Notwendigkeit, Regelungen und Konsequenzen einer neuen Geldordnung

2014 ◽  
Vol 63 (1) ◽  
Author(s):  
Timm Gudehus
Keyword(s):  
Public Debt ◽  
Substantial Reduction ◽  
Payment Systems ◽  
Negative Effects ◽  
The Public ◽  
Monetary System ◽  
Open Questions ◽  
Monetary Order ◽  
Alternative Solutions ◽  
Further Development

AbstractFrom an analysis of the uncertainties, deficiencies and negative effects of the present monetary system the necessity and the requirements for a new monetary order are derived. These requirements are fulfilled by the presented regulations of a monetary order, which is based on the proposals of Joseph Huber (Vollgeld), Henry Simons and Irving Fisher (100 %-Money), Milton Friedman (Chicago Plan) and others (Allais, 1988; Gödde, 1985; Benes / Kumhof, 2013). The new monetary order requires another cash management, adapted payment systems and a different monetary policy of the central bank. Results of the new monetary order are legally protected money, no bank runs, a substantial reduction of the public debt, self-regulated smoothing of economic and stock market cycles, stabilization of the monetary union and other advantages for the economy. By also addressing open questions and alternative solutions this paper intends to stimulate a discussion of the proposals and the further development of a new monetary order.

scholarly journals Cryptocurrencies: technology, initiatives of banks and central banks, and regulatory challenges

2021 ◽  
Vol 30 (2) ◽  
pp. 467-496
Author(s):  
Carlos Eduardo Carvalho ◽  
Desirée Almeida Pires ◽  
Marcel Artioli ◽  
Giuliano Contento de Oliveira
Keyword(s):  
Banking System ◽  
Central Banks ◽  
Payment Systems ◽  
Settlement Systems ◽  
Monetary System ◽  
Paper Currency ◽  
International Banks ◽  
Monetary Order ◽  
Technology Initiatives ◽  
Regulatory Challenges

Abstract This paper analyses the impacts of the innovation known as distributed ledger technology (DLT) on the monetary system and on financial activities. Private cryptocurrencies, such as Bitcoin, are permissionless means of payment, based on blockchain, a form of DLT. Evaluations suggested that these private cryptocurrencies could compete with the banks payment systems and even supplant state currency. The development of these technologies has the potential to modify profoundly monetary and financial practices, but there are no indications that they may threaten the centrality of state money and the banking system in the contemporary monetary order. Major international banks have developed cryptocurrencies for settlement systems and for interbank transactions, including the so-called stablecoins, issued by highly technological companies with on par conversion into state money. Some central banks are studying the launch of state cryptocurrencies that could coexist with their fiduciary state currency and even replace their paper currency. The use of this technology results in new challenges for regulation, including the fact that cryptocurrencies can be used for money laundering and by organized crime.

scholarly journals Public Debt under Financial Crisis in the New EU Member States

2014 ◽  
Vol 15 (1) ◽  
pp. 153-162
Author(s):  
Tomasz Uryszek
Keyword(s):  
Public Debt ◽  
Debt Management ◽  
Negative Effects ◽  
Debt Structure ◽  
Member States ◽  
The Public ◽  
Eu Member States ◽  
Public Debt Management ◽  
Management Institutions ◽  
The Eu

Abstract With the growing imbalance of public sectors in the EU Member States, the public debt in the countries increased too. Public debt management institutions face the task of choosing the optimal debt structure in order to minimize the negative effects for the economy. This article sets out to determine changes in the public debt structure in the EU Member States during economic crisis. It consists of four sections. Section one deals with public debt management under crisis conditions. In the next sections, the term, currency and lender structure of public debt in the new Member States are analysed and discussed. The last section presents major conclusions from the research.

Geldordnung, Geldschöpfung und Staatsfinanzierung

2013 ◽  
Vol 62 (2) ◽  
Author(s):  
Timm Gudehus
Keyword(s):  
Central Bank ◽  
Public Debt ◽  
Balance Sheet ◽  
State Funding ◽  
The Public ◽  
Monetary Stability ◽  
Money Creation ◽  
Accounting Rules ◽  
The Right ◽  
Monetary Order

AbstractThe current paper analyses the different kinds of money creation and their contribution to state funding. It shows that profits and beneficiaries of money creation depend on the monetary order and on the accounting rules of the central bank. Due to the possibility to create scriptural money by credit in almost unlimited quantity today the main beneficiaries of the creation of money are the commercial banks. If in a new monetary order, the right to create money in limited quantity is transferred exclusively to the central bank and its accounting rules are properly adapted, substantial conversion profits arise which can be used to pay off the major part of the public debt and to fund the state without affecting monetary stability. To demonstrate the possible effects the conversion profits and future profits of money creation are calculated for the Euro-system from the consolidated balance sheet 2010.

