scholarly journals Exploration of Gold Standard, Credit Currency and Digital Currency

2020 ◽  
Vol 5 (4) ◽  
pp. 316
Author(s):  
Sirui He
Keyword(s):  
Gold Standard ◽  
Standard System ◽  
New Era ◽  
Development Status ◽  
Digital Currency ◽  
Monetary System ◽  
Monetary Systems ◽  
Currency Policy ◽  
Effective Development

<p>In the perspective of present monetary system, the author proposes that we should analyze the comprehensive effectiveness with the combination of the former gold standard system and diversified monetary systems, such as the credit currency and the digital currency, which are highlighted in this new era, and confirm the more complete digital currency policy according to present development status so as to promote the healthier and more reasonable and effective development of the monetary funds. In this paper, the author launches research and exploration with the combination of gold standard, credit currency and digital currency.</p>

In Defense of the Euro: Austrian School Approach (comment)

2013 ◽  
pp. 152-160
Author(s):  
A. Rakviashvili
Keyword(s):  
Exchange Rates ◽  
Gold Standard ◽  
Austrian School ◽  
Monetary System ◽  
Fixed Exchange Rates ◽  
Monetary Systems

The article critically analyzes theoretical arguments in favor of gold standard, the euro and fixed exchange rates that were set out in the article of H. Huerta de Soto ‘In Defense of the Euro: Austrian School Approach’ (Voprosy Ekonomiki. 2012. No 11). Monetary systems alternative to the gold standard are considered. It is shown that they are at least as much supported by liberal economists as the gold standard. The author emphasizes weakness of euro and gold standard and proves necessity of scaled reforms before the gold standard or alternative monetary system with the same characteristics may be implemented.

scholarly journals The impact of monetary systems on income inequity and wealth distribution

2020 ◽  
Vol 15 (6) ◽  
pp. 1161-1183
Author(s):  
Anwar Hasan Abdullah Othman ◽  
Syed Musa Alhabshi ◽  
Salina Kassim ◽  
Adam Abdullah ◽  
Razali Haron
Keyword(s):  
Income Inequality ◽  
Social Welfare ◽  
Gold Standard ◽  
Wealth Distribution ◽  
Wealth Inequality ◽  
Content Type ◽  
Fiat Money ◽  
Monetary System ◽  
Monetary Systems ◽  
Econometric Approach

PurposeThis study uses the autoregressive distributed lag model (ARDL) econometric approach to investigate empirically the effects of cryptocurrencies, the gold standard and traditional fiat money on global income inequality measured based on the Gini coefficient, and various ratios of income inequality distribution such as top 1 per cent, top 10 per cent, top 40 per cent and top 50 per cent.Design/methodology/approachThe study uses the ARDL econometric approach.FindingsThe findings indicated that cryptocurrency and gold standard monetary systems contributed significantly to reducing global inequality of income and wealth distribution. Conversely, the traditional fiat money system contributes positively to global income and wealth inequality while also contributing significantly to their fluctuation.Practical implicationsThis suggests that the fiat monetary system results in the coercive redistribution of income and wealth if governments pursue a social welfare policy. They must resolve this conflict between the current fiat monetary system and social policy by opting for an alternative monetary system such as cryptocurrency or gold standard. These alternative monetary systems offer the promise of resolving the income and wealth inequality associated with the traditional monetary system which are accompanied with the channels of inflation, lack of financial inclusion and debt creation, and to offer a more sustainable financial system.Originality/valueThe study recommends that monetary policy must be revisited to account for its direct effect on income and wealth redistribution to achieve social welfare goals.

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.

