Kryptowaluty jako element systemu pieniężnego

The purpose of the chapter is to characterize the phenomenon of cryptocurrencies in a broader macroeconomic context, namely as a potential monetary unit and an element of future rebuilt monetary systems. The chapter first presents the definitions and ways of understanding cryptocurrencies. Then, using a simple instrument, the SWOT matrix, the strengths and weaknesses of cryptocurrencies are presented, as well as the opportunities and threats that can be identified in relation to the performance individual functions of money by these units and being an element of monetary systems. The next part of the chapter overviews the most important areas of research on cryptocurrencies in their systemic, macroeconomic approach and applications. Then, general conclusions are drawn and the prospects for the development of cryptocurrencies in their monetary function are indicated.

REDUCING TOTAL ENERGY COSTS FOR TECHNOLOGICAL OPERATIONS IN AGRICULTURE - A WAY TO REDUCE GREENHOUSE GAS EMISSIONS TO THE ATMOSPHERE

The article is devoted to the search for ways to reduce carbon dioxide emissions into the atmosphere when performing technological operations in agricultural production. It is proposed to calculate the efficiency of using machine and tractor units based on the methods of physical economics, when not a monetary unit is used as an indicator of efficiency, but an energy unit, which is an indirect indicator of saving or increasing emissions of carbon dioxide. It is substantiated that a decrease in total energy costs when performing technological operations for the production of grain and other crops directly leads to a decrease in greenhouse gas emissions into the atmosphere. Examples of computational experiments are given to identify the most optimal brand of a tractor and optimize the parameters of the working width and speed of the seeding machine-tractor unit K-5250 + Agromaster, leading to a decrease in total energy costs and, accordingly, to a decrease in carbon dioxide emissions and carbon sequestration from the air by reducing losses harvest

Schools of Smolensk Province in the Era of NEP: from Survival to Development

The period of the new economic policy, 1921–1928, is often idealized in the public mind and presented against the background of the previous policy of «war communism» as a decade of abundance and prosperity, a significant break- through in the socio-economic life of Soviet Russia that has just emerged from the Civil War. A valid argument for such an assessment of NEP will be the convertible new monetary unit of Russia, viz. the gold chervonets, as well as the broad devel- opment of cooperation and the first concessions attracting foreign capital. However, there was another side to this apparently blessed picture of the NEP era – the state, focusing exclusively on «pulling out» the economy, completely «left» the social sphere, shifting the solution of social issues to local authorities. This included, in fact, firstly, public education. From the second half of 1921, the school was left without centralized state funding, if we did not consider additional charges for the food tax, which solved absolutely nothing. The introduction of tuition fees for education, the so-called contractual schools, the peasants’ self-imposition for the needs of education included a set of measures that the center proposed to the regions to preserve the public education system. The period of the school survival, concerning especially the rural school, began. Gradual changes for the better began only in the 1926–1927, when the some what stronger state again «turned its face to the school» and the practice of selftaxation will actually work in the regions, when not only existing schools were repaired at peasants’ expense, but also new schools were being built, equipment and textbooks were procured. A decent salary, in comparison with the beginning of NEP, was paid to a school teacher. The school entered its developmental stage.

Monetary Reform of G.Ya. Sokolnikov

The article covers the transformations in the sphere of commodity-money relations during establishment of Soviet power. The period under review starts from the chaotic monetary policy in the first post-revolutionary years with attempts to abandon money exchange to the period of creating stable money circulation in the country. NEP brings positive changes, when trade resumes, monetary wages are required, and a for-profit model (khozraschyot) is established. Theoretically, the advantage of a fixed equivalent of value is proved, and stable money is needed, the basis of which is gold. The State Bank is restored. It becomes possible to issue a bank card backed by gold. Under the People's Commissariat of Finance, a Currency Department is created. G. Ya. Sokolnikov is appointed to the post of People's Commissar, a group of specialists is selected, among them N. Kutler, L. Yurovsky, V. Tarnovsky. The reform begins with the implementation of two denominations that have eliminated many varieties of banknotes and reduced their number. The chervonets becomes the main monetary unit, which has a gold content and security. In 1924, the reform is completed. The Soviet Union is able to restore the national economy. The article states that the reform proved the viability of the Soviet currency, as well as the high qualification and theoretical training of its performers. Being in more difficult conditions than other countries participating in the First World War, the Soviet Union carried out monetary reform before them and with a higher result.

