HOARDS OF THE 4th - 3rd CENTURIES BC PANTICAPAEUM BRONZE COINS FROM THE EXCAVATIONS IN THE MANITRA SETTLEMENT (THE EASTERN CRIMEA)

В 2018 г. в ходе раскопок античного поселения Манитра, расположенного в Восточном Крыму, были найдены три клада пантикапейских бронзовых монет IV-III вв. до н. э. Два из них (24 и 62 монеты) относятся к начальной фазе денежного кризиса на Боспоре и были сокрыты в первой четверти III в. до н. э. Третий клад (10 монет) принадлежит более раннему времени, последней трети IV в. до н. э. Публикуемые комплексы являются ценным свидетельством экономического состояния Боспора и денежного обращения на хоре в конце IV - первой четверти III в. до н. э. Дата двух первых кладов ок. 290-275 гг. до н. э. является terminus post quem для жизнедеятельности поселения Манитра. In 2018, three hoards of the 4 and 3 centuries BC Panticapaeum bronze coins were found during excavations in the Settlement of Manitra located in the Eastern Crimea, in Kerch environments. Two of them (consisting of 24 and 62 coins) belong to the initial phase of the monetary crisis on the Bosporus and were concealed in the first quarter of the 3 century BC. The third hoard is dated to the last third of the 4 century BC, consisting of ten coins. The assemblages are the valuable evidence for the Bosporan economic situation and currency in the chora in the late 4 to the first quarter of the 3 century BC. The latest coins in the hoards date to c. 290-275 BC, providing a terminus post quem for the end of the Manitra settlement life.

Early Detection of South Korean Financial Crisis using MS-GARCH Based on Term of Trade Indicator

<p><strong>A</strong><strong>bstract</strong><strong>.</strong> The 1997 Asian financial crisis, which occurred until 1998, had a significant impact on the economies of Asian countries, including South Korea. The crisis brought down the South Korean currency quickly and sent the economy into sudden decline. Because the impact of the financial crisis was severe and sudden, South Korean requires a system which able to sight crisis signals, therefore that, the crisis will be fended off. One in all the indicators that can detect the financial crisis signals is that the term of trade indicator which has high fluctuation and change in the exchange rate regime. The mixture of Markov Switching and volatility models, Generalized Autoregressive Conditional Heteroscedasticity (GARCH), or MS-GARCH could explain the crisis. The MS-GARCH model was built using data from the South Korean term of trade indicator during January 1990 until March 2020. The findings obtained in this research can be inferred that the best model of the term of trade is MS-GARCH (2,1,1). Term of trade indicator on that model could explain the Asian monetary crisis in 1997 and also the global monetary crisis in 2008. The smoothed probability of term of trade indicators predicts in April till December 2020 period, there will be no signs of the monetary crisis in South Korea.</p><p><strong>Keywords</strong><strong>: </strong>financial crisis, MS-GARCH, South Korea, term of trade indicator</p>

The Monetary Crisis of Lebanon

Above its traditional currency and debt crisis features, Lebanon’s ongoing crisis sheds the light on the inherent weakness of dollarized monetary systems. This crisis can be seen as a monetary crisis, as the country’s dollarized banking system’s liquidity and solvency problems led to the loss of the “moneyness” of its dollar denominated deposits. We analyze the different dimensions of this crisis and we make policy recommendations, inspired by the experience of the Argentine 2001–2002 convertibility crisis. Finally, we look into the redistributive implications of different conversion scenarios.

Index of the Cycle of Money – the Case of Bulgaria

This paper seeks to make clear how the concept of the cycle of money works in an actual case scenario like this of the economic system of Bulgaria. The index of the cycle of money suggests how an economic system ought to counteract a monetary crisis and examines how well-structured a country’s economy is. The estimations of the index of the cycle of money of Bulgaria are compared with the global average index of the cycle of money. The estimations reveal that Bulgaria is close to the average global value. Bulgaria’s results show that it is a well-structured economy and can face an economic crisis. The applied methodology stands on the analysis of the theory, mathematical, statistical, and econometrical results. The current work is important as it represents the strength of Bulgaria’s economy to a potential crisis. The results could be achieved by the application of the theory of the cycle of money to a country’s economy. Prior real case scenario conclusions are from Latvia.

‘Open for Business’ but Bankrupt: Currencies, the ‘New Dispensation’ and the Zimbabwean Economy

The paper examines the Mnangagwa government’s economic policies in Zimbabwe. It looks at its ‘new’ dispensation economic policies, passed off as creating a middle-income economy by 2030. The study suggests that these policies, encapsulated in the ‘open for business’ rhetoric, were designed to create an image of political and economic reform. However, efforts to mask the ZANU-PF government’s unmistakable authoritarian traits failed. It is increasingly apparent that there is no significant departure in economic policies from the previous Mugabe regime. Zimbabwe’s crisis endures as the technocrats fail to resolve the monetary crisis and the economy continues to collapse.