Problems and prospects for the Russian banking supervision development in modern conditions

2020 ◽  
Vol 26 (6) ◽  
pp. 1283-1296
Author(s):  
K.A. Omarieva ◽  
P.G. Isaeva
Keyword(s):  
Banking System ◽  
Main Role ◽  
Banking Supervision ◽  
Monetary System ◽  
The Russian Federation ◽  
Document Flow ◽  
Development Methods ◽  
Further Development ◽  
Development Prospects

Subject. The article addresses problems and prospects for the banking supervision development in the Russian Federation under modern conditions. Objectives. We review the essence and methods of organization of the banking supervision, and identify the main problems and prospects for its development. Methods. To provide valid, reliable and reasoned recommendations, we apply normative and integrated approaches to the study of the banking supervision effectiveness in the current circumstances. Results. The paper investigates main problems and development prospects for the Russian banking supervision. The essential importance of supervision comes from the main role of the banking system in maintaining accounts of economic entities and making settlements. Even minor failures or delays in operations can lead to negative outcomes and disastrous consequences for the entire monetary system and the national economy. Therefore, we highlight issues that require attention, and make proposals for further development of the banking supervision. Conclusions. In the context of dynamically developing economy, the banking practice is becoming more complex. As a result, there is a need for new financial instruments that can reduce risks, increase the speed and efficiency of operations and document flow, and help achieve the world levels of introduced standards.

IMPACT OF GOVERNMENT DEBT ON FINANCIAL SECURITY OF UKRAINE

2017 ◽  
Author(s):  
Olena Pikaliuk ◽  
◽  
Dmitry Kovalenko ◽  
Keyword(s):  
Economic Development ◽  
Public Debt ◽  
Positive Impact ◽  
The State ◽  
Financial Security ◽  
State Budget ◽  
The Public ◽  
Debt Security ◽  
The Stability ◽  
The Impact

One of the main criteria for economic development is the size of the public debt and its dynamics. The article considers the impact of public debt on the financial security of Ukraine. The views of scientists on the essence of public debt and financial security of the state are substantiated. An analysis of the dynamics and structure of public debt of Ukraine for 2014-2019. It is proved that one of the main criteria for economic development is the size of public debt and its dynamics. State budget deficit, attracting and using loans to cover it have led to the formation and significant growth of public debt in Ukraine. The volume of public debt indicates an increase in the debt security of the state, which is a component of financial security. Therefore, the issue of the impact of public debt on the financial security of Ukraine is becoming increasingly relevant. The constant growth and large amounts of debt make it necessary to study it, which will have a positive impact on economic processes that will ensure the stability of the financial system and enhance its security.

The Challenges in Dealing with Organized Crime and its Consequences in Modern Societies in Albania, Kosovo and Macedonia – the Balkan Peninsula

2015 ◽  
Vol 5 (1) ◽  
pp. 161
Author(s):  
Bashkim Selmani ◽  
Bekim Maksuti
Keyword(s):  
Organized Crime ◽  
Balkan Peninsula ◽  
Human Mind ◽  
Negative Consequences ◽  
The Public ◽  
Before And After ◽  
History Of ◽  
European Standards ◽  
Organized Crime Groups ◽  
Further Development

