CRYPTOCURRENCY PHENOMENON IN THE INTERNATIONAL MONETARY SYSTEM

2017 ◽  
pp. 95-100
Author(s):  
Артур Анатолійович Василенко
Keyword(s):  
World Economy ◽  
International Monetary System ◽  
State University ◽  
Electronic Money ◽  
Monetary System ◽  
Current Trends ◽  
The World ◽  
Post Graduate Student ◽  
The One ◽  
Xix Century

UDC 336.74   Vasylenko Artur, post-graduate student. Mariupol State University. Cryptocurrency Phenomenon in the International Monetary System. The main prerequisites of cryptocurrency emergence in the international monetary system in terms of regionalization of the world economy are defined in the article. Determination of «cryptocurrency» category was analysed from the point of two main approaches to its treatment: on the one hand cryptocurrency is admitted to be the currency equally to the sovereign currency, and on the other hand it is considered as an unrecognized virtual asset. The main consequences which arise in case of widespread use of crypto currency for the country and for the parties that agreed to use cryptocurrency were analysed and systematized. On the basis of the research, given the current trends in the world economy, the author put forward and substantiated the hypothesis to classify the phenomenon of cryptocurrency as the effects of a famous philosophical «Negation of negation law» formulated by G. Hegel at the beginning of the XIX century.   Keywords: cryptocurrency, material money, electronic money, digital currency, regional currency integration, blockchain, mining, capitalization, «Negation of negation law».

Crisis and Reform in the World's Economy

1977 ◽  
Vol 39 (2) ◽  
pp. 131-156
Author(s):  
Arthur Karasz
Keyword(s):  
Cold War ◽  
World Economy ◽  
International Monetary System ◽  
Direct Consequence ◽  
The United States ◽  
Capital Flight ◽  
United States Dollar ◽  
Monetary System ◽  
The World ◽  
Japanese Yen

There are several crucial reasons for the need to reform the world economy. First, the worldwide inflation, a terrible cancerous disease which, if uncontrolled, might destroy the roots of economic development. Second (a direct consequence of inflation), a sudden imbalance in our international monetary system: capital flight in monstrous dimensions, devaluation of important reserve currencies, the United States dollar, the English pound, followed by the Japanese yen and a number of European currencies. Third, growing unemployment all over the world, again as a consequence of inflation and of a worldwide lack of confidence. Finally, but not least, the growing conflict of the developing countries, mainly in the Southern Hemisphere, with the industrialized world mainly in the Northern. This north-south struggle, brewing for long years, has reached the dimensions of what we might call an “economic cold war” on a worldwide level. Thus far, efforts to find new solutions which would be satisfactory to both consumers and producers have failed.

The Principles and Operation of the Bretton Woods International Monetary System in the Years 1944–1971. The Reasons for Its Collapse

2016 ◽  
Vol 8 (2) ◽  
pp. 0-0
Author(s):  
Zbigniew Klimiuk
Keyword(s):  
International Trade ◽  
World Economy ◽  
International Monetary System ◽  
The United States ◽  
International Liquidity ◽  
Bretton Woods ◽  
Monetary System ◽  
The Us ◽  
The World ◽  
The Stability

The subject of the article is an analysis of the role of the US dollar in the development of international trade and the world economy during the period of the Bretton Woods monetary system (1944–1971). The international monetary system existing at that time was, in principle, a gold exchange standard based mainly on the national currency of the United States. However, a relatively small role was also played by other currencies including, in particular, the pound sterling. It should be noted that the Bretton Woods rules did not match the conditions in the world economy which emerged after World War II. The main areas of criticism concerned such assumptions as the maintenance of an official fixed price for gold, or a too narrowly interpreter postulate for the stability of the exchange rate. On the other hand, it should be noted that the introduction of the stability of exchange rates and the abolition of restrictions on payments were fundamentally sound decisions. They led in fact to the minimisation of a risk inherent in international trade and its rapid growth. One should also emphasise the fact that from the very beginning, in the international gold based monetary system there was an internal contradiction (paradox), which eventually led to its collapse. This was namely the fact that the growth in world trade created a growing demand for international liquidity. This was tantamount to a necessity to maintain a permanent balance of payments deficit in respect of the country whose currency was considered the key currency. At the same time, the growing volume of the US currency resulted in an increasing crisis of confidence in the dollar.

