Money

Financial crimes affect millions of people every year and financial institutions must employ methods to protect themselves and their customers. The use of statistical methods to address these problems faces many challenges. Financial crimes are rare events that lead to extreme class imbalances. Criminals deliberately attempt to conceal the nature of their actions and quickly change their strategies over time, resulting in class overlap and concept drift. In some cases, legal constraints and investigation delays make it impossible to actually verify suspected crimes in a timely manner, resulting in class mislabeling or unknown labels. In addition, the volume and complexity of financial data require algorithms to be not only effective, but also efficiently trained and executed. This article focuses on two important types of financial crimes: fraud and money laundering. It discusses some of the traditional statistical techniques that have been applied as well as more recent machine learning and data mining algorithms. The goal of the article is to introduce the subject and to provide a survey of broad classes of methodologies accompanied by selected illustrative examples.

Радом се врши антрополошко истраживање Исусовог метафоричног позива ученицима да се угледају на поробљена лица која поуздано спроводе пословни интерес свог господара, саопштен његовoм параболом о талантима (Мт 25, 14-30). У првом делу рада, истраживање се методолошки поставља према односу антропологије и Библије/библистике. У другом делу, етнографски прикупљени подаци о значењу параболе тумаче се историјским контекстом Матејевог хришћанства. Радом се затим показује да је метафора профитерског робовласништва у параболи о талантима имала улогу упозоравања Матејевих хришћана да током Исусовог одсуства не посустану пред невољама и изворним (јеврејским) схватањем месијанизма. Матејеви хришћани су параболом позвани да попут добрих и верних робова превазиђу евентуалне страхове и узму неодложног учешћа у увођењу свих народа у статус својих/Исусових ученика (28, 18-20). Показујући, на овај начин, да се антрополошком анализом могу превазићи и методске погрешке у научној интерпретацији параболе/Библије, рад такође настоји да промовише допринос антропологије библистици и сарадњу две области.

PurposeThis paper seeks to provide a textual analysis of the anti money laundering practices of the central banks of Australia (Reserve Bank of Australia (RBA)) and Ukraine (National Bank of Ukraine (NBU)).Design/methodology/approachThe analysis is performed two ways by both calculating a disclosure index and through use of textual analysis.FindingsThe results show very low levels of anti money laundering disclosures by both NBU and RBA with NBU usually showing more. Textual analysis reveals that the NBU is prepared to internalise its discussion on anti‐money laundering discussing wide‐ranging topics. There appears to be a concerted communication effort by NBU to tackle the issues of money laundering head‐on. Textual analysis of the RBA's four annual reports show a clipped discourse on anti‐money laundering, treating it as if it were a distant concern. Over the four year period, there is little acknowledgement in the way of RBA textual discourse that Australia is a jurisdiction ...

This study aims to explore the empirical validity of the real interest rate parity (RIP) hypothesis for East Asian countries using Japan as the base country. To this end, we employ the recently proposed unit root tests of Christopoulos and Leon-Ledesma (2010) that account for both multiple smooth structural breaks of unknown form and nonlinear mean reversion in the series. Our empirical results uncover overwhelming evidences in favor of the RIP hypothesis for the whole countries in our sample. More specifically, through a Fourier approximation, it is observed that all real interest rate differentials display a mean reverting behavior around an infrequently smooth-breaking mean, with the breaks being in accordance with the financial reforms and economic crises witnessed by the countries. Moreover, the degree of mean reversion appears to vary nonlinearly with the size of real interest rate appreciations and depreciations.

A popular account for the demise of the UK's monetary targeting regime in the 1980s blames the fluctuating predictive relationships between broad money and inflation and real output growth. Yet ex post policy analysis based on heavily-revised data suggests no fluctuations in the predictive content of money. In this paper, we investigate the predictive relationships for inflation and output growth using both real-time and heavily-revised data. We consider a large set of recursively estimated Vector Autoregressive (VAR) and Vector Error Correction models (VECM). These models differ in terms of lag length and the number of cointegrating relationships. We use Bayesian model averaging (BMA) to demonstrate that real-time monetary policymakers faced considerable model uncertainty. The in-sample predictive content of money fluctuated during the 1980s as a result of data revisions in the presence of model uncertainty. This feature is only apparent with real-time data as heavily-revised data obscure these fluctuations. Out of sample predictive evaluations rarely suggest that money matters for either inflation or real output. We conclude that both data revisions and model uncertainty contributed to the demise of the UK's monetary targeting regime.

