scholarly journals The Potential of Virtual Currencies to Contribute to the Welfare of Individuals and the Global Economic Development

2021 ◽  
Vol 26 (4) ◽  
pp. 401-405
Author(s):  
Alexandru-Cosmin Dumitru
Keyword(s):  
Economic Development ◽  
Control Mechanism ◽  
Legal Framework ◽  
Central Banks ◽  
Payment Systems ◽  
Financial Systems ◽  
Blockchain Technology ◽  
The Us ◽  
The World

Abstract This article focuses on the analysis of the potential of virtual currencies to contribute to global economic development, given their innovative characteristics and their rapid increase in popularity. This article intends to fill the gap in understanding the characteristics and the risks of the emergence of virtual currencies as part of the global financial systems. There is a huge potential of the new currencies backed by blockchain technology, to develop the existing payment systems and upgrade them, as they represent an innovative form of money with increased security of the transactions. For instance, the central banks of some of the world financial leaders, such as the US, UK, China, etc. have been experimenting with the possibility of integrating the technology behind the virtual currencies into the internal payment systems. In this sense, the governments are also working on creating a better legal framework to improve the recognition, licensing and registration of virtual currencies as an official form of payment, and also creating a better control mechanism of the new currency (Vejacka, 2014).

scholarly journals Transport Corridors in the Russian Integration Projects, the Case of the Eurasian Economic Union

2015 ◽  
pp. 161-169
Author(s):  
O. A. Podberezkina
Keyword(s):  
Economic Development ◽  
Positive Impact ◽  
Asia Pacific ◽  
Easy Access ◽  
Transport Project ◽  
The Us ◽  
The World ◽  
International Transport ◽  
Business Entities ◽  
Regional Authorities

The article discusses the political importance of transport corridors in terms of the development of integration projects in the post-Soviet space. The world is witnessing the formation of a single market and transport and communication infrastructure, which intensifies competition among regional and world leaders, both states and non-state actors, such as businesses, markets over the routes of transporting goods. In the medium and long term the value of the control over the transport routes will increase due to the dynamics of economic development in the Asia-Pacific region. Competition for the development of projects of international transport corridors (ITC) between the leading countries in the region will increase, because the ITC entail the formation of a common political space, the reduction of tariff and customs barriers, which provides easy access to the markets of countries linked by ITCs and creates the preconditions for economic integration. The growing political importance of ITC is reflected in the fact that global leaders such as China, the US, the EU, are trying to create their own versions of international land transport corridors connecting Europe and Asia. China is trying to promote their transport project "Economic Belt Silk Road" European countries develop cooperation on ITC TRACECA with other countries of Eurasia. US also embody their interests through the implementation of the project by the ITC in Afghanistan. Transport corridors in Russia are seen as a way to integrate it into the global transportation system and logistics space. To do this, Russia needs to develop Eurasian transport corridors through its territory. As a result of the implementation of transport projects Russia will be able to ensure the transit of goods from China to Europe, which has a positive impact on the economic development of the regions through which they pass. Development of international transportation through Russia will unite many of the players on the world stage: integration associations, state, transnational corporations, business entities, regional authorities.

scholarly journals GEOTOURISM IN BOSNIA AND HERZGOVINA - STATE AND DEVELOPMENT PERSPECTIVES

2018 ◽  
pp. 99-110
Keyword(s):  
Sustainable Development ◽  
Economic Development ◽  
Bosnia And Herzegovina ◽  
Legal Framework ◽  
Local Communities ◽  
Geological Heritage ◽  
Global Level ◽  
The World ◽  
Nature Park

