scholarly journals Alternative international currencies

2012 ◽  
Vol 57 (194) ◽  
pp. 31-39
Author(s):  
Vladimirovna Rozhentsova
Keyword(s):  
International Monetary System ◽  
International Currency ◽  
The Past ◽  
Monetary System ◽  
International Currencies ◽  
The World ◽  
Circulation Mechanism ◽  
The Creation

The modern international monetary system has a number of flaws and therefore needs cardinal change. Hence, economists from all over the world are suggesting alternative international currencies that would make the international monetary system more efficient. However, it is essential when approaching the creation of a new international currency to analyze and take into account the experience of all the past international currencies. Therefore this paper begins with an exploration of the drawbacks of each of the past and present international currencies. Drawing on this analysis a justification will be made for the necessity of introducing a new international currency, pointing to the requirements it should meet. Further on, this paper proposes an alternative theoretically possible variant of the international currency, with a fixed value relative to a commodity basket. An abstract example is used to demonstrate its composition and circulation mechanism.

scholarly journals Potential Competitiveness of Pound in Post-Crisis World

2020 ◽  
Vol 64 (12) ◽  
pp. 44-53
Author(s):  
A. Kuznetsov
Keyword(s):  
Global Financial Crisis ◽  
International Monetary System ◽  
Relative Size ◽  
External Debt ◽  
Foreign Companies ◽  
Monetary System ◽  
International Currencies ◽  
The World ◽  
The Usa ◽  
The Global Financial Crisis

The author discusses the factors and trends that determine the British pound’s competitive position in various segments of the international monetary system. Despite the devaluation effect caused by Brexit, the pound is still the most expensive of the key international currencies. On the one hand, this is due to the fact that the ratio of the British pound monetary aggregate M1 to GDP is significantly lower than that of other major economies – issuers of reserve currencies. Thus, the pound has the lowest monetary risk of depreciation compared to other currencies. On the other hand, the international significance of the pound sterling is explained by the ability of British economy to service the huge external debt, which in relative size is the largest among the leading economies of the world. This state of affairs is achieved due to the fact that London is home to the largest number of foreign companies in the world that carry out operations in various Eurocurrencies, acting simultaneously as the main issuers of external debt obligations. The attractiveness of the pound sterling as the currency for the nomination of international debt instruments is due to the less risky currency profile of the pound sterling, as well as the relatively higher profitability of debt instruments. After the global financial crisis, the share of the pound in the official reserves of other countries and in the implementation of international payments is gradually increasing. The author comes to the conclusion about the possible strengthening of the future role of the pound as a stabilizer of international economic relations against the backdrop of an increase in unpredictable events taking place on both sides of the Atlantic such as fiscal crisis of the euro area, Brexit, the growing political tension in the USA, COVID 19. These events are increasingly threatening leading positions of the US dollar and the euro as the key international currencies.

CRYPTOCURRENCY PHENOMENON IN THE INTERNATIONAL MONETARY SYSTEM

2017 ◽  
pp. 95-100
Author(s):  
Артур Анатолійович Василенко
Keyword(s):  
World Economy ◽  
International Monetary System ◽  
State University ◽  
Electronic Money ◽  
Monetary System ◽  
Current Trends ◽  
The World ◽  
Post Graduate Student ◽  
The One ◽  
Xix Century

UDC 336.74   Vasylenko Artur, post-graduate student. Mariupol State University. Cryptocurrency Phenomenon in the International Monetary System. The main prerequisites of cryptocurrency emergence in the international monetary system in terms of regionalization of the world economy are defined in the article. Determination of «cryptocurrency» category was analysed from the point of two main approaches to its treatment: on the one hand cryptocurrency is admitted to be the currency equally to the sovereign currency, and on the other hand it is considered as an unrecognized virtual asset. The main consequences which arise in case of widespread use of crypto currency for the country and for the parties that agreed to use cryptocurrency were analysed and systematized. On the basis of the research, given the current trends in the world economy, the author put forward and substantiated the hypothesis to classify the phenomenon of cryptocurrency as the effects of a famous philosophical «Negation of negation law» formulated by G. Hegel at the beginning of the XIX century.   Keywords: cryptocurrency, material money, electronic money, digital currency, regional currency integration, blockchain, mining, capitalization, «Negation of negation law».

Wilfred Ethier. Modern International Economics. New York: W. W. Norton and Company. 1983. xviii + 588 pp.