Effects of Pandemic Covid 19 on Indonesia Banking

The Covid 19 pandemic befell the world and Indonesia was no exception. This pandemic affects not only health but also socio-economic. When the economy is hit then the banking sector is also hit. This study attempts to look at the effects of the Covid 19 pandemic and compare it with the 1998 monetary crisis. By comparing these two crises we can see the differences and similarities of the current crisis. But the most important thing is how regulators and banking can draw lessons from the 1998 crisis to be applied to the current crisis. This research is applicative research that is by applying the existing framework to a new situation. The framework used in this study is a seven-tier system in managing bank assets and liabilities. From the results of this study can be seen the fundamental differences between the crisis of Pandemic Covid 19 and the monetary crisis of 1998. This study concludes that the banking conditions in Indonesia are currently more resistant to crisis. However, government support, especially in the adoption of macroeconomic policies, is still needed to maintain economic stability.

Reasons for Adopting Coupons of Government Interest Securities into Money Circulation in the Course of Aggravation of the Monetary Crisis of 1917–1918 in the Simbirsk and Kazan Provinces

Introduction. The study focuses on issues of money circulation in the Simbirsk and Kazan provinces during the period of the monetary crisis, the aggravation of which occurred in 1917–1918. These provinces simultaneously underwent all the negative consequences of the collapse of the financial system of Russia, including monetary circulation, and then almost equally resolved the issues of lack of circulation of banknotes. To overcome the crisis situation caused by the lack of cash, regional and central authorities have applied various ways to resolve it, one of which was the widespread use of coupons of government interest securities as cash equivalents. Subject. Against the background of the analysis of the general economic situation in Russia, the presented material reveals the circumstances of the resolution of the monetary crisis in the Simbirsk and Kazan provinces by using coupons of government interest securities in money circulation. Objectives of Study. The objectives of the study and the subsequent analysis were: to identify the reasons why the central authorities of Russia, as well as the regional authorities of the Simbirsk and Kazan provinces, decided to use funds coupons in money circulation. Materials and Methods. The study relies on archival materials that contain information about the use of coupons of government interest securities in money circulation. In the course of studying these materials, the information reflected in them was systematized and analyzed. A systematic approach, a comparative analysis and a logical generalization of the results were used. The results of the study. In the course of the study, the reasons for the use of coupons of government interest securities in money circulation were identified, the actions of regional and central authorities that allowed the use of coupons as cash equivalents were analyzed. In addition, new historical facts have been established related to the history of the Simbirsk and Kazan provinces. Discussion and Conclusion. The results of the study indicate that the decisions of government authorities, both central and regional, on the use of government interest securities coupons in money circulation were due to the need to find a way to resolve quickly the monetary crisis caused by a shortage of cash.

Peran UMKM (Usaha Mikro Kecil Menengah) Dalam Meningkatkan Kesejahteraan Masyarakat

<em>The purpose of this literature study discussion is to illustrate the role of MSMEs (micro small and medium enterprises) in improving the welfare of the community. To discuss this problem using the literature study method. The results of the discussion show that the role of micro, small and medium enterprises is very important to improve the community's economy. This business was chosen because it has been proven tested in dealing with any situation including the monetary crisis and its major role in equalizing income and the welfare of the community</em>

Pelaksanaan Kebijakan Penyanderaan Pajak (Gijzeling) Dilihat Dari Perspektif Hak Asasi Manusia

Tax is a source of income for a country, the use of tax money to finance all state expenditures and financing state development projects. Tax collection is carried out by the state to taxpayers or tax bearers. The current monetary crisis makes many taxpayers who do not obey in paying taxes. So the government must create a new mechanism that aims to help forcibly for taxpayers who do not obey the law. One such mechanism is the forced institution of body (gijzeling). In establishing gijzeling institutions, there are things that must be considered and considered, namely the legal, justice and humanitarian needs (Human Rights), because basically these institutions contain elements of deprivation of liberty. This study aims to analyze how the institution of forced agency (gijzeling) is implemented and how the implementation of tax hostage policy (gijzeling) is seen from the perspective of Human Rights. From the results of the study, it is known that the enforced implementation of the body can be carried out if other administrative legal activities are proven and the tax guarantor has arrears a tax payment of Rp 100,000,000-, and viewed from the perspective of human rights taking a tax (gijzeling) is basically a deprivation of a person's right to independence, but related to the tax guarantor who has no good intention, gijzeling can be applied.