the impact of default risk, fiscal balance, and bond vigilantes on the interest rate. [ABSTRACT FROM AUTHOR]

When the European Monetary Union became effective in January 1999, the accounting treatment for claims and obligations which the Eurosystem's National Central Banks (NCBs) incur against each other in the 'Trans-European Automated Real-Time Gross Express Transfer' (TARGET) system remained unspecified. Only later in 1999, the Governing Council of the European Central Bank (ECB) decided that these claims and obligations should be shifted to the ECB's balance sheet as a central counterparty—a process called 'novation'. This ex-post decision completed monetary unification by uniquely 'stitching together' NCBs' balance sheets while profoundly transforming the role of the ECB's balance sheet. First, novation centralised it at the Eurosystem's apex, which had not been politically feasible ex ante. Secondly, novation repurposed it into a multilateral mechanism to provide automatic, unlimited funding for cross-border payment imbalances. Thirdly, novation allowed monetary technocrats to operationalise it as an autonomous 'firefighting' balance sheet for unconventional monetary policy. [ABSTRACT FROM AUTHOR]

Any society must undertake economic activities, which are embedded within social systems, to generate the flow of goods and services to provide for the material means of life, including the provisioning of money. The economic ideology of money as a “neutral” medium of exchange obfuscates the sociopolitical nature of the monetary provisioning system. In contrast, we ground our analysis in the understanding of money as a social relation, and we apply the lens of social provisioning to the monetary system. This view makes clear that the monetary system is embedded within, and reinforces, existing hierarchies and power structures and evolves through processes of political contestation. First, our analysis traces how changes in the monetary system have shaped the institutional structures of early capitalism such that the monetary system was seemingly depoliticized. Second, we apply this historical analysis to generate a deeper understanding of current monetary contestations. We apply a discourse analysis of the European Union’s fiscal rules to reflect these debates. The monetary system as it has taken shape through the financial crisis of 2007–2008 and the COVID-19 pandemic has brought the political nature of money back into the public imaginary. Accordingly, we highlight the role and power of the state as guarantor of the functioning of the monetary system. A full acknowledgement of this governmental capacity could create renewed space for monetary contestations and democratization. Our analysis reveals that these are both necessary elements to ensure the financing and macroeconomic stability of a social-ecological transformation.

Central bank digital currencies (CBDCs) may be viewed as an adaptive response to a perceived threat from stablecoins, but international crises matter. Covid-19 induced a top-down digital transformation of the economy, a more state-led economy with contact-free payments, while Russia’s subsequent war in Ukraine and the Western sanctions against Russia have further increased the incentive to use blockchain technology and CBDCs as political enterprises to neutralize the effects of sanctions, and thereby as weapons in economic warfare. This article considers Covid-19 as a turning point, amplified by Russia’s war in Ukraine, and applies fiscal sociology to analyze the use of blockchain, cryptocurrencies, and CBDCs as policy tools to establish economic and political hegemony, where CBDCs may contribute to the emergence of an authoritarian international monetary order. A fragmented order, involving conflict between an autocratic society bloc and an open society bloc, would be feasible, but such a conflict may make open societies more authoritarian. In open societies, cryptocurrencies and stablecoins belong to the market square, while CBDCs belong to the public square, but CBDCs may blur the boundaries of those squares, submitting the market square to the public square. Payment systems may become public–private partnerships controlled by central banks, turning the squares into fortresses and transforming them from open access orders to limited access orders.