1988 ◽  
Vol 27 (1) ◽  
pp. 81-83
Author(s):  
Nadeem A. Burney
Keyword(s):  
International Economic ◽  
New York ◽  
Economic Theory ◽  
International Economics ◽  
International Monetary System ◽  
International Markets ◽  
The Past ◽  
Monetary System ◽  
Recent Developments

Its been long recognized that various economies of the world are interlinked through international trade. The experience of the past several years, however, has demonstrated that this economic interdependence is far greater than was previously realized. In this context, the importance of international economic theory as an area distinct from general economics hardly needs any mentioning. What gives international economic theory this distinction is international markets for some goods and effects of national sovereignty on the character of economic activity. Wilfred Ethier's book, which incorporates recent developments in the field, is an excellent addition to textbooks on international economics for one- or twosemester undergraduate courses. The book mostly covers standard topics. A distinguishing feature of this book is its detailed analysis of the flexible exchange rates and a discussion of the various approaches used for their determination. Within each chapter, the author has extensively used facts, figures and major events to clarify the concepts in the light of the theoretical framework. The book also discusses, in a fair amount of detail, the existing international monetary system and the role of various international organizations.

The New Islamic State

2020 ◽  
Author(s):  
Farhad Khosrokhavar
Keyword(s):  
Middle East ◽  
Modern Society ◽  
Islamic State ◽  
Imagined Community ◽  
The West ◽  
Patriarchal Family ◽  
The Past ◽  
The World ◽  
The Creation

The creation of the Islamic State in Iraq and Sham (ISIS) changed the nature of jihadism worldwide. For a few years (2014–2017) it exemplified the destructive capacity of jihadism and created a new utopia aimed at restoring the past greatness and glory of the former caliphate. It also attracted tens of thousands of young wannabe combatants of faith (mujahids, those who make jihad) toward Syria and Iraq from more than 100 countries. Its utopia was dual: not only re-creating the caliphate that would spread Islam all over the world but also creating a cohesive, imagined community (the neo-umma) that would restore patriarchal family and put an end to the crisis of modern society through an inflexible interpretation of shari‘a (Islamic laws and commandments). To achieve these goals, ISIS diversified its approach. It focused, in the West, on the rancor of the Muslim migrants’ sons and daughters, on exoticism, and on an imaginary dream world and, in the Middle East, on tribes and the Sunni/Shi‘a divide, particularly in the Iraqi and Syrian societies.

scholarly journals A Model of the International Monetary System*

2017 ◽  
Vol 133 (1) ◽  
pp. 295-355 ◽  
Author(s):  
Emmanuel Farhi ◽  
Matteo Maggiori
Keyword(s):  
Simple Model ◽  
Gold Standard ◽  
Supply And Demand ◽  
International Monetary System ◽  
Rate System ◽  
Monetary System ◽  
The World ◽  
The Common ◽  
Triffin Dilemma ◽  
World Supply

AbstractWe propose a simple model of the international monetary system. We study the world supply and demand for reserve assets denominated in different currencies under a variety of scenarios: a hegemon versus a multipolar world; abundant versus scarce reserve assets; and a gold exchange standard versus a floating rate system. We rationalize the Triffin dilemma, which posits the fundamental instability of the system, as well as the common prediction regarding the natural and beneficial emergence of a multipolar world, the Nurkse warning that a multipolar world is more unstable than a hegemon world, and the Keynesian argument that a scarcity of reserve assets under a gold standard or at the zero lower bound is recessionary. Our analysis is both positive and normative.

Poetosphere and mythopoetics of the estate in A.A. Blok’s dramatic poem “Song of Fate”

2020 ◽  
pp. 186-205
Author(s):  
Ekaterina V. Kuznetsova ◽  
Keyword(s):  
Russian Literature ◽  
Open Spaces ◽  
White House ◽  
Modern City ◽  
The Past ◽  
The World ◽  
The Creation ◽  
Xix Century ◽  
The Hill ◽  
As If

As it noted by the researchers, the “Song of fate” accumulates painful thoughts of A.A. Blok about the fate of Russia and about his personal fate associat ed with the past, present and future of the Motherland. In addition to the ideological problems raised in it, the poem is interesting in an attempt to escape from the specifics of historical and national-cultural realities through their symbolization, combining the plans of life and being. The white house with a garden on the hill, in which the action of the play begins and the return to which is implied at the end, incorporates the most important features of Russia as a cultural, natural and spiritual space. The world of the estate is opposed by the space of the modern city and the big world of Russian open spaces. However, the estate for Blok is Russia the same. Therefore, Elena, the keeper of the estate, and Faina, the personalization of the world element, are two parts of one whole, as if the projection of an ideal Russia. The plot of the “Song of fate”, accord ing to D.M. Magomedova, I.S. Prikhodko, etc., is an artistic realization of the Gnostic myth of the captive Sophia, the Soul of the world. The imposition of the Gnostic myth in the “Song of fate” on the entire existing in Russian literature of the XIX century poetosphere of the estate leads to the creation of the author’s myth about Russia, the transformation of poetosphere in the mythopoetics.