Regulating Liability for Crimes Against Monetary Systems in the Context of Digitalized Economic Relations

A monetary system is a historically established model of organized monetary circulation that includes the national monetary unit (legal tender), the types of banknotes, and the order of their issue and circulation. This model is normatively fixed, since it is a core component of the national economy. At the same time, the security of a monetary system is a primary strategic goal in the economy of a nation. The achievement of such a goal is possible by solving specific tasks related, inter alia, to the prevention of criminal actions in the analyzed area. As key elements of crimes against the monetary system, national criminal legislation should highlight property obtained by criminal means, including laundering of funds (Articles 174 and 1741 of the Criminal Code of the Russian Federation), counterfeiting (Article 186), and the illegal turnover of payment funds (Article 187). Given the dynamics of changes taking place in society and the state, the structures of criminal elements are likewise subject to transformation, especially with regard to the development of digital financial technologies. The legal vacuum of the new sphere of public relations, its subordination to algorithms and programs on the one hand, and the blank nature of these norms of criminal law, on the other, as well as the imperfections of procedural mechanisms focused on regulating analog public relations, as opposed to digital, on the other, form barriers to legal influence. This article is devoted to the analysis of these and other problems of the legislative regulation of crimes that encroach upon the monetary system via digital economic relations.

More from Less? Environmental Rebound Effects of City Size

Global sustainability relies on our capacity of understanding and guiding urban systems and their metabolism adequately. It has been proposed that bigger and denser cities are more resource-efficient than smaller ones because they tend to demand less infrastructure, consume less fuel for transportation and less energy for cooling/heating in per capita terms. This hypothesis is also called Brand’s Law. However, as cities get bigger, denser and more resource-efficient, they also get richer, and richer inhabitants consume more, potentially increasing resource demand and associated environmental impacts. In this paper, we propose a method based on scaling theory to assess Brand’s Law taking into account greenhouse gas (GHG) emissions from both direct (energy and fuels locally consumed) and indirect (embedded in goods and services) sources, measured as carbon footprint (CF). We aim at understanding whether Brand’s Law can be confirmed once we adopt a consumption-based approach to urban emissions. By analyzing the balance between direct and indirect emissions in a theoretical urban system, we develop a scaling theory relating carbon footprint and city size. Facing the lack of empirical data on consumption-based emissions for cities, we developed a model to derive emission estimations using well-established urban metrics (city size, density, infrastructure, wealth). Our results show that, once consumption-based CF is considered, Brand’s Law falls apart, as bigger cities have greater purchase power, leading to greater consumption of goods and higher associated GHG. Findings also suggest that a shift in consumption patterns is of utmost importance, given that, according to the model, each new monetary unit added to the gross domestic product (GDP) or to other income variables results in a more than proportional increase in GHG emissions. This work contributes to a broader assessment of the causes of emissions and the paradigm shift regarding the assumption of efficiency in the relationship of city size and emissions, adding consumption behavior as a critical variable, beyond Brand’s Law.

Development of the Risk Accumulation Method for Calculating the Capitalization Rate

Risk build-up method is the most used for calculating the capitalization rates. With the help of the literature analysis, the origin of this method is considered. The method was based on the relationship between risk and profitability of a stock in exchange trading, proven statistically. Later, when formulating the build-up method, this idea was transferred without any justification to the valuation of enterprises that do not list their securities on stock exchange. In other words, the formulas traditionally used in the application of the build-up method are empirical in nature and not precise.It is more accurate to write them down by analogy with Irwin Fisher's equation of returns. Based on the principle of dependence, one of the main ones for the valuation procedure, the essence of which is that the value of the valuation subject depends on its economic location, a set of four independent risks is given for use in the build-up method in general case: risk-free rate, country risk premium, branch risk premium, and subject risk adjustment. It is noted that the numerical value of these parameters used in the method fundamentally depends on the monetary unit used in the calculation (the valuation currency). Recommendations are given on finding a risk-free rate for various currencies, on calculating country risk premium, branch risk premium, and subject risk adjustment. The article is intended for academics, lecturers, and practitioners in such areas as corporate finance, business microeconomics, valuation, and investment analysis.