Geodiversity presents overall diversity of relief shapes, processes and the diversity of landscape. It basically consists of geological, geomorphological and pedological diversity. The most interesting for tourism valorisation are karstic areas that cover over 50% of the territory of Bosnia and Herzegovina. When it comes to geoparks, it is necessary to emphasize that such forms of protection have not yet been established in Bosnia and Herzegovina. The European Geopark Network exsist since 2000 and currently there are 140 geoparks in the 38 countries in Europe. Three geoparks stand out in our region; in Slovenia, Idrija and Karavanke (together with part in Austria) and Papuk in Croatia. Their main goals are promotion of geoheritage, protection of geodiversity and support of economic development through geotourism, with the inevitable participation of local communities. In the meantime, this initiative has been raised to a global level by including these areas in the newly adopted UNESCO program - International Geodetic and Geopark Program, which now has over 130 parks in 33 countries of the world. In our country, Blidinje Nature Park and the Protected landscape of Bijambare, have potential for becoming geopark. These parks would be based on promotion of the geological heritage, the geodiversity of the karst zone of Bosnia and Herzegovina, preservation of biodiversity and the protection of specific karst hydrography of this area. The plan for protecting these areas and potential admission to the European geopark network should primarily be based on a new legal framework and a plan that would include sustainable development of geotourism in Bosnia and Herzegovina.

scholarly journals The Question of Palestine and the Muslim World

2019 ◽  
Vol 8 (2) ◽  
Author(s):  
Abdullah Al-Ahsan
Keyword(s):  
World War Ii ◽  
Local Population ◽  
Legal Framework ◽  
The State ◽  
Fundamental Rights ◽  
Jewish State ◽  
The Us ◽  
The World ◽  
Zionist Movement ◽  
State Of Israel

The question of Palestine (and the city of Jerusalem) is a core issue that remains at the centre of the Muslim mind in our time. This is because most Muslims feel that the Zionist Movement created the State of Israel in Palestine after World War II by depriving the local population of their fundamental right to exist in their ancestral homeland. The global Zionist Movement conspired, resorted to terrorist tactics and executed an ethnic cleansing campaign to create the State of Israel. The Zionists first secured the support of British politicians and then the American leaders in favour of their search for an exclusive Jewish state covering the entirety of the former British Mandate of Palestine. Although the Palestinians – like Muslims in various parts of the world – quickly developed a national consciousness in the inter-war period and tried to protect their fundamental rights, they were no match for the Zionists who had already secured the support of major powers of the globe (e.g. Britain and the US). Later, Israel managed to obtain UN membership in its third attempt with the commitment to allow all Palestinians to return to their ancestral home. But in practice, Israel has ignored all UN resolutions regarding the Israeli-Palestinian conflict. Israel has gradually developed a legal framework to deny the citizenship rights of the original population of Palestine and continues to build new Jewish settlements by demolishing Palestinian homes. While the Palestinians continue to suffer under Israeli repression, the OIC (Organization of Islamic Cooperation) and most Muslim governments have largely abandoned the Palestinian cause of liberation. This, in turn, frustrates much of the Muslim youth around the world – fuelling fundamentalism and extremism.  

scholarly journals Novel Payment Wallet Management with Blockchain Based Cryptocurrency

2019 ◽  
Vol 8 (2S4) ◽  
pp. 228-233
Keyword(s):  
Regulatory Authority ◽  
Payment Systems ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Payments System ◽  
Enterprise Technology ◽  
Business Application ◽  
The World ◽  
Actual Life

