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Abstract - Can the World Monetary System be Saved from Collapse by Monetary Gold
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Abstract: The world community is gripped by the expectation of significant changes in the international monetary system, which has been permanently in crisis for decades. The uncertainty of the future gives rise to a sense of impending catastrophe, which must be prepared now, finding reliable anchors for preserving capital and providing an equivalent exchange in commodity markets. Historically, during a period of aggravation of the crisis of the international monetary system, monetary gold invariably remains as a reliable anchor, which is due not only to its unique properties, but also to the mentality of economic entities of all levels. The article deals with the basis of the emergence and periodic aggravation of the crises of the international monetary system, the causes of the new exacerbation, and the changing role of monetary gold in the process of globalization of the world economy. The role of international reserves in the gold reserve in the maintenance of socio-political stability is shown, the reasons determining the need to preserve and increase the gold reserves of central banks are substantiated. Keywords: International monetary system, monetary gold, international reserves, gold reserves. |
Abstract - Capital Theory, Crises, and Business Cycles: The Triangular Debate between Hayek, Keynes, and Sraffa
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Abstract: The paper discusses aspects of the triangular debate between Hayek, Keynes, and Sraffa on economic crises, business cycles and the role of capital theory in an analysis of these phenomena. It is argued that Sraffa was both critical of Hayek's monetary overinvestment theory and Keynes's use of the concept of commodity rates of interest Sraffa had employed in his criticism of Hayek and of Keynes's theory of liquidity preference. Keywords: Business cycles, Capital theory, Crises, F.A. von Hayek, J.M. Keynes, P. Sraffa.Download Full Article |
Abstract - Central Bank Policy and Cryptocurrencies
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Abstract: Private cryptocurrencies became an integral part of the financial market. Central banks expressed various positions with respect to cryptocurrency from strong denial to non-intervention. We found out a common and dominating trend in the central bank’s policy to lead the further development of crypto-currency by restrictions, robust surveillance and licensing. The first section contains common information about central banks’s approach to regulation cryprocurrencies. Next section summarizes the treatment of cryptocurrency by central bankers, also it cointains 2 tables devoted to typology of cryptocurrency legality by countries and recognition of cryptocurrency by countries. Section 3 is devoted to the impact of global crisis on the dissemination of digital cryptocurrencies and contains 5 tables with information about banknotes and coins in circulation and a tables with top-10 cryptocurrencies. Section 4 describes the typology of warning signals sent by central banks to general public, investors, and market players. Section 5 concludes the material. Keywords: Currency, Money, Central Bank, Monetary Policy, Cryptocurrency. |
Abstract - Causality between Monetary Expansion and the Price Level in India since 1950s – A Re-Examination
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Abstract: This paper has tested short run causality between broad money supply and whole-sale price index (WPI) in India during 1951-2013 adopting a Toda-Yamamoto (1995) modified Granger causality approach under a VAR environment. Exponentially detrended annual time series data on broad money supply and the whole-sale price index are used for this purpose. Alternative tests for structural breaks reveal significant but dissimilar breaks in the variables. The empirical results are suggestive of a uni-directional causality from broad money supply to WPI. The study further finds that broad money supply and WPI in India have a long-run co-integrating relationship and short run causal relations could hence be expected. Keywords: Broad money supply, WPI, Modified Granger Causality, Toda-Yamamoto (1995) and VAR.Download Full Article |
Abstract - Changes in Inflation Persistence Prior and Subsequent to the Subprime Crisis: What are the Implications for South Africa?
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Abstract: The appropriateness of the inflation targeting regime as a policy framework for the South African Reserve Bank (SARB) continues to be a furiously debated topic for both academics and policymakers alike. In this study, we approach this debate by examining whether there have been any changes in the persistence of the inflation process for periods prior and subsequent to the global financial crisis. By effect, our study attempts to answer the question of whether inflation targets have been successful in controlling inflation rates in the face of unanticipated financial crisis. Indeed, our empirical results indicate that persistence in the inflation process has decreased in periods subsequent to the subprime crisis, and yet this has been accompanied by decreases in economic growth and unchanged high levels of unemployment. Our study ultimately suggests that given the current status of the economy, inflation may be required to be lowered to close-to-zero levels which will have to be accompanied with higher levels of economic growth, separate macroeconomic policies which specifically target unemployment and a change in domestic real interest rates. Keywords: Inflation persistence, inflation targeting, global financial crisis, monetary policy, South Africa, sub-Saharan Africa (SSA). |