This study aims to investigate the economic characteristics of cryptocurrencies and assess the current legal framework regarding the potential to regulate transactions involving cryptocurrencies and other virtual assets. To achieve this goal, a complex set of general scientific and specialized research methods was applied, including comparative legal analysis, system-structural examination, generalization method, as well as methods of analysis and synthesis, DFD to build a model of the influence of cryptocurrency on the financial security of the state. As a result, we delved into the economic essence of blockchain-based cryptocurrencies as an alternative to traditional fiat currencies based on the principle of decentralization. It has been established that Bitcoin has a unique "hardness", due to which this cryptocurrency is rightly called «digital gold». The article analyzed the dynamics of the development of the use of blockchain technologies for 2009-2022, the results of which indicated the continuation of their annual growth in use. The article presents the results of a study on the introduction of cryptocurrency in Ukraine, which made it possible to systematize the main risks associated with it. In further research, it is possible to continue studying the economic-legal mechanism of the introduction of the national cryptocurrency in Ukraine and the use of blockchain in other financial processes at the state level.

This study aims to investigate the economic characteristics of cryptocurrencies and assess the current legal framework regarding the potential to regulate transactions involving cryptocurrencies and other virtual assets. To achieve this goal, a complex set of general scientific and specialized research methods was applied, including comparative legal analysis, system-structural examination, generalization method, as well as methods of analysis and synthesis, DFD to build a model of the influence of cryptocurrency on the financial security of the state. As a result, we delved into the economic essence of blockchain-based cryptocurrencies as an alternative to traditional fiat currencies based on the principle of decentralization. It has been established that Bitcoin has a unique "hardness", due to which this cryptocurrency is rightly called «digital gold». The article analyzed the dynamics of the development of the use of blockchain technologies for 2009-2022, the results of which indicated the continuation of their annual growth in use. The article presents the results of a study on the introduction of cryptocurrency in Ukraine, which made it possible to systematize the main risks associated with it. In further research, it is possible to continue studying the economic-legal mechanism of the introduction of the national cryptocurrency in Ukraine and the use of blockchain in other financial processes at the state level. [ABSTRACT FROM AUTHOR]

In 2023, exactly 30 years have passed since the adoption of the state symbols of the Republic of Kazakhstan and 30 years of the independent monetary system of Kazakhstan as a sovereign state. Respect for the Motherland, reverent attitude to the native land begins with respect for national state symbols, which are the main attributes of the country's sovereignty, an important tool for strengthening the national spirit and social harmony, as well as patriotic education and the development of a modern national economy. The same indispensable attribute of a sovereign state is an independent, stable monetary and financial system of the Republic of Kazakhstan. Since the successful development of the national economy depends on the state of the monetary system. Each sovereign state has its own monetary system. The monetary system is usually understood as a form of organization of monetary circulation in the country, historically established and enshrined in national legislation. An integral part of the monetary system is the national currency, which at the same time is relatively independent. The monetary systems of many now developed countries originate in the XVI–XVII centuries, during the formation of national markets and the strengthening of state power. Therefore, it can be said that modern monetary systems of various countries have a long history, their own national historical and economic characteristics. In connection with this factor, we can say that modern Kazakhstan is a relatively young state. And Kazakhstan was no exception in creating its own independent monetary system and did not avoid mistakes, since it is a fairly young state. Therefore, it is important to consider the main stages of the formation and development of an independent national monetary system in Kazakhstan. [ABSTRACT FROM AUTHOR]

The banking turmoil in March 2023 and the associated public interventions to prevent or reduce the risk of a systemic fallout underscore the fact that despite banking systems being in a much better shape in many countries relative to the position prior to the global financial crisis, some bank run risk remains. In fact, bank run risk may be increasing. As fintech and new technologies transform banking, uninsured deposits may become near-perfectly mobile, making bank runs all but inevitable if the governance of the financial system is not appropriately adapted. In this article we discuss how digitalization and new technologies can affect bank run risk and we look at approaches to adapting governance to containing related systemic vulnerabilities in the banking system. We also briefly consider how central bank digital currencies could fit into future frameworks. We conclude that there is no silver bullet, but that adjusting frameworks will become necessary if bank deposit mobility increases. [ABSTRACT FROM AUTHOR]