This paper investigates the long-run neutrality of money using quarterly data of South Korea and Taiwan and the methodology of King and Watson (1997) particular attention is given to the integration and cointegration properties of the variables. Empirical evidence provides considerable support for the long-run neutrality of money with respect to real output in the case of South Korea, indicating

The literature on the welfare costs of inflation universally assumes that the many-person household can be treated as a single economic agent. This paper explores what the heterogeneity of the agents in a household might imply for such welfare analyses. First, we show that allowing for a one-person or for a many-person transacting technology impacts the money demand function and, therefore, the welfare costs of inflation. Second, more importantly, we derive sufficient conditions under which welfare assessments which depart directly from the knowledge of the money demand function (as in Lucas, 2000) are robust (invariant) under the number of persons considered in the household. Third, we show that Bailey’s (1956) partial-equilibrium measure of the welfare costs of inflation can be obtained as a first-order approximation of the general-equilibrium welfare measure derived in this paper using a many-person transacting technology.

In this paper we intend to lay the grounds for a Phenomenology of money. We start from the pre-theoretical comprehension of money as an "entity for", that is to say, as a tool. Within this pre-theoretical comprehension, money is always understood according to its teleology (money is always "something to buy with"). Also, in this pre-theoretical framework money is hardly ever defined as "something to sell with", or as "something being the result of my work". Thus, in our daily experience the being of money becomes undistinguishable with the act of purchasing, which in turn underlines the deeply projective nature of money's essence. In order to grasp this projective quality, we will have to develop a phenomenlogy of the purchasing act. "To purchase" is "to get something by means of money". But, what is this thing that we get anyway? Whatever it is, it has a distinctive character: it is a merchandise. Through the appropiate phenomenologial descriptions, we will try to show how the description of the spatiality and temporality of the merchandise is essential to understand the effects of money upon the spatiality and temporality of the surrounding world.

Past studies have suggested that the neuropeptide oxytocin (OT) could play a crucial role in human trusting behavior. Specifically, people on OT would be more willing to entrust someone with their money than would people on a placebo. Because alternative explanations-which do not involve trust-exist for these studies' findings, the present study aimed to rule out confounds and test how OT influences trust behavior in a totally different context. The variable at stake was not money but confidential information. Sixty participants were randomly assigned to receive either OT or a placebo. Results showed that oxytocin does increase trust, and that its effects extend beyond money. Specifically, participants on OT were 44 times more trusting that their privacy would not be violated than participants on placebo.

The relevance of our research deals with growth of interests of cultural influence on different languages aspects. The article is devoted to the analysis of neologisms in modern Chinese language. In China, until 1949, neologisms reflected the realities of urban and rural life of that time, the confrontation between the CCP and the Kuomintang. The formation of the People's Republic of China brought to the forefront the issues of economic and political development, which could not but find its reflection in the language. The research examines the emergence and modern use of neologisms relating to money in Chinese, the cultural characteristics and manifestation of Chinese life in the neologism. Also raises the question of how long neologisms remain as a new vocabulary. The results of research could be used in teaching Chinese and could be interesting for Chinese learners. From the results of the survey, it is clear that neologisms related to material well-being are quite actively u...

This article analyzes the metaphorical play between money, gender, pornography, and literary representation in Alan Pauls’s 2013 novel Historia del dinero. This novel accurately depicts the economic instability of Argentina since the 1970s when the military dictatorship imposed neoliberalism and upended state-guided economies. The ways in which neoliberal economic relations are structured by gender relations and sexual difference are also explored. In this regard, this analysis will argue that the use of pornographic tropes in Historia del dinero, while being deployed to look critically at the place of money in Argentinian society, also
sheds light on the limits of metaphoric language. By dialoguing with Verónica Gago, Paul Preciado, and Jacques Derrida, this piece problematizes the interplay between economic and gendered languages that allow readers to understand these social phenomena. By using Derrida’s notion of metaphoricity as the ground zero of language, it is shown that metaphors do not represent the external world accurately but rather transfer one concept across linguistic realms to create meaning. In the case of Historia del dinero, pornographic excess points to a moment in which metaphoric relations collapse, thus showing that metaphors are, despite their structural failure, the only way through which language signifies

