The Other Side of Convertibility

A system for ensuring the convertibility of a currency into specified commodities is also, ipso facto, a system for stabilizing the prices of those commodities in terms of the currency in question. This connection is widely ignored in discussions of these two subjects, but it links the two specialised fields of monetary economics and commodity price stabilization tightly together. Unfortunately, despite much work on the topic spanning many decades, almost all such work is made within a single paradigm – that of establishing an international institution to stabilize commodity prices. However, for a number of reasons, no international agreement can achieve more than a very partial solution to this problem: most importantly it cannot directly stabilize more than a single currency, thereby losing the most fundamental benefit of a true solution for all but one of the participating countries. A different approach is therefore needed.

DAMPAK ZAKAT TERHADAP KESEJAHTERAAN MATERIAL DAN SPIRITUAL MUSTAHIK (STUDI KASUS BAZNAS MICROFINANCE DESA SAWOJAJAR)

ABSTRAKPengukuran kesejahteraan menurut perspektif Islam tidak hanya pada sisi harta atau material. Namun juga sisi spiritual. Hal tersebut akan diterapkan pada mustahik penerima zakat produktif dalam penelitian ini. Penelitian ini bertujuan untuk menganalisis dampak program zakat produktif dari BAZNAS Microfinance Desa Sawojajar terhadap kesejahteraan mitra yang dilihat dari segi material dan segi spiritual. Metode penelitian yang digunakan yakni pendekatan kuantitatif dengan wawancara dan kuesioner. Sampel diambil menggunakan metode convenience sampling. CIBEST digunakan sebagai alat pengukuran dan analisis. Hasil menunjukkan adanya program zakat produktif dapat meningkatkan kesejahteraan dan menurunkan indeks kemiskinan material. Dengan atau tanpa adanya bantuan zakat, tidak terjadi perubahan signifikan terhadap tingkat spiritual mitra.Kata Kunci: Zakat produktif, Kesejahteraan, Indeks kemiskinan Islami. ABSTRACTMeasurement of welfare according to the Islamic perspective is not only on the property or material side. But also the spiritual side. This will be applied to productive zakat recipients in this study. This study aims to analyze the impact of the productive zakat program from BAZNAS Microfinance in Sawojajar Village on the welfare of partners from a material and spiritual perspective. The research method used is a quantitative approach with interviews and questionnaires. Samples were taken using convenience sampling method. CIBEST used as measurement and analysis tools. The results show that the productive zakat program can improving welfare and reducing the material poverty. With or without zakat assistance, there is no significant change in the spiritual level of partners.Keywords: Productive zakat, Welfare, Islamic poverty index.DAFTAR PUSTAKAAdiba, E. M., & Hijriah, H. Y. (2015). Fungsi pemerintah (Alokasi, distribusi, dan stabilisasi) Islam pada pemenuhan maqashid syariah untuk mewujudkan negara kesejahteraan. Proceedings Call For Paper, International Conference, and Ph.D. Colloquium on Islamic Economics and Finance, 118-133.Aedy, H. (2011). Teori dan aplikasi ekonomi pembangunan perspektif Islam. Yogyakarta: Graha Ilmu.Asnaini. (2008). Zakat produktif dalam perspektif hukum Islam. Yogyakarta: Pustaka Pelajar.Beik, I. S. (2010). Tiga dimensi zakat. Jakarta: Harian Republika.Beik, I. S., & Arsyianti, L. D. (2015). Construction of CIBEST model as measurement of poverty and welfare indices from Islamic perspective. Al-Iqtishad, 7(1), 87-104. DOI: 10.15408/aiq.v7i1.1361Beik, I. S., & Arsyianti, L. D. (2016). Measuring zakat impact on poverty and welfare using CIBEST model. Journal of Islamic Monetary Economics and Finance, 1(2), 141-160. DOI: https://doi.org/10.21098/jimf.v1i2.524Hafidhuddin, D., & Pramulya, R. (2008). Kaya karena berzakat. Jakarta: Penebar Swadaya.Huda, N., & Gofur, A. (2012). Analisis intensi muzakkî dalam membayar zakat profesi. Al-Iqtishad, 4(2), 217-240. DOI: 10.15408/aiq.v4i2.2547Pratama C. (2015). Pendayagunaan zakat produktif dalam mengurangi kemiskinan berdasarkan CIBEST model: Studi kasus PT Masyarakat Mandiri LAZ PM Al Bunyan. Skripsi tidak dipublikasikan. Bogor: Institut Pertanian Bogor.Widyaningsih, N. (2016, Januari 2016). Studi dampak zakat di Sulawesi Selatan dengan model CIBEST. Republika. Diambil dari https://republika.co.id/berita/koran/iqtishodia/o1n9sk2/studi-dampak-zakat-di-sulawesi-selatan-dengan-model-cibest.BPS Kota Malang. (2021). Profil Kemiskinan Kota Malang 2020. Diambil dari https://malangkota.bps.go.id/pressrelease/2021/01/04/255/profil-kemiskinan-kota-malang-2020.htmlQuran Surat An-Nahl Ayat 97 Arab, Latin, Terjemahan Arti Bahasa Indonesia. Diambil dari https://tafsirweb.com/4445-quran-surat-an-nahl-ayat-97.htmlBPK RI. (2011). Undang-undang (UU) tentang Pengelolaan zakat. Diambil dari https://peraturan.bpk.go.id/Home/Details/39267/uu-no-23-tahun-2011