This study investigates factors influencing the stability of reserve currencies. Analysis of Ukraine's economic indicators reveals a strong relationship between GDP, CPI, exports, imports, and exchange rates. Despite 2022 being a turbulent year for the euro, the US dollar remains the primary global reserve currency. Factors contributing to the dollar's dominance include its stable value, the size of the US economy, and geopolitical power. Effective management of the interaction between the dollar and euro is crucial for global economic stability and growth. Both currencies can coexist and thrive, with the euro potentially contributing to a more balanced global monetary system. Correlation-regression analysis of their competition reveals significant relationships, underscoring their impact on global economic processes. [ABSTRACT FROM AUTHOR]

The purpose of the study was to analyze the complementary currencies projects (СС-projects) implemented in France during the last decades. The active promotion of those projects in various countries has highlighted the problem of accounting and tax accounting for transactions of the currencies supplementing the national ones as a means of payment. There were questions about how to reflect and record such payments in invoices; whether it is necessary to purchase additional software for the cash register, etc. The author of the article proved that the use of complementary currencies does not significantly affect the billing and cash accounting, as well as the collection of commercial taxes, since the sales are always recorded in the national currency and in the same currency are transferred to accounting for further documentation (in this case, in euros). The tax reporting within the CC-projects is identical to the standard formalized one, however, the payment terms contained in it include an additional payment method. the methodological basis of the study was a system- functional approach and comparativistics. the results of the work have revealed the specifics and key problems of forming a legislative framework for innovative projects aimed at introducing new effective payment instruments into the sphere of commodity- money relations at the regional and local levels, and may be of interest to economists and representatives or specialists of taxation and financial services of Russia.

Starting from the historically first types of monetary systems, based on metal money, to the dissemination of fully fiduciary money, certain specific trends can be distinguished in the construction and functioning of these systems. The most important among them were the progressive dematerialization of money and the strengthening of the state (governmental) monetary monopoly. Both trends have become even more pronounced in the last three decades with the impact of globalization, financialization and technological advances on monetary systems. At the same time, in recent years, changes in monetary systems, as a result of a combination of these and completely new processes, have accelerated, affecting the properties of contemporary money and the operation of central banks. In this context, the aim of the article is to characterize the two mentioned trends in the evolution of money and central banks, and to present the consequences of these processes for the shape of monetary systems and their further development.

Fiat money based financial system has disturbed the balance between household demand and firm supply. Further, government monetary intervention to curb inflationary demand is hurting production via the cost of capital and disturbing the functionality of the financial system in terms of capital market misallocation. These aspects are trickling down to cause social disturbance in the economy. Corresponding to it, the gold standard or at least assets-based money promotes social inclusion, empowers marginalized communities, and addresses socio-economic challenges by using tangible assets as a monetary system. The study explores assets-based money’s theoretical foundations, distinguishing it from traditional debt-based models and its potential benefits on social inclusion. It analyzes potential benefits, challenges, and limitations in implementing assets-based money systems. Several empirical studies explored debit cases of Islamic and conventional finance sectors, but this study examines the high-power money and social inclusion in the economy. For this determination, the quantitative research approach consisted of selected 143 countries panel data of conventional and Islamic financial statements from 1960-2022. The model contains regression estimates, descriptive analysis, and correlation coefficient analysis. The assets based money boosts living standards and positively impacts poverty reduction. This money reduces the inflationary effects of monetary expansion, hurting the purchasing power of low-income groups. Further, it is expected to have a growth-promoting effect via risk sharing and resource distribution. Assets based money can support economic growth, financial stability, and inclusive development through a well-designed implementation strategy, but success depends on thorough research and analysis. [ABSTRACT FROM AUTHOR]

Copyright of Ekonomista is the property of Polskie Towarzystwo Ekonomiczne & Institute of Economic Sciences of the Polish Academy of Sciences 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.)