Conventional theory suggests that fiat money will have value in capitalpoor economies. We demonstrate that fiat money may also have value in capital-rich economies, if the price of capital is excessively volatile. Excess asset-price volatility is generated by news; information that has no social value, but is privately useful in forming forecasts over the short-run return to capital. One advantage of fiat money is that its expected return is not linked directly to news concerning the prospects of an underlying asset. When money and capital compete as media of exchange, excess volatility in the short-term returns of liquid asset portfolios is mitigated and welfare is improved. A legal restriction that prohibits the use of capital as a payment instrument renders the expected return to money perfectly stable and, as a consequence, may generate an additional welfare benefit. JEL codes: E4, E5.

This “Introduction” provides the context to make sense of the major themes which emerge across the nine chapters in the section on “Late Modernity”. If there has been a rupture in both the logic and in the history of money, it has been with the advent of capitalism, or more specifically, with the turn of non- and pre-capitalist money to capitalist money. In this sense capitalism equals the beginning of modern money and arguably of modernity itself. If so, modernity is a monetary phenomenon. Capitalist money and capitalist society mark not only the beginning of a new philosophical reflection on money, but also a new beginning of philosophy itself. That is, philosophy became new as capitalist society required new modes of thinking and new concepts in order to understand itself—new concepts of rationality, totality and mediation, system and process, and, of course, of society itself. Thus, the relation of philosophy and money can be seen to run in either direction: either as the philosophical reflection on money or, the other way round, capitalist money is reflected in new forms and concepts of philosophy.

In my study, following the introduction, I will review the methodological basisof media planning, afterwards I will present the categories of the media indexnumbers. Regarding the online/digital media, I will give several references tothe indexes’ criteria, which also appear in the index numbers of informationsecurity. After the part which deals with digital communication, I will continue with the security and vulnerability of information, indicating the gathering, thetransmission, the processing and the conservation of information, as well asthe attacks launched against the human resources. Regarding the measurementof the security of digital communication, on a lesser extent I will confer aboutintuitive measurement, while on a larger extent I will confer about exact measurement.I will also deal with the steps of determining performance indicatorsand the indexes of performance indication. I will conclude my study with recommendationsconcerning the possibilities for development of th...

At the end of 2019, there were 4,300 corporate companies in Hungary based on their core business in the private security sector. These are companies engaged in personal security activities, providing security system services or conducting (private) investigations and employing over sixty thousand employees. In this study, we analyzed some of the financial statements of the officially disclosed financial statements of companies for the financial years 2014 to 2018 on a sectoral basis with a time series analysis. Part of the data was used to construct indices and, through the data and the indices, sketched a relatively detailed picture for sector evaluation. In the theoretical part of our paper we have undertaken a review of the major studies in the field of security and privacy, and a brief overview of the methodology of corporate and sectoral analysis.