Currency Internationalization and Reforms in the Architecture of the Monetary System: the case of Digital Yuan

2021 ◽  
Vol 40 (1) ◽  
Author(s):  
Zhi Ji ◽  
George Abuselidze ◽  
Valeriia Lymar
Keyword(s):  
Financial System ◽  
The State ◽  
Chinese Government ◽  
Security Technology ◽  
Digital Currency ◽  
Negative Results ◽  
Monetary System ◽  
The Government ◽  
Financial Transactions ◽  
Global Financial System

In the paper, the authors prove that the application of the Chinese currency in the less developed regions reveals that the Chinese Yuan, despite its limited turnover, can replace the national currency. The following positive and negative results on the global financial system are highlighted promoting the internationalization of the digital Yuan: ensuring and unlimited transparency of the government and visibility of internal financial transactions; transparency of all offshore financial transactions within a country as well as of non-resident users; providing a framework for the global financial system and controlling the monetary policies of regional economies that have actively adopted the Yuan. The paper analyses that the strategy of the Yuan internationalization was implemented through the mechanism of the currency swap agreements with central banks of different countries, respectively, the growing international application of the Yuan gradually stimulated the creation of the „Yuan zone". It is proved that the Yuan internationalization has become a part of the state strategy of the Chinese government in transition to a new type of economic growth, so the digital Yuan should eventually replace cash and will become the main innovation in the global financial system since the appearance of digital currency. According to the conducted research, it is shown that the main technology of the state digital currency of China accommodates security technology, transaction technology, and reliable guarantee technology. The system of Digital Currency, Electronic Payment - DCEP includes a digital currency tracking method system and a digital currency management system based on certain conditions. Launch conditions include terms of economic conditions, interest rate terms of the loan, the terms of the subject flow, and time conditions.

Money metrology

2020 ◽  
pp. 42-50
Author(s):  
V. N. Krutikov ◽  
V. V. Okrepilov
Keyword(s):  
Gold Standard ◽  
Supply And Demand ◽  
Precious Metals ◽  
Legal Metrology ◽  
Important Principle ◽  
Monetary System ◽  
Stage Of Development ◽  
Fixed Weight ◽  
Long Time ◽  
Material Measure

The influence of the provisions of legal metrology on the formation and functioning of the monetary environment in market conditions is studied. It is shown that the use of material (reference) measures for determining the value of goods in monetary units makes it possible to form a stable monetary system, equal for all market participants. This system can reasonably be attributed to information measuring systems. Systems based on the use of constant material measures that determine the value of goods and money in international trade have been formed and functioned for a long time. In the XIX-XX centuries, the monetary system, in which a fixed weight of gold served as the material measure of money, was called the “gold standard”. In the 1970s, this system was abandoned without objective reasons. Nowadays, many people believe that the main reason is the uncontrolled issuance of paper money (US dollars). As a result, the material measure of money was replaced by a monetary measure. The money of a number of selected countries turned out to be a measure of the national currencies of other countries. Then money was made a commodity – an object of market trading, the price of which is determined by supply and demand. Thus, the most important principle of metrology was violated – the invariability (constancy) of the measure of system objects. The resulting monetary system became unstable. This situation has led to an increase in the number of proposals for a return to the gold standard. The analysis carried out in the paper confirmed the relevance of these proposals. At the present stage of development of metrology, it is advisable to explore the possibility of a broader (not only at the expense of precious metals) resource provision of material monetary measures, in particular, to consider the possibility of using materials and (or) goods that are in high demand in the international market as monetary measures.

Canakinumab for secondary prevention of coronary artery disease

2021 ◽  
Author(s):  
Luis Ortega-Paz ◽  
Davide Capodanno ◽  
Dominick J Angiolillo
Keyword(s):  
Secondary Prevention ◽  
Outcome Study ◽  
Prevention Strategies ◽  
Effective Prevention ◽  
New Era ◽  
Development Status ◽  
The Cantos ◽  
Artery Disease ◽  
Effective Prevention Strategies

Cardiovascular disease manifestations (CVD) are the world's leading cause of death, and their impact on morbidity requires effective prevention strategies of recurrent adverse events. For decades, inflammation has been proposed as a key promoter for atherosclerosis and its complications. However, studies on the use of drugs to target the excess inflammation in CVD are limited. In 2017, the Canakinumab Anti-inflammatory Thrombosis Outcome Study (CANTOS) trial confirmed the key role of inflammation on atherosclerotic disease. Canakinumab is a monoclonal antibody that blocks an inflammatory pathway mediated by IL-1β. The results of the CANTOS trial opened a new era of investigating new therapeutics targeting inflammation for CVD secondary prevention. This review presents the canakinumab's pharmacology, current clinical development status and regulatory perspectives.

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