Recent events, notably financial sanctions imposed on Russia by the USA and its geopolitical allies together with mounting economic and political tensions between the USA and China, have highlighted the role of geopolitics in shaping global monetary and financial relations. What these developments imply for the future will turn on how US–China tensions play out. In what follows I consider two scenarios: the status‐quo scenario and the breakdown‐in‐relations scenario. The former would see ongoing but very gradual international reserve and financial diversification from the dollar to the renminbi. The latter see a bifurcation of the international financial system into two silos centered on the respective currencies, with highly disruptive implications for the global economy. [ABSTRACT FROM AUTHOR]

Central banks observe the impact of technological changes and digitalisation on economic activity and changes in preferences and behaviour of the general public which has been showing increased interest in digital assets. The desire to preserve monetary sovereignty and stability, at a time of sharp decline in the use of cash, leads central banks to launch projects aimed at introducing central bank digital currency (CBDC). This paper explains the incentives for the development of CBDC, analyzes the dilemmas in their design and conceptualization, gives an overview and presents the results of the ongoing CBDC projects. The introduction of CBDC entails controversial choices, potentially opens up risks for existing financial institutions and faces the challenge of achieving widespread acceptance. An approach to the development of CBDC that respects all participants in the financial system and assigns them operational roles in the functioning of the digital money system of central banks can prevent disruption and obstructions and at the same time strengthen its likely the benefits, since it is difficult to imagine the future of money without central bank digital money.

Copyright of Social Science Information is the property of Sage Publications, Ltd. 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 International Economics / Economia Internazionale is the property of Camera di Commercio di Genova 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 successful functioning of the national monetary system determines the efficiency of the country’s money circulation, the effectiveness of monetary regulation measures taken by the country’s central bank, and the ability to meet the needs of consumers for various financial services, as well as the effectiveness of measures to rebuild our economy in the post-war period and the ability to function normally under martial law. The purpose of the article is to analyze the trends in the development of the monetary system of Ukraine, to identify the stages of its formation along with the main problems in the current period. The publication examines the formation and stages of development of the monetary system in Ukraine, namely, identifying the following key stages: since 1991 – the beginning of the institutional formation of the monetary system; since 1996 – introduction of the national currency; since 1999 – overcoming the global financial crisis of 1998 and further development of the national monetary system; since 2009 – overcoming the consequences of the global financial crisis of 2008; since 2015 – overcoming the consequences of the russian-Ukrainian war of 2014; since 2020 – overcoming the consequences of the global financial crisis of 2019, accelerated by the coronavirus pandemic; since 2022 – stabilization and overcoming the consequences of the active phase of russia’s aggression against Ukraine. Some key indicators characterizing the country’s monetary system are analyzed, namely: the dynamics of the country’s monetary base, changes in the discount rate, annual growth in the consumer price index, dynamics of the number of operating banks and their assets, dynamics and structure of loans granted by banking institutions, changes in the return on assets and capital of banking institutions. The main risks and causes of their occurrence in the monetary system of Ukraine during the wartime are analyzed. The main current problems of the monetary system of Ukraine in the wartime period are identified, and some directions for overcoming them are proposed. It is proposed that in order to sanitize the banking sector, it is necessary to withdraw insolvent banks from the market; to ensure inflationary stability, it is necessary to ensure a return to the implementation of inflation targeting policy; to restore the economy, in particular the real sector, it is necessary to ease the requirements for regulating loaning activity, to introduce instruments for targeted stimulation of loaning activity of banking institutions.

The article discusses the concept, types of electronic money systems. The purpose of the article is to study the essence and influence of electronic money on the monetary system. The article focuses on the history of the emergence of electronic money, as well as statistical data on their use directly in payments. The authors came to the conclusion that the use of electronic money will affect monetary policy, banking supervision, the definition of money supply, monetary aggregates.