que deve ser feito?". Não depois nem antes, mas agora. Essa é a questão fundamental do Estoicismo. Amparado pela natureza humana (leia-se razão) e pela Virtude, de forma simples, clara e direta, a filosofia do pórtico cria um verdadeiro manual sobre como o homem deve viver para ser verdadeiramente feliz. O Estoicismo tem sua origem na Grécia com Zenão de Cítio, em 300 a.C., quando seu barco, carregado de valiosas mercadorias, naufraga. Após ter perdido praticamente tudo que tinha de bens materiais, Zenão entra em uma livraria e depara-se com a filosofia socrática. Quando pergunta ao livreiro onde poderia ter maior contato com essa filosofia, o livreiro o direciona: "Siga esse homem", apontando para Crates de Tebas, um dos maiores filósofos da época. Assim, a partir de um grande infortúnio, começa o Estoicismo -e não poderia ser diferente. Nos últimos anos, o Estoicismo ressurge no Ocidente com crescente popularidade, principalmente nos EUA e Europa -como um todo. E isso não foi por acaso; após a contemporaneidade trazer uma inconteste riqueza material, parece-me claro que grande parte das pessoas começou a buscar respostas que o mundo material não poderia lhes dar. Talvez parte desse assombro que aqui salientamos jaz na procura que está não exatamente em uma religião -ainda que uma coisa não anule a outra -, mas sim em uma filosofia. Soma-se a isso as sempre presentes angústias humanas, que parecem aumentadas nos tempos modernos de secularismo. Esse cenário mostrou-se fértil para o ressurgimento dessa Filosofia que, longe de buscar atenuar os desafios e sofrimentos da vida, traz a necessidade da Coragem, da Sabedoria, da Temperança e da Justiça em todas as ações humanas. A ação virtuosa, independente da condição em que alguém se encontra, é uma marca forte do estoico. Por isso temos relatos como o de James Stockdale -militar americano de maior condecoração, que foi preso e feito de refém no Vietnã por sete anos e seis meses -, que enalteceu a importância dos pensamentos de Epiteto para a manutenção da sua racionalidade em meio às sessões de torturas que sofria. Ou como o grande herói americano, George Washington, que utilizava uma peça estoica para levantar a moral de seu exército nos campos de batalha. A influência não se limita aos campos militares, mas também aos esportivos; o -muito provavelmente -maior técnico de todos os tempos da NFL, multicampeão pelo New England Patriots, Bill Belichick, usa declaradamente práticas estoicas para gerenciar e conduzir seus times. No mercado pop, o escritor best-seller, palestrante e empresário, Timothy Ferriss é um seguidor ávido da filosofia do pórtico, considerando-a o antídoto ante seus recorrentes pensamentos suicidas. O Estoicismo é isso, uma filosofia que nos prepara para agir de forma incessante e ética em tudo aquilo que você pode (e deve) mudar, ao mesmo tempo que nos ensina a ser resignado e extremamente forte para aceitar todas as situações que não podemos modificar. Costumo dizer que o Estoicismo é uma filosofia para todo mundo (seja para um Imperador Romano, como Marco Aurélio, ou para um escravo, como Epiteto), mas não para qualquer um -ela não vai afagar seu ego ou motivá-lo de forma infantil para fazer você se sentir melhor. O Estoicismo não é para homens fracos. Em tempos modernos, quando homens fogem das suas responsabilidades adultas, e a geração do prazer máximo e momentâneo torna-se o objetivo da vida, o estoicismo torna-se ainda mais necessário. Nessa magnífica obra, com textos selecionados pelos geniais Frances e Henry Hazlitt -um dos maiores nomes da Escola Austríaca de Economia nos Estados Unidos -, revela-se o que há de melhor dos maiores nomes do Estoicismo -Sêneca, Epiteto e Marco Aurélio. Longe de ser uma viagem a uma escola filosófica do passado, é um encontro com um dos pilares mais importantes da Civilização Ocidental, que até hoje nos é muito útil -o Estoicismo.

This paper proposes that the underlying cause of the macroeconomic problems facing Pakistan today are a series of supply shocks which have constrained output growth. It is argued that while the current debate has solely focused on government expenditures and revenues, it is critical to also address the acute energy shortages which is constraining supply. The paper goes on to present four recommendations for breaking out of the present stagflation: (i) prudent macroeconomic management, (ii) reviving the role of the government in development while restoring fiscal balance, (iii) loosening monetary policy in order to spur the private sector, and (iv) improving social safety nets.

The proposed text contemplates the prerequisites for the success of local currencies (starting with their objectives and the experience accumulated thus far) in the event of greater sustainability at the local level that is sought and to identify which would overcome the known difficulties so far to contribute effectively to improving the sustainability of activities at the local level: the inclusion of banks and local funding agencies and local authorities or even the facilitation of the currency via the input of external resources appear to be essential to consider the success of local currencies.

This paper analyzes social protection policies for families and early childhood focusing on three main policies: family allowances and other types of monetary transfers for families with children, work leaves and early childhood education and care (ECEC) policies worldwide. It analyzes the design and reform of policies which protect families with children and early childhood comparing Latin America with other regions in the world. This analysis not only includes the basic description of these policies and its main features worldwide and across regions, but also pays attention to how these policies increase intergenerational and intra-generational equality as well as sustainability, efficacy and efficiency.