Blockchain for business is a new concept which enables many industries and organizations to implement even the basic of systems on foundation of blockchain technology. Using this technology, our goal is to develop a payments system that enables transfer of funds for a monetary transaction between two parties. Hyperledger is an open source community oriented effort which was made to propel cross-industry blockchain advances that were available. The Linux Foundation has it. It has partners from everywhere throughout the world , at a worldwide dimension and incorporates ventures like funding, banking, Internet of Things, supply chains, assembling and Technology. Using Blockchain for Enterprise technology, we are going to develop a new payments system that makes use of regulated cryptocurrency. Using this system, we want to create a new cryptocurrency specific to the payment portal for people to buy, sell and pay or earn rewards using this cryptocurrency. This system will majorly consist of participants and admins that will be divided based on the certificates assigned to every participant. Our implementation involves. using the fabric for creating a payment system run on the backend of blockchain technology. This will involve having a regulatory authority to maintain the cryptocurrency, ledger and authenticity of the users. Theoretically, the blockchain technology maintains anonymity for transactions. It uses a distributed ledger to record transactions for people to be able to make secure transactions without any repercussions. Blockchain for Enterprise implements Blockchain technology by using concepts like Trust, Privacy and Smart contracts in addition to the distributed ledger to create an industry friendly Blockchain business application. Blockchain is a rapidly growing field with multiple implementations which can be explored not just on anonymity but also on actual life implementations. Distributed ledger technology is applied to the payment systems. Cryptocurrency would now not only be used for anonymous transactions but also for regular day to day transactions.

Cryptocurrency, a successful application of blockchain technology

2019 ◽  
Vol 46 (6) ◽  
pp. 715-733
Author(s):  
Mohammad Hashemi Joo ◽  
Yuka Nishikawa ◽  
Krishnan Dandapani
Keyword(s):  
Design Methodology ◽  
Payment Systems ◽  
Policy Makers ◽  
General Audience ◽  
Content Type ◽  
Corporate Executives ◽  
Blockchain Technology ◽  
The World ◽  
Money Transfer ◽  
Legislative Changes

Purpose The purpose of this paper is to identify the applications and contributions of blockchain technology in finance in general, and to identify areas where the technology can make a larger impact in payment systems. Design/methodology/approach The authors do an exhaustive review of blockchain technology and cryptocurrency, and examine the successful applications of blockchain technology in several finance disciplines including cryptocurrency. The authors critically evaluate the technical studies on behaviors in cryptocurrency prices. Findings Cryptocurrency is the first successful application of blockchain technology and can be used as the main fuel of the global money transfer network. Research limitations/implications Blockchain is a revolutionary technology that can change the world with its convenience, transparency, accuracy and efficiency in speed and cost. The growth of blockchain usage in finance depends on further familiarization and trust gained by an increasing number of proven successful usage cases and testimonials as well as appropriate legislative changes. Originality/value This paper provides a comprehensive review of the contributions that blockchain technology has made and is expected to make in the field of finance with the aim of adding value to corporate executives, investors, policy makers and a general audience.

The 1987 Stock Exchange Crash in Historical Perspective

2021 ◽  
pp. 165-183
Author(s):  
Laure Quennouëlle-Corre
Keyword(s):  
Financial Crises ◽  
Historical Perspective ◽  
Stock Exchange ◽  
Debt Crisis ◽  
Central Banks ◽  
Subprime Crisis ◽  
The Us ◽  
The World ◽  
Global Stock Markets ◽  
Global Stock

This chapter aims to explore the different facets of the collective memory of the 1987 Crash in the US, which represented an unprecedented collapse of prices on the global stock markets. The 22.3% fall of the Dow Jones on Black Monday (19 October 1987) represents the biggest single-day stock market collapse in history—even greater than that of 24 October 1929. The crash spread to other major financial markets over the world, but was quickly resolved thanks to the central banks’ intervention on the capital markets. In the context of Reaganomics, the crash can be seen as the first financial crisis of the second globalization wave in the strictest sense of the term ‘financial’, without taking into consideration the banking crises of the 1970s and the debt crisis in the early 1980s. However, unlike other financial crises, memories of this market break remained either vague or inexistent in public opinion, or fragmented and partial for economists and historians—until the subprime crisis. Since then, the 1987 warning and the potential dangers of uncontrolled markets were brought to light. The final lesson to be learned from this example of an evolving memory is about using the past.

scholarly journals A comparative analysis of models selected as a response to the world financial crisis

2009 ◽  
Vol 61 (3) ◽  
pp. 244-273
Author(s):  
Hasiba Hrustic
Keyword(s):  
Financial Crisis ◽  
Financial Stability ◽  
World Economy ◽  
Central Banks ◽  
Economic Recovery ◽  
Economic Downturn ◽  
Financial Systems ◽  
Comprehensive Plan ◽  
The World ◽  
Entire World

