scholarly journals Monetary security: some definitions and assessments

2021 ◽  
Vol 2021 (1) ◽  
pp. 7-45
Author(s):  
Serhii KORABLIN ◽  
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Decisive Role ◽  
The United States ◽  
The Great Depression ◽  
Real Gdp ◽  
Floating Exchange Rate ◽  
Definition Of ◽  
Gradual Transformation

For almost 30 years of independence, Ukraine has experienced a number of deep economic, financial, banking, debt, currency and inflation crises. In some cases, they were extraordinary. As a result, the current real GDP of the country remains a third less than in 1990. One of the reasons for this was the unstable nature of economic recovery and currency price stabilization at the beginning of the zero years and in 2010-2013. After all, during the crises of 2008-2009 and 2014-2015, Ukraine set world anti-records due to falling its GDP up to 14.8 % and 15.8%, respectively. This was accompanied by the deep devaluation crises and the recurrence of uncontrolled inflation. In principle, the systemic relationship between the fragility of production, exchange rate and price dynamics appeared in Ukraine in the 1990s when its real GDP fell by 59%. The scale of that crisis was twice the scale of the Great Depression in the United States, accompanied by devastating devaluation and inflationary shocks. The article is devoted to the study of methodological and practical approaches to the definition of monetary security. The experience of their implementation in Ukraine is considered. The criteria of successful monetary policy applied within the neoliberal discourse are analyzed. The logic and reasons for their gradual transformation over the last 30 years are shown. The decisive role of the global crisis of 2008-2009 in the theoretical and practical changes observed in the world’s leading economies in terms of defining the goals, objectives and instruments of their monetary policy is reflected. An analysis of some outcomes of the implementation of domestic monetary strategy is given. The problematic nature of determining its priority goal is shown. The ambiguity of methods and consequences of targeted reduction of inflation in Ukraine is noted. The impossibility of maintaining its low and stable level under the conditions of free floating exchange rate of hryvnia is substantiated.

Did Takahashi Korekiyo Rescue Japan from the Great Depression?

2003 ◽  
Vol 63 (1) ◽  
pp. 127-144 ◽  
Author(s):  
Myung Soo Cha
Keyword(s):  
Exchange Rate ◽  
Great Depression ◽  
Exchange Rate Regime ◽  
Structural Vector Autoregression ◽  
The Public ◽  
The Great Depression ◽  
Finance Minister ◽  
Floating Exchange Rate ◽  
Exchange Rate Shocks

Takahashi Korekiyo is remembered as a wise finance minister saving Japan from the Great Depression. The contribution of his policy measures however remains to be rigorously measured, with proper control of other forces also driving the recovery. Structural vector autoregression analysis of previously unexploited monthly data confirms the pivotal role of Takahashi's debt-financed fiscal expansion. Monetizing the public debts, the Bank of Japan maintained a neutral stance. The recovery was aided by exchange-rate shocks generated during the transition from the gold standard to the floating-exchange-rate regime and, to a smaller extent, by the world recovery.

Sukuk and monetary policy transmission in Indonesia: the role of asset price and exchange rate channels

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Suriani Suriani ◽  
M. Shabri Abd. Majid ◽  
Raja Masbar ◽  
Nazaruddin A. Wahid ◽  
Abdul Ghafar Ismail
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Interest Rates ◽  
Asset Price ◽  
Transmission Mechanism ◽  
Monetary Policy Transmission ◽  
Content Type ◽  
Policy Transmission ◽  
Monetary Policy Transmission Mechanism

Purpose The purpose of this study is to empirically analyze the role of sukuk in the monetary policy transmission mechanism through the asset price and exchange rate channels in the Indonesian economy. Design/methodology/approach Using the monthly data from January 2003 to November 2017, this study uses a multivariate vector error correction model causality framework. To examine the role of sukuk in the monetary policy transmission mechanism through the asset price channel, this study uses the variables of consumption, inflation, interest rates, economic growth and the composite stock price index. Meanwhile, to examine the role of sukuk in the monetary policy transmission mechanism through the exchange rate channel, this study used variables of inflation, interest rates, economic growth, foreign investment and exchange rate. Findings This study documented that sukuk has no causal relationship with inflation through asset price and exchange rate channels. Nevertheless, sukuk has a bidirectional causal relationship with economic growth through asset price and exchange rate channels. Sukuk is also documented to have a causal relationship with monetary policy variables of interest rate and stock prices through asset price and exchange rate channels. Finally, a unidirectional causality is recorded running from the exchange rate to sukuk in the exchange rate channel. Research limitations/implications The finding of independence of the sukuk market from interest rates provides evidence that the trading of the sukuk in Indonesia has been in harmony with the Islamic tenets. Practical implications The relevant Indonesian authorities need to enhance both domestic and global sukuk markets as part of efforts to promote the sustainability of Islamic capital market development in Indonesia. Originality/value To the best of the authors’ knowledge, this study is among the first attempts to empirically investigate the role of sukuk in monetary policy transmission through asset price and exchange rate channels in the context of the Indonesian economy.