The review considers a collective monograph edited by M. N. Konyagina, dedicated to the history of the formation of the modern domestic monetary system, the beginning of which comes from the reign of the young Ivan the Terrible. The theme of the book today is relevant not only in the context of improving the financial literacy of citizens, the formation of knowledge among students acquiring an economic specialty, but also to demonstrate the fact that the Russian ruble has repeatedly been stable, and the domestic monetary system has outpaced the European ones at certain historical stages. The publication discusses the structure of the publication, highlights particularly interesting developments, emphasizes the contribution of the co-authors not only to the monograph itself, but also to the development of thematic areas, which is confirmed by numerous published works by them. The reviewer gives an overall high positive assessment of the reviewed work, as well as recommendations for further deepening the subject under study.The author of the review is convinced that the book will be useful for students of the educational fields “Economics”, “Management”, “Business Informatics”, “State and Municipal Administration”, teachers, business representatives in the field of financial intermediation, as well as a wide range of readers for understanding economic processes in the difficult history of Russia.

Copyright of Proceedings of the Faculty of Economics in East Sarajevo / Zbornik Radova Ekonomskog Fakulteta u Istočnom Sarajevu is the property of University of East Sarajevo 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 successful functioning of the national monetary system determines the efficiency of the country’s money circulation, the effectiveness of monetary regulation measures taken by the country’s central bank, and the ability to meet the needs of consumers for various financial services, as well as the effectiveness of measures to rebuild our economy in the post-war period and the ability to function normally under martial law. The purpose of the article is to analyze the trends in the development of the monetary system of Ukraine, to identify the stages of its formation along with the main problems in the current period. The publication examines the formation and stages of development of the monetary system in Ukraine, namely, identifying the following key stages: since 1991 – the beginning of the institutional formation of the monetary system; since 1996 – introduction of the national currency; since 1999 – overcoming the global financial crisis of 1998 and further development of the national monetary system; since 2009 – overcoming the consequences of the global financial crisis of 2008; since 2015 – overcoming the consequences of the russian-Ukrainian war of 2014; since 2020 – overcoming the consequences of the global financial crisis of 2019, accelerated by the coronavirus pandemic; since 2022 – stabilization and overcoming the consequences of the active phase of russia’s aggression against Ukraine. Some key indicators characterizing the country’s monetary system are analyzed, namely: the dynamics of the country’s monetary base, changes in the discount rate, annual growth in the consumer price index, dynamics of the number of operating banks and their assets, dynamics and structure of loans granted by banking institutions, changes in the return on assets and capital of banking institutions. The main risks and causes of their occurrence in the monetary system of Ukraine during the wartime are analyzed. The main current problems of the monetary system of Ukraine in the wartime period are identified, and some directions for overcoming them are proposed. It is proposed that in order to sanitize the banking sector, it is necessary to withdraw insolvent banks from the market; to ensure inflationary stability, it is necessary to ensure a return to the implementation of inflation targeting policy; to restore the economy, in particular the real sector, it is necessary to ease the requirements for regulating loaning activity, to introduce instruments for targeted stimulation of loaning activity of banking institutions. [ABSTRACT FROM AUTHOR]

Money was a centre of economic gravity from its inception. It evolved from gold to fiat currency, and now we face a new era of monetary evolution. Every step of development gives him new power to influence society by reaching more and more aspects of social life. With its influence were unknown risks and concerns toward monetary systems flexibility and sustainability. Using a promise to pay as money (banknote) has several critical legal and technical inconsistencies with the token-based CBDC system. One significant limitation is that promissory notes may not have a unique serial number like physical currency printed by central banks. In the modern hybrid monetary system where only cash has a unique serial number and banks' electronic payments work on an account-based approach, the incompatibility of promise to pay with real money is not visible widely. Overall, the role of fractional reserve banking and the money multiplier in a token-based CBDC system will play a different role than in traditional banking systems, given the unique characteristics of digital tokens and the role of central banks in issuing and controlling them. By analysing these key aspects, this paper aims to provide a comprehensive understanding of the potential effects of CBDCs on fractional reserve banking. The findings of this research will contribute to the ongoing discussions and debates surrounding the adoption and implementation of CBDCs, enabling policymakers, regulators, and banking institutions to make informed decisions in this challenging era of digital currencies. [ABSTRACT FROM AUTHOR]