Thirteenth General Review of Quotas - Assessing the Adequacy of IMF Resources

Policy Papers ◽  
2007 ◽  
Vol 2007 (53) ◽  
Author(s):  
Keyword(s):  
World Economy ◽  
International Monetary System ◽  
Executive Board ◽  
Work Program ◽  
General Review ◽  
Monetary System ◽  
The World

The Thirteenth Review provides an opportunity to take stock of the overall adequacy of IMF resources in light of developments in the world economy and the international monetary system. The Resolution concluding the Twelfth Review indicated that the Executive Board intended, during the period of the Thirteenth Review, to monitor closely and assess the adequacy of Fund resources and to consider measures to achieve a distribution of quotas that reflects developments in the world economy and to strengthen the governance of the Fund. The latter two issues have since been taken up under the work program on quota and voice reform. Accordingly, the focus of this paper is on the adequacy of Fund resources.

ESPORTS TOURNAMENTS AS A FORM OF STRATEGIC PROMOTION OF PRODUCTS AND SERVICES

2020 ◽  
Vol 2 (7) ◽  
pp. 19-23
Author(s):  
V. V. VELIKOROSSOV ◽  
◽  
Yu. M. BRYUKHANOV ◽  
A. O. TITOVA ◽  
◽  
...  
Keyword(s):  
World Economy ◽  
The State ◽  
Generation Z ◽  
Current Trends ◽  
Analytical Studies ◽  
International Consulting ◽  
The World ◽  
Private And Public ◽  
Effective Integration ◽  
Official Data

The article is dedicated to eSports as a new and promising sector of the world economy that provides businesses with effective integration scenarios. This contributes to the development of cooperation of private and public investors with eSports holdings, as well as to the involvement of the generation Z audience in promising consumption of interested companies’ products. The article examines the current trends in the development of the eSports market using analytical studies of international consulting companies. The official data characterizing the state of the eSports market in Russia are also represented. The article provides information about the model of monetization of eSports and its perspective directions. In conclusion, the article makes the necessary inferences to assess the prospects of such areas of the economy as eSports, both for the industry of interactive entertainment and for representatives of other market sectors.

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.

scholarly journals Structural changes and economic growth in the world economy and Russia

2019 ◽  
Vol 5 (1) ◽  
pp. 1-26 ◽  
Author(s):  
Valeriy V. Mironov ◽  
Liudmila D. Konovalova
Keyword(s):  
Economic Growth ◽  
Growth Rate ◽  
Global Economy ◽  
World Economy ◽  
Structural Changes ◽  
Russian Economy ◽  
The World ◽  
Preliminary Version ◽  
The One ◽  
Relationship Of

The article considers the problem of the relationship of structural changes and economic growth in the global economy and Russia in the framework of different methodological approaches. At the same time, the paper provides the analysis of complementarity of economic policy types, which, on the one hand, are aimed at developing the fundamentals of GDP growth (institutions, human capital and macroeconomic stabilization), and on the other hand, at initiating growth (with stable fundamentals) with the help of structural policy measures. In the study of structural changes in the global economy, new forms of policies of this kind have been revealed, in particular aimed at identifying sectors — drivers of economic growth based on a portfolio approach. In a given paper a preliminary version of the model of the Russian economy is provided, using a multisector version of the Thirlwall’s Law. Besides, the authors highlight a number of target parameters of indicators of competitiveness of the sectors of the Russian economy that allow us to expect its growth rate to accelerate above the exogenously given growth rate of the world economy.

scholarly journals Alternative international currencies

2012 ◽  
Vol 57 (194) ◽  
pp. 31-39
Author(s):  
Vladimirovna Rozhentsova
Keyword(s):  
International Monetary System ◽  
International Currency ◽  
The Past ◽  
Monetary System ◽  
International Currencies ◽  
The World ◽  
Circulation Mechanism ◽  
The Creation