The financial crisis has hit the entire world economy. Many governments have been forced to rescue the financial systems, having as their priority to ensure economic recovery. A number of important measures have been taken to promote financial stability, including injection of capital into financial organizations, a substantial expansion of guarantees for bank liabilities by central banks, the recapitalization and the various liquidity programmes. However, the recovery has required a comprehensive plan to stabilize the financial system and restore normal flows of credit. The ultimate goal of the governments' activities has been to avoid a protracted economic downturn and restore the conditions for economic growth. .

21ST Century Democratic Capitalism

2010 ◽  
Vol 1 (1) ◽  
pp. 1-13 ◽  
Author(s):  
Elias G. Carayannis ◽  
Aris Kaloudis
Keyword(s):  
Economic Development ◽  
Soviet Union ◽  
Free Market ◽  
Global Issues ◽  
Democratic Capitalism ◽  
The Soviet Union ◽  
The Us ◽  
The World ◽  
Social Security Reforms ◽  
The Cold War

Starting on September 11, 2001, and following both actions and reactions around the world, it may well be that we have arrived at a major tipping point in terms of socio-economic development, political reform, as well as many other global issues - from financial and economic coordination to climate change as well as hunger and disease challenges in the developing world. On November 9, 1989 (more than 20 years ago), the world watched as the Berlin Wall was tumbling and with it the Cold War was slipping into memory as the morning fog. During the last two decades, progress was accomplished on many fronts but great opportunities were also missed or wasted both within the US (for instance, health care and social security reforms) as well as around the world where the Washington Consensus mantra of privatization and unbridled globalization led to the socioeconomic polarization of many former Warsaw pact countries as well as former parts of the Soviet Union and in effect made many people around the world cynical as to the capacity of free market regimes to allow for equitable and sustainable economic development along civic renaissance.

Denn sie wissen, was sie tun

2006 ◽  
Vol 36 (143) ◽  
pp. 185-202
Author(s):  
Dorothea Schmidt
Keyword(s):  
Legal Framework ◽  
Armed Conflicts ◽  
Small Arms ◽  
Conflict Situations ◽  
The Us ◽  
The World

In the last years, on average 300.000 people were killed each year in armed conflicts, 200.000 civilians died by the use of small arms in non-military situations. The constant supply of second-hand and new arms manufactured mostly by American and European producers and the easy accessibility in many regions of the world help to nurture violence and conflict situations. Producers and their supporters like the US-American NRA claim „Guns don’t kill people. People kill people” and stress that they always act within the legal framework. Nevertheless, producers are frequently trying to circumvent and undermine or campaigning for the abolishment of all kinds of regulations. Therefore they also bear responsibility for the dreadful damages of the use of small arms.

scholarly journals ECONOMIC DEVELOPMENT OF THE RUSSIAN ARCTIC SPACE

2014 ◽  
Vol 31 (3) ◽  
pp. 61-72 ◽  
Author(s):  
Vladimir Selin ◽  
Fedor Larichkin ◽  
Valentina Novoseltceva
Keyword(s):  
Economic Development ◽  
Legal Framework ◽  
The Arctic ◽  
Harsh Environment ◽  
Russian Arctic ◽  
Arctic Zone ◽  
Economic Activities ◽  
World Community ◽  
The World ◽  
Effective Development

The article characterizes the growing interest of the Arctic states and the world community to the development of the vast natural resources in the harsh environment of the Arctic, including the development of programs and the strategy, the importance of international cooperation, harmonization of legal framework of economic activities in the macro-region. The essential modernization and development of transport and logistics complex in the effective development of the Arctic zone is substantiated. A conceptual model for creating the modern transport and logistics complex applicable to Murmansk transport hub, the largest in the Russian Arctic, has been developed.

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