The gold standard was a monetary system based on fixed exchange rates, whereby domestic prices were pegged to the international price level and a high level of control had to be exercised over the money supply. This meant that fiscal discipline also had to be maintained for a country to remain on the gold standard. In times of crisis, countries had to leave the gold standard or use internal devaluation. This article seeks to gain an understanding of the role of the different economic policies in Italy and Spain at the end of the nineteenth century and the beginning of the twentieth century and how they were used in response to reductions in GDP. This article considers fiscal policy, monetary policy, and exchange rate policy estimating a VAR model. Results show how the exchange rate depreciation had positive effects on the Spanish economy during 1870–1913, while it only helped the Italian economy in specific periods to overcome crises. The expansive monetary policy was necessary for both countries to maintain public expenditure, which in turn allowed a smoothing of the GDP fluctuations. None of these policy options would have been available under the gold standard.

The financial-monetary analysis of a country's economy, of a company's economy must be based on a series of indicators that are suggestive and comprehensive in terms of the content of that analysis. Cash issuance and money supply are aggregates determined by the level targeted by a central bank based on the balance sheet. In this article, one by one, we investigated these aspects, aiming to make, as far as possible, a brief analysis of the elements that must be taken into account in conducting a financial-monetary analysis. From this point of view, we presented the balance sheet of the central bank, we expressed the aggregate balance sheet of commercial banks in close agreement with the banks and we also insisted on the multiple linear regression model used in economic analysis, very useful in financialmonetary analysis. The main purpose was to make some clarifications in relation to the models that can be used, by adaptation, in the financial-economic analysis. Methodologically, we provided, through the study of the profile literature, the possibilities to conclude and establish some models so that an adequate financial-monetary analysis can be realized and finalized. We used the logical analysis, interpreted the existing indicators on the market and identified some achievements in the scientific field at the international level in connection with the macro-prudential activity at the macroeconomic level and, even more, at the global level. We have connected this analysis with the pandemic situation we are currently going through.

The article considers the economic nature of the new form of Russian money, the issue of which, in addition to the already existing cash and non-cash money, was announced by the Bank of Russia in October 2020. The issues of the influence of the digital ruble on the activities of commercial banks have been investigated. Based on the analysis of the structure of the banking sector’s liabilities to legal entities and individuals, it has been determined that the launch of the digital ruble will provoke an outflow of about 15 % of funds from the current accounts of customers, which, given the use of stable balances on these accounts as a source of financing of income generating assets, will cause the need for banks to increase their interest rates on the credit market.

A fundamental question in examining the monetary system is “who should have the right to create money?” The response provided by the conventional monetary system (fractional reserve system), is to distribute this right between the central bank and commercial banks. But this “historical response”, is a “Public Choice”, not necessarily based on efficiency or equity. In recent decades, eminent economists such as Simmons, Fisher, Friedman and Tobin have criticized fractional reserve system from different points of view and have recommended a reform toward full reserve banking. Among Muslim economists, Monzer Kahf, Mohsin Khan, Mirakhor, Dallali and Al-Jarhi have such a view. In the present paper, using documentary research method, the theoretical basis of the full reserve banking and the views of its most famous supporters are examined. Then, the most important criticisms regarding the fractional reserve banking are described from two points of view: efficiency and justice. In terms of efficiency, the main critique of the fractional reserve system are the aggravation of monetary shocks and escalation of macroeconomic fluctuations, increasing the risk of bank-run, the need for increased government interventions and complex regulations, inefficient allocation of resources as a result of information asymmetry, and the continuous increase of public and private debt. On the other hand, in terms of justice, the main critique of the fractional reserve system are granting the power to decide about the most important near-public good to private-motivated enterprises, institutionalizing usury (interest) in contracts, violating distributive justice (bankers' monopolistic profitmaking vs. loading banking system losses on the general public), and the transfer of assets ownership without complying with legitimate property rights.

