Are Free Market Fiduciary Media Possible? On the Nature of Money, Banking, and Money Production in the Free Market Order

Recent debates in monetary theory have centered on so-called free banking and the role of banks in providing money in the form of fiduciary media in a pure market economy. This paper examines how and to what extent fiduciary media can emerge in a pure market economy. Based on the theory of value, it is argued that those economists are mistaken who claim that money substitutes must in all cases be interpreted as being money titles. Those economists too are mistaken, however, who claim a large role for the circulation of fiduciary media in a pure market economy. It is argued that holding fiduciary media in one’s cash balance is an entrepreneurial error, as fiduciary media by their nature do not have the qualities people demand in holding money. Money is the comparatively most certain good and the present good par excellence, qualities that fiduciary media do not have. Holding fiduciary media instead of money is therefore an entrepreneurial error, and like all errors in the free market, it will tend to be eliminated in the process of entrepreneurial profit and loss, leading to the virtual disappearance of all fiduciary media from the market economy.

Reforming Teacher Pension Plans: The Case of Kansas, the 1st Teacher Cash Balance Plan

The ongoing crisis in teacher pension funding has led states to consider various reforms in plan design, to replace the traditional benefit formulas, based on years of service and final average salary (FAS). One such design is a cash balance (CB) plan, long deployed in the private sector, and increasingly considered, but rarely yet adopted for teachers. Such plans are structured with individual 401(k)-type retirement accounts, but with guaranteed returns. In this paper I examine how the nation's first CB plan for teachers, in Kansas, has played out for system costs, and the level and distribution of individual benefits, compared to the FAS plan it replaced. My key findings are: (1) employer-funded benefits were modestly reduced, despite the surface appearance of more generous employer contribution matches; (2) more importantly, the cost of the pension guarantee, which is off-the-books under standard actuarial accounting, was reduced quite substantially. In addition, benefits are more equitably distributed between short termers and career teachers than under the back-loaded structure of benefits characteristic of FAS plans. The key to the plan's cost reduction is that the guaranteed return approximates a low-risk market return, considerably lower than the assumed return on risky assets.

Hybrid Cash Balance and Pension Equity Plans: Origins and Development

It is widely recognized that there has been a massive shift from defined-benefit (DB) to defined-contribution pension plans. However, the full extent of that shift from fully functioning DB plans is generally understated. This article measures and relates the extent of that understatement and its importance for retirement income. It then discusses the increasing importance of cash balance and pension equity plans and their legality. It then conducts an in-depth discussion of large (Fortune 500) employers, small- and medium-sized employers, and then very small employers (25 or fewer active participants). It concludes that retirement income plans in the United States are far from static. Indeed, they have evolved throughout the era and will continue to do so in the future.

DESIGNING A LOGISTICS NETWORK IN INTERNATIONAL TRADE

This article is devoted to the study of methods for solving the problem of increasing the economically sustainable development of international logistics networks, the study of the conditions of capital investments in logistics infrastructure with a positive accumulated cash balance as the accumulated amount of money flows with time stages of planning. The methodology of T. L. Saati will allow you to combine all the important components (indicators for evaluating the company’s performance: ROE, ROA, the ratio of own funds to attracted funds, etc.) into an analytical network.

DEVELOPMENT OF A METHODOLOGY FOR CALCULATING OPTIONS FOR THE DEVELOPMENT OF A LOGISTICS NETWORK

This article is devoted to the study of methods for solving the problem of increasing the economically sustainable development of international logistics networks, the study of the conditions of capital investments in logistics infrastructure with a positive accumulated cash balance as the accumulated amount of money flows with time stages of planning. The methodology of T. L. Saati will allow you to combine all the important components (indicators for evaluating the company’s performance: ROE, ROA, the ratio of own funds to attracted funds, etc.) into an analytical network.

“USED FOR TRANSPORTATION FOR RUNS AND SUPPLIES...”: EXPENSES OF THE SOLIKAMSK VOIVODSHIP OFFICE IN THE 1720s–1780s

The article analyzes the expenses of the Solikamsk voivodship office in the 1720s – 1780s. The problems of forming the expenditure part of the budgets of county institutions at the heyday of absolute monarchy seem to be poorly studied at the regional level. The author systematizes the data on the expenditure of local offices based on the study of materials of expendable and income books, extracts, books of worldly elders, arrears, salary books and other financial documents of the 18th century, many of which were introduced into scientific circulation for the first time. The Solikamsk voevodsky office spent the funds received from the population in accordance with the government's policy in each specific historical period. In the 1720s, the Solikamsk voivodship office financed the creation of enterprises in the Urals, hired workers to build factories, and payed for the services of a surveyor. All fees for various types of tax receipts were recorded in the current documentation of the provincial offices, which makes it possible to assess the items of income and expenses during the study period. The article concludes that local authorities were fulfilling the task of collecting taxes, and the office budget was surplus during the study period. The main part of the collected money went to the central departments for further use. The rest of the money went to the current needs of the voivodship office. The most significant expense items were payments to the Сhamber Board, the State Office, the Berg College, and the Kazan Admiralty Office. The financial activity of the office was associated with the wine monopoly (payment for wine and barrels). Administrative and economic expenses for their own needs did not make up such a significant part of money resources as compared to sending them to central departments. The presence of a constant cash balance in the Solikamsk office proves the success of the voivodship office during the period under study.

Meeting of obstetric and gynecological societies. Protocol No. X. Administrative meeting on February 16, 1895

It was chaired by V. I. Stolts.1) Protocols Nos. VIII and IX were read and approved.2) The revision committee of the members of Goraiskaya, Zamshin and Frank reported to the Company that during the revision of the cash desk, the last one was found by them in full order.3) Revision commission from members of Eberman, Vasten and A.R. Fisher reported to the Society that the receipts and expenditures and, in general, all the bookkeeping of the editorial office of the "Journal of Obstetrics and Women's Diseases", for the expired 1894, were kept correctly. The reporting financial year, concluded with a cash balance in the size of two hundred sixty seven rubles 32 kopecks (267 rub. 32 kop.).

Studi Kasus Pengaruh Efisiensi Supply Chain Terhadap Kinerja Pengelolaan Uang Tunai (Studi pada Divisi Sentra Layanan Perbankan Elektronik PT Bank Central Asia Tbk)

Cash at PT Bank Central Asia no longer faced logistics issues but has turned into a matter of optimizing the cash management costs of the cash balance managed. The managed balance should consider the needs of customers in branches and ATMs. Therefore, researchers feel the need to establish the amount of cash needed to be available in the branch and to make an estimate of the amount of money to be prepared Not idle. The money that is idle can be a conference for other purposes that generate income from the interest rate. The target in this study is to achieve a target of cash management costs amounting to 0.2% of the cash balance managed. Analysis process to find the root of the problem has not achieved the target cost of management of cash is by using PDCA method (Plan, Do, Check, Action), Fishbone diagram and Pareto diagram. The result of the calculation of the ideal balance and the forecasting of the ATM replenishing the performance, which is very significant cost efficiency so that the target set can be achieved.