All That Glittered

2019 ◽  
Author(s):  
Timothy Alborn
Keyword(s):  
Nineteenth Century ◽  
Eighteenth Century ◽  
Great Britain ◽  
International Monetary System ◽  
Social Hierarchy ◽  
British Society ◽  
Monetary System ◽  
The World ◽  
Origin Story ◽  
At Home

From the early eighteenth century into the 1830s, Great Britain was the only major country in the world to adopt gold as the sole basis of its currency, in the process absorbing much of the world’s supply of that metal into its pockets, cupboards, and coffers. During the same period, Britons forged a nation by distilling a heady brew of Protestantism, commerce, and military might, while preserving important features of its older social hierarchy. All That Glittered argues for a close connection between these occurrences, by linking justifications for gold’s role in British society—starting in the 1750s and running through the mid-nineteenth century gold rushes in California and Australia—to contemporary descriptions of that metal’s varied values at home and abroad. Most of these accounts attributed British commercial and military success to a credit economy pinned on gold, stigmatized southern European and subaltern peoples for their nonmonetary uses of gold, or tried to marginalize people at home for similar forms of alleged misconduct. This book tells a primarily cultural origin story about the gold standard’s emergence after 1850 as an international monetary system, while providing a new window on British exceptionalism during the previous century.

scholarly journals The US dollar and new imperialism under the logic of capital accumulation

2019 ◽  
Vol 2 (1) ◽  
pp. 98-107
Author(s):  
Haiping Qiu ◽  
Min Zhao
Keyword(s):  
Capital Accumulation ◽  
International Monetary System ◽  
Content Type ◽  
Monetary System ◽  
The Us ◽  
The World ◽  
The Status ◽  
The Usa ◽  
New Imperialism ◽  
Us Dollar

Purpose The world currency is endowed with two inherent contradictions, namely, the general contradiction of all currencies and the special contradiction between the quality and quantity of the world currency. The paper aims to discuss these issues. Design/methodology/approach In the wake of the Second World War, the USA, with its strong economic and military strength, established an international monetary system centered on the US dollar (USD). This gave USD the status of “world currency” and bounded it to the US imperialist hegemony with mutual integration and interaction, making it possible for USD capital to conduct international exploitation and wealth plundering extensively around the world. Findings The contradiction between the capital logic and the power logic, which is inherent in capital accumulation models of the new imperialism, also indicates the inevitable decline of USD. Originality/value This constitutes an important feature of the new imperialism. However, as a sovereign currency, USD has inextricable and inherent contradictions while exercising its function as the world currency.

Creating the Past: Schelling’s Ages of the World

2010 ◽  
Vol 4 (1) ◽  
pp. 23-43 ◽  
Author(s):  
Alistair Welchman ◽  
Judith Norman
Keyword(s):  
20Th Century ◽  
A Priori ◽  
Philosophy Of History ◽  
Viewing Time ◽  
The Past ◽  
Hegelian Dialectic ◽  
The World ◽  
Critical Attention ◽  
The Creation ◽  
To Receive

AbstractF.W.J. Schelling’s Ages of the World has just begun to receive the critical attention it deserves as a contribution to the philosophy of history. Its most significant philosophical move is to pose the question of the origin of the past itself, asking what “caused” the past. Schelling treats the past not as a past present (something that used to be a ’now’ but no longer is) — but rather as an eternal past, a different dimension of time altogether, and one that was never a present ’now’. For Schelling, the past functions as the transcendental ground of the present, the true ’a priori’. Schelling’s account of the creation of this past takes the form of a theogeny: in order to exist, God needed to separate the past from the present. By grounding the creation of the past in a free decision of God, Schelling tries to conceptualize temporality so as to preserve the sort of radical contingency and authentic freedom that he considers essential features of history. In so doing, he opens up a way of viewing time that avoids the pitfalls of the Hegelian dialectic and anticipates some of the 20th century developments in phenomenology.

The IMF Financial Surveillance Strategy

Policy Papers ◽  
2012 ◽  
Vol 2012 (73) ◽  
Author(s):  
Keyword(s):  
Financial Crisis ◽  
Financial Stability ◽  
Global Financial Crisis ◽  
International Monetary System ◽  
Surveillance Strategy ◽  
The Past ◽  
Monetary System ◽  
Effective Operation ◽  
The Imf

This paper outlines strategic priorities for the IMF’s financial surveillance in the coming years. It complements recent discussions on the work agenda in this area. It takes stock of innovations and gaps in financial surveillance by the Fund during the past decade, including in the wake of the current global financial crisis. It proposes concrete and prioritized steps to further strengthen financial surveillance so that the Fund can fulfill its mandate to ensure the effective operation of the international monetary system and support global economic and financial stability.

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