Related Papers
SocArXiv Papers
The Financial Collapse of Capitalism.
2023 •
Richard Blaber
This paper will argue that the current level of international debt is a huge 'bubble' waiting to burst, and that, if and when it does so, the entire financial structure of global capitalism will collapse, taking capitalism, as such, with it. The mechanism of this collapse, if it occurs, will be a collapse of the international banking system, and complete loss of confidence on the exchange markets in any form of reserve currency - either the US dollar or any putative replacement for it.
Dinar: Jurnal Ekonomi dan Keuangan Islam
Advantages of Dinar and Dirham and Profit Sharing System In Monetary Policy
Zakiyyah Ilma Ahmad
The research gap as well as the novelty of this research in comparison to previous research is that it discusses the advantages of the profit-sharing system as a better monetary policy that may overcome the monetary crisis caused by the interest rates. This study analyzed the advantages of the dinar and dirham as well as the profit-sharing on monetary policy. This study proved that the dinar and dirham and the profit-sharing are solutions to the economic crisis.Under the qualitative approach, library research was carried out by collecting information related to the monetary crisis in 1998 and 2008 caused by currencies and interest rates. The advantages of the dinar and dirham, as well as profit-sharing, were analyzed. This study revealed that the monetary crisis greatly impacted the economy from 1997 to 1998 and in 2008, one of which was caused by the instability of exchange rates and interest rates. This study suggests that monetary policy should be reconsidered, as it was during t...
International Journal of Organizational Business Excellence
THE 2008 GLOBAL FINANCIAL CRISIS AND COVID-19 DOWNTURN: PARALLELS AND LESSONS
2023 •
M. Saeed
The Global Financial Crisis of 2008 (GFC) and the Covid-19 downturn wreaked havoc on the global economy and people across the world. Lessons learned from the GFC can help the country and the world rebound from Covid-19. This paper will address the causes of the GFC and how it unfolded in the United States (US). Then it will discuss how the crisis spread from the US to the United Kingdom (UK) and China, as well as rescue efforts in those countries and the role of the International Monetary Fund (IMF). Next, the paper will address the Covid-19 downturn, the parallels and differences between the GFC and the downturn, and the lessons of the GFC that can be applied to the Covid-19 downturn. Last, it will recommend a strategic financial rescue plan to restart post Covid-19 economic growth in the US.
SOUND MONEY - As A Tool Against Inflation and the Business Cycle
2023 •
M.Cagatay Mavice
This paper delves into the significance of sound money as a critical factor in preventing inflation and business cycles, exploring the perspective of the Austrian School of Economics. It presents a historical overview of the evolution of the monetary system, from barter to fiat money, highlighting the role of gold as a stable medium of exchange. The study explains the relationship between sound money and inflation, debunking conventional definitions and proposing solutions from the Austrian viewpoint. Furthermore, it analyzes the creation of business cycles, emphasizing the impact of loose monetary policies. The paper concludes with a call for a return to sound money principles as a remedy for economic stability and growth.
Evolutionary and Institutional Economics Review
Diversification and evolution of post-modern money as “ideational money”: from MMT to PMMT
Makoto Nishibe
European Review of Economic History
The highs and the lows: bank failures in Sweden through inflation and deflation, 1914-1926
2023 •
Anders Ögren
This paper revisits the Swedish banking crisis (1919-1926) that materialized as postwar deflation replaced wartime inflation (1914-1918). Inspired by Fisher's "debt deflation theory," we employ survival analysis to "predict" which banks would fail, given certain exante bank characteristics. Our tests support the theory; maturity structures mattered most in a regime of falling prices, with vulnerable shorter-term customer loans and bank liabilities representing the most consistent cause of bank distress in the crisis. Similarly, stronger growth in (1) leverage, (2) weaker collateral loans, and (3) foreign borrowing during the boom were all associated with bank failure.
Economic History Yearbook/Jahrb. f. Wirtschaftsg.
