Positively Valued Fiat Money after the Sovereign Disappears: The Case of Somalia

2011 ◽  
Author(s):  
William J. Luther ◽  
Lawrence H. White
Keyword(s):  
Fiat Money

scholarly journals Synthetic MMT: Old Line Keynesianism with an Expansionary Twist

2019 ◽  
pp. 1-31 ◽  
Author(s):  
Lance Taylor
Keyword(s):  
Business Cycle ◽  
Macroeconomic Policy ◽  
Monetary Theory ◽  
Debt Sustainability ◽  
National Accounting ◽  
Fiat Money ◽  
The Usa ◽  
The Business Cycle ◽  
Wage Increases ◽  
Automatic Stabilizers

Expansionary macroeconomic policy with a strong redistributive component is an attractive proposition, most recently launched on the basis of Modern Monetary Theory or MMT. The Theory is a synthesis of familiar ideas, newly relevant but scarcely path-breaking. Its basics – Chartalist or fiat money, functional finance, and models based on consistent national accounting – come straight from Maynard Keynes, Abba Lerner, and Wynne Godley. Functional finance is the heart of fiscalist Keynesianism built upon automatic stabilizers for the business cycle. MMT’s job guarantee proposal is one more stabilizer which could be a modest helpful supplement to the system which exists. National accounting comparisons of a possible MMT package with the 2008 crash and the Trump tax cut are presented with emphasis on autonomous shifts in demand. The package could have problems with debt sustainability and external balance. Inflation is unlikely if wage repression in the USA is not reversed. But strong wage increases are presumably a goal of MMT.

scholarly journals Fiat money and the value of binding portfolio constraints

2009 ◽  
Vol 46 (2) ◽  
pp. 189-209 ◽  
Author(s):  
Mário R. Páscoa ◽  
Myrian Petrassi ◽  
Juan Pablo Torres-Martínez
Keyword(s):  
Portfolio Constraints ◽  
Fiat Money

Monetary Systems

2016 ◽  
pp. 320-341
Author(s):  
Angela Redish
Keyword(s):  
Early Modern ◽  
Early Modern Period ◽  
Medieval Period ◽  
Bretton Woods ◽  
Paper Money ◽  
Fiat Money ◽  
Modern Period ◽  
Monetary Systems ◽  
Medieval Europe

This chapter presents the evolution of Western monetary systems from the bimetallic standards of medieval Europe through the gold standard and Bretton Woods eras to today’s fiat money regimes. The chapter notes that issues of revenue creation enabled by the monopoly over money issue—through debasement and/or inflation—runs through this history, as does the significance of the credibility of the money issuer. An additional theme in the chapter is the role of changing technology of money issue, from the hammered coins of the medieval period, to the milled coins of the early modern period, through paper money issues to cryptocurrencies.

scholarly journals A Model of Fiat Money and Barter

10.3386/w4919 ◽  
1994 ◽  
Author(s):  
Fumio Hayashi ◽  
Akihiko Matsui
Keyword(s):  
Fiat Money

Essays in applied economics

2019 ◽  
Author(s):  
◽  
Rebecca L. Whitworth
Keyword(s):  
Panel Data ◽  
Overlapping Generations ◽  
Value Added ◽  
Bond Market ◽  
Applied Economics ◽  
Corporate Debt ◽  
Overlapping Generations Model ◽  
Fiat Money ◽  
The Us ◽  
Value Added Modeling

This dissertation examines several themes in applied economics. Specifically, Essay 1 examines the dynamics in an overlapping generations model with three-period lived agents, fiat money, and credit, Essay 2 reviews literature on value-added modeling and discusses a paper previously published, Essay 3 concludes by examining efficiency in the US bond market. While Essay 1 examines dynamics and 2 reviews tools used in estimating panel data, Essay 3 combines elements of both-empirically evaluating the efficiency of the bond market by looking at the movement of prices through time. That is, deriving the integral over t of the bond spread. While opportunities for more work exists, this paper suggests that the US Bond Market (the market for corporate debt) is informationally efficient, though it takes longer to converge than previously reported in the literature.

The Islamic Currency

2021 ◽  
Vol 8 (1) ◽  
pp. 177-182
Keyword(s):  
Public Interest ◽  
Historical Data ◽  
Monetary Theory ◽  
Main Argument ◽  
The Public ◽  
Fiat Money ◽  
Monetary System

Abdullah’s book is dedicated to solving the major problems and questions about monetary theory. The title of the book is derived from Ibn Khaldun’s student, Al-Maqrizi, who wrote the book, ‘The Islamic Currency’ in 1415 as an objection to fiat money formed from copper (Abdullah, 2016, p. 33). The book consists of 7 chapters and contains 477 pages of which almost 200 are appendices. There is no doubt that he employs vast historical data and presents them in form of valuable charts and figures. His main argument is that the worst monetary system in the history is the modern fiat standard. It is not preserving the public interest and is fundamentally harmful to an economy (Abdullah, 2016, p.35).

Fiat Money Is “Riba,” Which Islam Forbids

2022 ◽  
pp. 36-46
Keyword(s):  
Economic System ◽  
Fiat Money ◽  
Monetary System

This chapter describes another fundamental criticism of the Western economic system – that from Islamic economics. This is included not because the authors are advocating for Islamic economics, but because Islamic economists generally have a clearer understanding of the fundamental dishonesty of the Western monetary system than mainstream Western economists, who almost entirely ignore this glaring flaw at the heart of the Western economic system. Having forbidden interest-bearing loans, like Islam, for its first 1600 years, Christianity relaxed its rules, and thereby lowered its guard against the “money power,” which is now running rampant in what was once “Christendom.” Recent collaboration between Islamic economists and “dissident” Western economists is very promising.

Sign in / Sign up

Export Citation Format

Share Document