Decentralized issues in bitcoin blockchain and Nakamoto monetary rule

The paper is devoted to studying the bitcoin blockchain as a new global phenomenon in monetary economics, which requires comprehending from the economic theory view - a self-regulating system of decentralized emission without participation of a central monetary authority. Mathematical modelling is the instrument of this studying. The author has analyzed the Bitcoin system parameters that determine dynamics of a self-regulating emission mechanism. This mechanism operates in a peer-to-peer computer network and provides a smooth increasing of the "money supply" with a gradually decreasing rate of growth. The limit of this growth is determined by maximal volume 21 million BTC. Self-regulation is implemented through negative feedback between changes of control parameters (the target interval for the hash function values and the Bitcoin Difficulty level) and the speed of mining process. Control parameters depend on the real speed deviations from the target value. This mechanism provides a stable mining speed and determines annual rate of emission. The author suggests a spline-function for describing the annual rate of the cryptocurrency emission in accordance with the Proof-of-Work protocol in the Bitcoin blockchain algorithm. This spline-function gives possibility to find a monetary rule for annual rate of emission. The author in the paper proposes to call this monetary rule by the name of the Bitcoin system inventor - Nakamoto Monetary Rule. The Nakamoto Monetary Rule could be seen as the first example of a programmable monetary rule of the decentralized emission algorithm on the basis of blockchain technology. Central banks could use a similar approach, with the necessary modifications, to develop their programmable monetary rules for Central Bank Digital Currencies (CBDCs) emission based on DLT or blockchain technology

The Barnett Critique

The Barnett critique states that there is an internal inconsistency between the theory that is implied by simple sum monetary aggregation (perfect substitutability among components) and the economic theory that produces the models within which those aggregates are used. That inconsistency causes the appearance of unstable demand and supply for money. The incorrect inference of unstable money demand has caused serious harm to the field of monetary economics.

The Dog that Did Not Bark: The Curious Case of Lloyd Mints, Milton Friedman, and the Emergence of Monetarism

Evidence about Lloyd Mints’s role in the development of monetary economics at the University of Chicago has proven elusive, with the result that Mints has long been considered a peripheral figure at Chicago. We provide evidence showing that the standard assessment of Mints’s standing in Chicago monetary economics—and in American monetary economics more broadly—is deficient. In light of (1) the originality and the breadth of his monetary contributions, (2) the cross-fertilization of his thinking with that of Milton Friedman, and (3) the way Mints’s original contributions helped shape part of Friedman’s framework and were pushed forward by Friedman, we argue that, far from being a peripheral figure in the development of Chicago monetary economics, Mints played a more substantial role than has been previously thought in the emerging Chicago monetary economics of the late 1940s and early 1950s.

Monetary Faith

The natural interest rate was the most important variable of monetary economics in the twentieth century. It has lingered in the background of economic policymaking, dictating the terms of debate for economic policy in general, and central bank policy in particular. The central banks pledge that if economists have enough faith in this unseen entity, we all will be the recipients of economic grace.

PENGARUH MODEL PEMBELAJARAN KOPERATIF LEARNING TIPE TAKE AND GIVE TERHADAP HASIL BELAJAR MAHASISWA MATA KULIAH EKONOMI MONETER

This study aims to determine the effect of the Take and Give Model on student learning outcomes in monetary economics courses. The results showed that there was an increase in student learning outcomes in the experimental class using the take and give learning model, it was obtained an increase in learning outcomes of 30.08 with an average pretest value = 56.05 and an average postest value = 87.03 while in the control class it was obtained an increase in learning outcomes of 25.00 with an average value of pretest = 58.9 and an average value of posttest = 83.09. Based on the results of hypothesis testing with a significance value (α), the Sig. (2-tailed) = 0.034 <0.05, then null hypothesis is rejected and alternative hypothesis is accepted. So it can be concluded that there are differences in student learning outcomes between the experimental class that uses the Take and Give Type of Cooperative Learning Model and the control class that uses the conventional learning model in monetary economics courses.

EVOLVING MONETARY ECONOMICS IN ISLAMIC PERSPECTIVE

The challenges facing the Islamic banking and finance industry include, inter alia, resolving the issue of ‘form over substance’, adopting value-based social and ethical finance, and reinforcing public confidence that its business and services conform to the principles of Shari’ah in both letter and spirit. These challenges can be faced only if Islamic finance is based on the money and monetary perspective of Islamic economics. An important aspect for discussion in this context is the issue of money creation. This paper is based on an analysis of the literature on conventional and Islamic economics and Islamic finance. It comprises observational and narrative research mainly because monetary policy from an Islamic perspective has not been implemented in any jurisdiction in the modern world. Its objective is thus to suggest how monetary policy might evolve from the perspective of Islamic law of contracts. It discusses an economic model in which a new theory of monetary economics could become a basis for evolving Islamic finance in its value-based perspective. It also discusses monetary economics and monetary policy from an Islamic perspective in the context of contemporary Muslim economies. The Islamic financial system must be based on the Islamic system of money, monetary economics and exchange principles. Hence, economists and policymakers may first focus on evolving monetary economics and policy from an Islamic perspective, to serve as a basis for structural reforms.