Central Bank Cooperation and Lending of Last Resort in the Scandinavian Monetary Union Zusammenarbeit der Zentralbanken und Lending of Last Resort in der Skandinavischen Währungsunion
2022 •
Anders Ögren
The functioning of multi-nation monetary unions with several central banks is conditioned by many factors and considerations, such as the capacity to deal with crises, the political will and operational skill to foster financial integration and to develop a mix of rules and discretion in the cooperation between the central banks. The Scandinavian monetary union (SMU) between 1873 and 1931 is a case in point for illustrating the importance of these factors and considerations. We examine the policies implemented in the Scandinavian countries to deal with asymmetries of payments flows and with financial crises at three levels: in an account of major crises that required lending of last resort, in a study of the clearing and settlement mechanism established in the union, and in a survey of contemporary economists' views on lending of last resort and cooperation in the SMU.
Shigeru Akita, ed., _The Oil Crises and the Transformation of the International Economic Order in the 1970s_.
The 1970s Macrocycle: Eurodollars, Petrodollars, Credit Booms, and Debt Busts, 1973-1982
2023 •
Mark Metzler
Contents: The 1970s and the 2020s / A Bretton Woods era in oil, money, and grain / Endogenous shocks: the dollar shock came first / Dollars and climate: the food price shock came second / By now, overdetermined: the oil shock came third / 1973 as historical breakpoint: macrohistorical reflections / Credit fix: the Eurodollar lending boom / The second dollar crisis and the second commodities-and-oil shock / The fall of commodity prices, the debt crisis, and the great depression of 1982 / Time-structures in the history of capitalism Abstract: Whether one focuses on the nexus between oil and the US dollar, or on geopolitical shifts, or on geo-cultural currents, the "sixties" as a world-historical moment ended in the year 1973 and gave way to the "seventies." The interval from 1973 to 1979 was in the Western countries an in-between time, when the reigning policy paradigms of the long postwar boom period seemed to become dysfunctional while also maintaining a basic inertial force. In many commodity-exporting countries this interval appeared as a moment of possibility, as the terms of trade shifted in favor of raw-material producers while historically high volumes of creditcapital flowed in from US and European banks. This "interregnal" moment began to close with the combined monetary, energy, and political shocks of 1979-80. The credit wave and commodity-price wave of the 1970s then came crashing down in 1982, opening a new phase of international debt crisis and depression. In the global-conjunctural view presented here, the 1970s was an era of two dollar-oil crises; two waves of inflationary price revolution; and one international lending wave which ended in the fourth major international debt crisis of the modern capitalist era.
CRYPTOCURRENCIES AS THE FUTURE OF MONEY: THEORETICAL ASPECTS, BLOCKCHAIN TECHNOLOGY AND ORIGINS OF CRYPTOCURRENCIES
2023 •
Mustafa Caner TIMUR, Marta Ciarko, Agnieszka Paluch-Dybek
During times of technological development, many aspects of everyday activities have been digitalized while traditional forms of payments have stepped back in the name of more innovative methods such as cryptocurrencies. This article focuses on analysing the emergence, functionality, and future role of cryptocurrencies, particularly Bitcoin. By interpreting the theoretical aspects of money, the emergence of cryptocurrencies, and blockchain technology, the authors tried to determine whether cryptocurrencies have the potential to become the money of the future. In the article, the analysis of cryptocurrencies' functioning in the modern world focuses on the role of technological development and innovations in their use and popularity. SWOT and speculative analyses of cryptocurrencies, which have been touted as the money of the future, were also carried out. The results obtained from the research show that cryptocurrencies have many advantages over traditional payment methods. Elimination of intermediaries, low transaction costs, safe storage of data, limited increase in monetary supply, globalization, and privacy are stated as the most important of these opportunities. In addition, energy use, inaccessibility without the internet, high volatility, and cyber-attacks were seen as the most important threats and weaknesses. When developments in the world follow, it can be seen that there are many blockchain-based opportunities or threats. Despite this, blockchain technology offers great opportunities. As a result, countries and individuals should turn to this technology now to benefit more in the future. At this point, it is very important for all other educational institutions, especially universities, to implement educational programs that will meet the needs of the age.
The Dollarization Curse (3)
Layal Mansour Ichrakieh