Cybervictimization. Research Matrix

2021 ◽  
Author(s):  
D.V. Zhmurov ◽  
Keyword(s):  
Meta Analysis ◽  
Interdisciplinary Approach ◽  
The United States ◽  
Personal Factors ◽  
Crime Victim ◽  
Internet Crime ◽  
Definition Of ◽  
Object Of Study ◽  
System Characteristics

The article presents an analysis of the cybervictimization phenomenon. The author justifies the use of an integrative (interdisciplinary) approach to the study of this problem, proposes the definition of the term under study as a process or end result of becoming a crime victim in the sphere of unified computer networks. A theoretical and methodological matrix for the analysis of cybervictimization (PCPPE model) was developed. The model includes five system characteristics of cybervictimization, the comprehensive study of which to a maximum extent will simplify the understanding of the essence of the object of study. These characteristics include: profiling, conditionality, prevalence, predictability and epidemicity. Each of these aspects is explained in detail: the author developed a detailed nomenclature of cybervictimization forms. The problems of identifying its extent, as well as the determinant role of gender, age, behavioral and personal factors are discussed in the article, and a list of key cybervictimization acts is formulated. This meta-analysis includes thirteen global categories and about seventy of its accent forms. Among the global categories the following ones are identified: threats, harassment, illegal interest, infringement, insult, spoofing, disclosure, compulsion, seizure, infecting, access and use. The prevalence rates of cybervictimization on the example of the United States (Internet Crime Report) are also studied, certain aspects of the methodology of cyber victim number counting are considered.

War and the Next Lesson

Money ◽  
2017 ◽  
Author(s):  
John Kenneth Galbraith ◽  
James K. Galbraith
Keyword(s):  
United States ◽  
Monetary Policy ◽  
World War Ii ◽  
Fiscal Policy ◽  
World War I ◽  
Great Depression ◽  
The United States ◽  
World War ◽  
John Maynard Keynes ◽  
The Great Depression

This chapter examines the lessons of World War II with respect to money and monetary policy. World War I exposed the fragility of the monetary structure that had gold as its foundation, the great boom of the 1920s showed how futile monetary policy was as an instrument of restraint, and the Great Depression highlighted the ineffectuality of monetary policy for rescuing the country from a slump—for breaking out of the underemployment equilibrium once this had been fully and firmly established. On the part of John Maynard Keynes, the lesson was that only fiscal policy ensured not just that money was available to be borrowed but that it would be borrowed and would be spent. The chapter considers the experiences of Britain, Germany, and the United States with a lesson of World War II: that general measures for restraining demand do not prevent inflation in an economy that is operating at or near capacity.

Qard-al-Hasan-based monetary policy and the role of the central bank as the lender of last resort

2020 ◽  
Vol 11 (2) ◽  
pp. 326-345 ◽  
Author(s):  
Mohammad Selim ◽  
M. Kabir Hassan
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Design Methodology ◽  
Equal Opportunities ◽  
Lender Of Last Resort ◽  
Content Type ◽  
Playing Field ◽  
Fair Competition ◽  
Real Gdp

Purpose This paper aims to examine how a central bank (CB) can act as a lender of last resort (LOLR) for both Islamic and conventional interest-based banks by pursuing a Qard-al-Hasan (QH)-based monetary policy (MP). Design/methodology/approach The role of the CB as LOLR under QH-based MP and its effects on major macroeconomic variables, including deposits, loan creation and aggregate expenditures, are examined on theoretical grounds by using the aggregate output and aggregate expenditure model under the framework of Islamic MP. Findings When the CB acts as LOLR by pursuing QH-based MP, it automatically empowers Islamic banks (IBs) by providing access to borrowing funds from the CB on a QH basis. As a result, IBs will not be required to hold billions of dollars as liquid assets against liquidity risks. Thus, the lending capacity of IBs will increase and deposit expansion, loan creation and aggregate expenditures in the economy will all expand. This will in turn increase real GDP and employment while reducing the unemployment rate. Originality/value This is the first paper to analyze CBs acting as LOLR for both IBs and conventional interest-based banks by pursuing a QH-based MP, thus providing equal opportunities and equal access to borrowing facilities from the CB, along with equal partnership and fair competition for all and absolutely no discrimination to anyone. The LOLR service to all banks under QH-based MP will unveil a new horizon of opportunities where all financial institutions are expected to thrive. IBs will escape the constraints of the constant fear of liquidity risks and find a level-playing field.

Disability Rights

2020 ◽  
Author(s):  
Patricia Findley
Keyword(s):  
The United States ◽  
Equal Treatment ◽  
Disability Rights ◽  
Community Mental Health Centers ◽  
Individuals With Disabilities ◽  
Disabilities Education Act ◽  
Education Act ◽  
Mental Health Centers ◽  
Definition Of

The role of disability rights has developed and evolved over the course of the United States’ history. The definition of disability has broadened as well as the pursuit for equal treatment, inclusion, and more accessible environments. Key pieces of legislation such as the Mental Retardation Facilities and Community Mental Health Centers Construction Act, the Rehabilitation Act, the Individuals with Disabilities Education Act, and the Americans with Disabilities Act demonstrate a course of steps toward these more empowering themes of independence for those with disabilities. Disability advocates are strong in their message of “nothing about us, without us.” The disability rights movement helped to propel culture shifts and has promoted inclusion of individuals with disabilities. Despite the intention of disability policy to move the nation to more accessible, inclusive, and less discriminatory environments, more work is still needed to support the rights of those with disabilities.

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