Summary

As the controversy over the “Great Reset” being advocated by supporters of globalization continues, those who consider the prospect of a centralized monetary system controlled by unelected and largely unknown people to be profoundly undesirable will be greatly strengthened in their resistance if they can agree on a preferable alternative. What is needed most of all is a means of reducing the vulnerability of smaller countries to destabilization by large financial corporations and government organisations. This book advocates close consideration of the politically and economically simple initiative to implement the Grondona system, which enables individual countries to improve the working of existing monetary policy arrangements incrementally, notably by stabilizing the real value of their national currency in terms of a range of industrial commodities. Eminent economists have argued in favour of this policy for more than a century, but without offering a satisfactory means of implementing it.

Alois Rašin – czeski i czechosłowacki ekonomista. Przegląd wybranych koncepcji, poglądów i doświadczeń

Alois Rašín (1867-1923) was a Czech and Czechoslovak politician, economist, one of the founders of Czechoslovakia and its first finance minister. Alois Rašín is also the author of the first Czechoslovak law and the creator of the national currency, i.e. the Czechoslovak koruna. Rašín was a representative of conservative liberalism. The paper presents a review of Alois Rašín's concepts, views as the Minister of Finance of Czechoslovakia. Particular attention was paid to his efforts to regulate the currency and monetary system of Czechoslovakia, and to fight galloping inflation (hyperinflation). Rašín supported the free competition, believed in an entrepreneurial society, and believed that the state should strive to maintain a balanced budget.

Bancor Comes of Age: A Case for an Indian Bitcoin Reserve

John Maynard Keynes proposed the concept of ‘Bancor’ 1940 as a supranational currency that would serve as the international reserve currency. The concept did not take off at the time, although the underlying need to liberate the international system from the hegemonic tendencies of a national currency serving as a global medium of exchange. The emergence of Bitcoin makes it possible to revive the idea of a de-nationalised global medium of exchange. This article examines the feasibility of such an idea by examining a viable state policy for adoption and use in the international realm.

The pharmaceutical reform in the Republic of Moldova during the period of independence

Over the last two decades, the Republic of Moldova has gone through a complex and controversial way of its development. Determining its vector of development based on the democratic values of Western culture the legal framework has been practically completely revised and created. The concept of reforming the pharmaceutical sector in the Republic of Moldova included: liberalization of prices and freedom from the planned system of economic management while creating the necessary mechanisms for the functioning of the market economy – creating the banking system, establishing the capital market, introducing the national currency, creating other institutions, as well as the huge process of creating a new legal framework.

Repressive Policy of the Soviet State in the Field of Protection and Ensuring the Stability of the Ruble in the 1920s-1950s (Financial, Economic, Criminal and International Legal Aspects)

Based on the analysis of archival and bibliographic sources, the paper examines the financial, economic, criminal and international aspects of the policy of the Soviet state in the field of protection and maintenance of the national currency and economic sovereignty of the USSR in the 1920s-early 1950s. Special attention is paid to the study of the law enforcement practice of Soviet punitive bodies. In conclusion, conclusions are formulated designed to actualize the priority of conducting a unified financial, credit and monetary policy in the Russian Federation

Using a regression model for enhancing evaluation of regional purchasing power parities of the national currency with the main focus on teachers’ salaries in Russia

Introduction. Purchasing power of national currency varies widely across countries and regions, thus inter-regional comparisons pose a problem of financial and economic indicators comparability. In Russia, this issue is being currently solved by using the state budget expenditures index and the cost of a fixed set of goods and services (consumer basket) calculated for each region. The aim of this article is to propose and evaluate an alternative method of improving the accuracy of inter-regional price differentiation estimates. Materials and Methods. This study is based on the research investigation by Costa et al (2019) conducted on a sample of more than 300 regions of OECD countries. Relying on that research, the authors collected relevant data on Russian regions and analyzed a multiple linear regression model. Within the model, a consumer basket cost was a dependent variable, and the average income, the share of industry and the share of services in gross regional product were considered as independent variables. Results. The parameters of the model revealed an acceptable level of its explanatory power (R2 = 0.76), as well as a significant influence of all factors. Applying the model, the authors received the predicted consumer basket cost. Both types of the consumer basket costs (actual and predicted) were correlated with the external factors of regional price differentiation, selected from the literature as evaluation criteria: transport infrastructure quality, social inequality level, market competition level, regional fiscal policy, etc. The analysis revealed that significant correlations with the external parameters were higher for the predicted consumer basket cost as compared to the actual one. The possibility of using the results of this study to improve the accuracy of the comparative interregional analysis of financial and economic indicators is illustrated by the example of comparing the nominal and calculated adjusted values of teachers’ average salary in all regions of the Russian Federation. Conclusions. The findings suggest that the predicted consumer basket cost allows to conduct more accurate assessment of the differences in the national currency purchasing power in Russian regions. The results of the study can be used to improve the accuracy in comparative inter-regional investigations of financial and economic indicators.

Analysis of conditions for consolidation of investments in Russian fixed assets

Subject. The article investigates the consolidation of investments in Russian fixed assets. Objectives. The purpose of the study is to identify conditions for the consolidation of investments in Russian fixed capital. Methods. The study draws on the systems approach, using the methods of statistical, neural network, and cluster analysis. Results. I reveal conditions for consolidation of investments in Russian fixed capital, i.e. private and foreign property, burdened with funds from the issue of corporate bonds and shares. The paper identifies a significant part of the Russian economy (mining activities) and unveils the high-tech imports domination. It highlights conditions for consolidation of investments in Russian fixed capital in the form of private and foreign property, which determine the parameters of international cooperation in US dollars and in the national currency, avoiding an excessive increase in gross government debt in the national currency. Conclusions. The described conditions for consolidation of investments in Russian fixed assets enable to direct the activities of the Russian government to effective combination of external and internal factors that ensure economic growth.