The modern international monetary system has a number of flaws and therefore needs cardinal change. Hence, economists from all over the world are suggesting alternative international currencies that would make the international monetary system more efficient. However, it is essential when approaching the creation of a new international currency to analyze and take into account the experience of all the past international currencies. Therefore this paper begins with an exploration of the drawbacks of each of the past and present international currencies. Drawing on this analysis a justification will be made for the necessity of introducing a new international currency, pointing to the requirements it should meet. Further on, this paper proposes an alternative theoretically possible variant of the international currency, with a fixed value relative to a commodity basket. An abstract example is used to demonstrate its composition and circulation mechanism.

scholarly journals Impact of Covid-19 on Business Industry and Management: Pandemic Challenges and Responses

2021 ◽  
Vol 9 (2) ◽  
Keyword(s):  
Problem Solving ◽  
Impact Assessment ◽  
Business Process ◽  
World Economy ◽  
Business Management ◽  
The Other ◽  
Problem Structure ◽  
Global Business ◽  
The World ◽  
The One

Covid-19 pandemic has created unprecedented interruption for the global business industry management. The world economy already facing a turbulent phase experienced the worst scenario in the view of this pandemic. Business management strategists and policymakers have been making an impact assessment to understand the problem structure of this worst possible pandemic situation. The present article tries to develop a viewpoint on Covid-19 impact on business industries and management. Further authors attempt to develop a problem-solving structure by discussing the best possible solutions to mitigate the fact on the one hand and facilitating the business process in various sectors such as business Industry, Marketing, finance, and health industries on the other.

Latin America and the World Economy: Some Observations on External Indebtedness and the International Monetary System

1978 ◽  
Vol 20 (3) ◽  
pp. 321-339
Author(s):  
Aldo Ferrer
Keyword(s):  
Latin America ◽  
Latin American ◽  
World Economy ◽  
International Monetary System ◽  
Import Substitution ◽  
External Debt ◽  
Economic Recession ◽  
Balance Of Payments ◽  
Adjustment Process ◽  
The World

Since 1973 most of the Latin American countries have experienced deterioration in their balance of payments due to the economic recession in the industrial countries and the oil price increases. The consequent adjustment process has called for stricter regulation of domestic demand and new advances in import substitution. Adjustment was less painful due to access to private financing in the international capital markets which, however, produced a sharp increase in the external debt.This article does not propose to review the recent patterns of external payments, already extensively analyzed in the periodic reports of the UN Economic Commission for Latin America, the International Monetary Fund, and in other studies. Rather, it will attempt to emphasize some long-term changes in the world economy and in Latin America that influence the international participation of the region. It is in this context that the adjustment process of the balance of payments and the external debt should be evaluated.

Development of a Methodology for Evaluating Cryptocurrencies as a Promising Means of Payment in the Digital Economy

2021 ◽  
pp. 298-318
Author(s):  
Tatiana A. Kuptsova ◽  
◽  
Vladimir G. Chaplygin ◽  
Keyword(s):  
World Economy ◽  
Current System ◽  
State Regulation ◽  
Theory And Practice ◽  
Monetary System ◽  
Modern Economy ◽  
The World ◽  
Modern Economic ◽  
Methodological Approaches ◽  
Monetary Circulation

The article presents the main results of a study of cryptocurrency as a financial instrument of the future from the standpoint of various methodological approaches aimed at identifying trends in its functioning within the framework of the theory and practice of monetary circulation. The fundamental hypothesis of the study is the prospect of introducing cryptocurrency as a legitimate means of payment to replace the classical forms of money in the context of the transformation of the world economy. This study and its results will contribute to solving a global scientific problem – the formation of a scientifically grounded theoretical and statistical base in the context of the specifics of cryptocurrency’s functioning and the possibility of its functioning as a legitimate means of payment in the modern economy. The relevance of the article is determined by the need to reassess the existing monetary system along with financial mechanisms and operating institutions in view of the emerging crisis of confidence in the current system of state regulation of the economy. The scientific novelty of the article is determined by the development of modern economic theory from the standpoint of the functioning of cryptocurrency as a component of monetary circulation via approaches that study cryptocurrency as an alternative to outdated financial mechanisms. This work opens up an opportunity for further research in the field of cryptocurrency relations, its further improvement and implementation in the national financial system.

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