The profound changes within the Albanian society, including Albania, Kosovo and Macedonia, before and after they proclaimed independence (in exception of Albania), with the establishment of the parliamentary system resulted in mass spread social negative consequences such as crime, drugs, prostitution, child beggars on the street etc. As a result of these occurred circumstances emerged a substantial need for changes within the legal system in order to meet and achieve the European standards or behaviors and the need for adoption of many laws imported from abroad, but without actually reading the factual situation of the psycho-economic position of the citizens and the consequences of the peoples’ occupations without proper compensation, as a remedy for the victims of war or peace in these countries. The sad truth is that the perpetrators not only weren’t sanctioned, but these regions remained an untouched haven for further development of criminal activities, be it from the public state officials through property privatization or in the private field. The organized crime groups, almost in all cases, are perceived by the human mind as “Mafia” and it is a fact that this cannot be denied easily. The widely spread term “Mafia” is mostly known around the world to define criminal organizations.The Balkan Peninsula is highly involved in these illegal groups of organized crime whose practice of criminal activities is largely extended through the Balkan countries such as Kosovo, Albania, Macedonia, Serbia, Bosnia, Croatia, Montenegro, etc. Many factors contributed to these strategic countries to be part of these types of activities. In general, some of the countries have been affected more specifically, but in all of the abovementioned countries organized crime has affected all areas of life, leaving a black mark in the history of these states.

Public and Private Net Savings in Developing Countries: Some Empirical Tests for the Period 1972-88 (Distinguishedl Lecture)

1992 ◽  
Vol 31 (4I) ◽  
pp. 431-447
Author(s):  
Peter A. Cornelisse ◽  
Elma Van De Mortel
Keyword(s):  
Public Debt ◽  
World Economy ◽  
Socioeconomic Development ◽  
Critical Size ◽  
Public And Private ◽  
Critical Dimensions ◽  
The Public ◽  
Empirical Tests ◽  
Financial Issues

The severe shocks that rocked the world economy in the 1970s and the ensuing efforts to adjust and to renew economic growth have had a profound effect on the economic literature. Especially the external and public debt problems which reached critical dimensions in many countries attracted much attention. Thus, in the field of macroeconomics financial issues have gained more prominence over the last two decades. Studies relating to the fiscal deficit have been particularly numerous. The critical size of national public debts, the contribution of the public debt to external debt, the reduced confidence in the state as the guide in socioeconomic development and the role of fiscal policy in adjustment processes are among the main reasons for this increased interest.

التأثيرات السياسية في استدامة الدين العام في موازنة العراق 2019

2020 ◽  
Vol 2020 (66) ◽  
pp. 1-26
Author(s):  
م.م أحمد حامد جمعة ◽  
◽  
د. كمال فيلد البصري
Keyword(s):  
Public Debt ◽  
Public Spending ◽  
The Political ◽  
Financial Policy ◽  
Public Expenditures ◽  
Public Budget ◽  
Political Decision ◽  
The Public ◽  
Public Benefit ◽  
Political Impact

This study clarifies the analysis of the reality of the financial policy in the budget of Iraq 2019, and that analysis is evaluated by tracking the elements of the public budget from public expenditures and public revenues, and the study focuses on the size of the political impact on the path of public spending, as well as the analysis of public spending and revenues in various sectors and sections of the public budget. This study also shows the size of the risks resulting from the continuation of the financial deficit, as well as the risks of public debt according to the indicators of its sustainability analysis within the financial and economic indicators that express the risks of public debt. The study emphasized that public spending is still based on the political decision and does not achieve the principles and objectives of the economic budget that achieve the public benefit. The necessity requires efficient spending and fair distribution in order to avoid future public debt risks and their impact on future generations

THE ROLE OF ACCOUNTING IN PUBLIC EXPENDITURE AND MONETARY POLICY IN THE FIRST CENTURY AD ROMAN EMPIRE

1995 ◽  
Vol 22 (2) ◽  
pp. 117-129 ◽  
Author(s):  
David Oldroyd
Keyword(s):  
Monetary Policy ◽  
Roman Empire ◽  
Financial Planning ◽  
Public Expenditure ◽  
First Century ◽  
Financial Control ◽  
The Public ◽  
Monetary System ◽  
Epigraphic Evidence

Previous authors have argued that Roman coinage was used as an instrument of financial control rather than simply as a means for the state to make payments, without assessing the accounting implications. The article reviews the literary and epigraphic evidence of the public expenditure accounts surrounding the Roman monetary system in the first century AD. This area has been neglected by accounting historians. Although the scope of the accounts supports the proposition that they were used for financial control, the impetus for keeping those accounts originally came from the emperor's public expenditure commitments. This suggests that financial control may have been encouraged by the financial planning that arose out of the exigencies of funding public expenditure. In this way these two aspects of monetary policy can be reconciled.

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