scholarly journals Fiat Money Inconsistency and the Return of Dinar-Dirham as a Medium of Exchange in the Community

SENTRALISASI ◽  
2021 ◽  
Vol 10 (2) ◽  
pp. 104
Author(s):  
Chairul Iksan Burhanuddin ◽  
M Hidayat
Keyword(s):  
Fiat Money

Coronavirus ior ireferred ito ias icovid-19 ihas icaused ivarious ikinds iof inegative ieffects, iespecially iin ithe ieconomic ifield. iThe isoaring iunemployment irate, ithe icontraction iin ithe ivalue iof ithe irupiah iand iother icurrencies ihas iresulted iin ian iincreasingly isluggish ieconomic imovement iin irecent itimes iuntil ithe ipanic iof ithe ivalue iof igold icontinues ito irise iin irecent imonths. iThe iqualitative imethod iis iused iby iscientifically idescribing ithe iimpact iof ithe iCovid i19 ivirus icase ion ithe imovement iof icurrency iand igold ivalues. iThe iresults iof ithis istudy iindicate ithat ithe iCovid i19 ivirus ihas ia iquite inegative iimpact ion ithe ieconomic isector, iespecially ion icurrency iand igold ivalue imovements. iThe imovement iin ithe ivalue iof ithe irupiah icontracted ito itouch iRp.14,000 iwhile ithe ivalue iof igold itended ito irise isignificantly. iThe irising igold ivalue ishows ia ipositive itrend itowards ithe ipossible iimplementation iof ithe ilegal iuse iof ithe idinar iand idirham icurrency iin ithe icommunity. iGold iis ino ilonger iseen ias ia iSave iHaven, ibut iits irole ias ian iextension iof imuamalah iactivities i(buying iand iselling) iin ithe icommunity iis iincreasingly ivisible. iThere iis ipanic iand ipsychologically idisturbing ieconomic iand icommunity iactors iin iresponding ito ithis iincident.iCoronavirus ior ireferred ito ias icovid-19 ihas icaused ivarious ikinds iof inegative ieffects, iespecially iin ithe ieconomic ifield. iThe isoaring iunemployment irate, ithe icontraction iin ithe ivalue iof ithe irupiah iand iother icurrencies ihas iresulted iin ian iincreasingly isluggish ieconomic imovement iin irecent itimes iuntil ithe ipanic iof ithe ivalue iof igold icontinues ito irise iin irecent imonths. iThe iqualitative imethod iis iused iby iscientifically idescribing ithe iimpact iof ithe iCovid i19 ivirus icase ion ithe imovement iof icurrency iand igold ivalues. iThe iresults iof ithis istudy iindicate ithat ithe iCovid i19 ivirus ihas ia iquite inegative iimpact ion ithe ieconomic isector, iespecially ion icurrency iand igold ivalue imovements. iThe imovement iin ithe ivalue iof ithe irupiah icontracted ito itouch iRp.14,000 iwhile ithe ivalue iof igold

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).

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