Objective: to search for the new ways and forms of evolution of the institution of private money based on one of the types of cryptocurrencies called stablecoins.Methods: the study uses the approaches of the historical school by D. North, evolutionary economics and the Austrian school of economics, as well as the new institutional economics.Results: the initial tasks of creating a bitcoin have led, as a result of the hype around its value, to a distortion of the original concept of forming “private money” and to the use of cryptocurrency in illegal operations. The development of a private monetary paradigm is also hindered by the high volatility and unpredictability of the cryptocurrency exchange rate. The solution to this problem can be stablecoins, which are more capable of performing the function of “Hayek money”. The article considers the main provisions of the concept of de-monopolization of monetary circulation in Hayek’s theory, as well as the possibilities of its implementation, taking into account the institutional technological innovations that have occurred. The scheme of operation and distribution of stablecoins is studied on the example of the Tether cryptocurrency. The main reasons for the use of stablecoins as a private form of money, as well as some obstacles to their development, are identified. The possibilities of their further implementation in the real sector based on the system of flexible-collateral system of new issued tokens are considered.Scientific novelty: it consists in a holistic assessment of the evolution of the private money institutional structure based on the analysis of the characteristics and ways of implementing certain types of cryptocurrencies in the real sector. The prospects for the formation of the private money market based on the Hayek model are determined.Practical significance: it consists in the further development of the cryptocurrency market and the formation of the institutional environment of the private money market.

Copyright of Sosiologia is the property of Westermarck Society 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.)

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As a central issue in macro-finance studies, the spanning hypothesis has always been the focus of research. Previous studies have focused on whether this hypothesis holds true in developed markets, while paying little attention to that in emerging markets. Because of their unique monetary systems, governments in most emerging markets play a key role in bond returns. This study identifies macroeconomic factors for forecasting excess returns in emerging government bond markets under spanning hypothesis. We find that in previous research, government intervention factors employed in excess returns forecasting have no additional predictive ability, as they are already incorporated in current yields. Using dynamic factor analysis, we find that macroeconomic information, including pure macroeconomic activities and financial factors, has robust incremental predictive power for in-sample and out-of-sample bond excess returns. [ABSTRACT FROM AUTHOR]

The desirable circulation of money in the economy causes the economic dynamics and the prosperity of production and employment. For improved money circulation, it is necessary to formulate a sophisticated monetary system. Inferring and examining the Islamic jurisprudential (Fiqh) rules of money helps to design appropriate monetary arrangements. Sharia rules of money had scrutinized at two levels. The first level of Sharia rules in cases where money is a personal asset includes these rules: 1) does Khums become due on money as an asset? 2) What are the rules on the speculative or asset demand for money? Does Zakat become due on money? The second level of Sharia rules is to examine the verdict of transactions whose subject is money. What is the Sharia rule on buying and selling currency? What is the Sharia rule on renting money? The results of this research, which are obtained by observing the fatwa and analyzing the data, showed that first, money is subject to Khums, second at the discretion of the Islamic ruler, money can be subject to Zakat, third hoarding money is allowed under two conditions: Firstly, its obligations have fulfilled, and secondly, it does not cause disruption to the economic system, and forth, renting money is not allowed. With the overall approach to money rules, two principles had formulated for the monetary system: First, hoarding money and taking it out of the trading circuit is not desirable. Second, money should not have an independent market (from the real sector). These two principles can have appropriate implications for the design of the monetary system. Two of the most vital significations are the development of the debt discount contract use (in which the relationship between the real and the monetary sector maintains), and imposing heavy taxes on hoarding money and taking money out of the trading circuit on the other hand.