The aim of this study is to shed light on a relationship that has not been explored until now. This is the relationship between the world of Islamic finance that of AI, and the debt embedded in the ex nihilo monetary creation system induced by bank loans with ribā. As a result, by making excessive use of AI under the pretext of the need to adopt disruptive innovations that generate exponential growth, Islamic finance feeds this system. This raises a paradox: Islamic finance, which is reputed to be ribāfree, uses AI, which feeds on ribā, to grow exponentially in a context of chip war between the United States, China, and Europe that intensifies day by day. This cognitive trap into which Islamic finance has fallen also applies to Islamic economics. The reason is that AI, as well as finance and economics, could not be part of the debt system if they were not disembedded from society by disintegrating traditional social structures. Hence the importance of the quadriptych rizq, waqf, maʿāsh, and ʿumrān, which opens the field to local practices that create social connections, and help people live better. It is then a question of using AI to satisfy local needs when necessary, and not to increase the power of digital giants through a race for stock market capitalization, which artificially inflates profitability. Against this backdrop, investors may demand clearer monetization roadmaps, which could burst the AI bubble.

The subject of money is of clear importance to the history of the English economy in the twelfth and thirteenth centuries and has attracted a considerable literature over the past decades. The author surveys the main strands of this work, dealing with the coinage itself, its production and quantity, its distribution and use, whether money can be equated with the coinage, and the question of credit. The article then goes on to deal with the debates on two important issues involving money in the period, the questions of inflation and commercialization, and suggests ways in which they should be taken forward. Few historians would deny that money was important in the medieval economy. Although no one doubts that, throughout the Middle Ages and beyond, much subsistence production and consumption took place without directly requiring money, the days are long gone when even the early medieval economy could be regarded as a 'natural economy', much less that of England in the twelfth and thirteenth centuries. 1 This was a period in England during which undoubtedly both the quantity and the use of money increased substantially in its then predominant form of a silver-based coinage. This coinage is of intrinsic interest to historians and numismatists as a cultural artifact, irrespective of the importance of its economic role, but to one degree or another scholars have generally acknowledged its economic significance, though often disagreeing on its importance as an explanatory factor in particular economic developments. Before turning to questions about the relationship of money to the economy, principally its impact in determining prices and its role in commercialization, it seems best to start with the coinage itself, its production and its quantity. It was in many ways an exceptional coinage in European terms. A single category of coins, a relatively high-value silver penny of a generally consistent standard, dominated the English currency to an exceptional degree. 2 The surviving physical evidence of the coins and its analysis, whether it concerns coin hoards or single-finds, are continuously being augmented, albeit usually in small increments of varying significance. The only practical way to follow this is to keep an eye on the dedicated numismatic journals, notably the British Numismatic Journal and the Numismatic Chronicle. 3 On the other hand, the outline of the changes in the way coin production was organized in England has by now long been clear and is unlikely to change very much. An Anglo-Saxon system of numerous regional mints and frequent recoinages that was inherited by Henry I was transformed into a system where, except during recoinages that were to become relatively rare events, the London mint, sometimes supplemented by Canterbury, dominated the minting of coins. Although there are many complexities to the story, the core of this transformation lay in the reorganization Henry II made for the 1180-1182 recoinage. One can find recent work on the fate of the families of moneyers, those who produced the coins under the earlier system; on History Compass 9/4 (2011)

Cuba, una pequeña isla del Caribe, situada a pocos kilómetros de la costa de Estados Unidos, insiste en mantener el socialismo. Durante la catastrófica crisis que vivieron entre 1989 y 1993, los cubanos realizaron un conjunto de reformas económicas para hacer frente al nuevo escenario internacional. A pesar de la profundización de la crisis, de las presiones estadounidenses, del avance de la globalización y de las políticas neoliberales, que llevaron a casi toda América Latina a someterse al imperialismo estadounidense, Cuba buscó reinsertarse en el sistema mundial resguardando su soberanía y llevando adelante la lucha por el socialismo. En este contexto, la cuestión es: ¿hasta cuándo podrá resistir? En este artículo discutimos fundamentalmente el papel del mercado, del dinero y de la planificación socialista en las reformas que se llevaron a cabo en la década de 1990, e intentamos evaluar cuáles son las funciones del dinero y del mercado que apoyan la planificación y cuáles son inc...

Članak prikazuje recentne studije o novcu kao pravnom fenomenu, putem čijeg kreiranja različiti "stakeholderi" uređuju raspodjelu resursa i odnose između pojedinih dijelova društva. U ovoj koncepciji novac formira tržište, a ne obratno. Na primjeru "slobodnog kovanja" karakterističnog za Englesku od 12. do 14. stoljeća analizira se dilema nominalizam -metalizam, te tri ograničenja robnog novca u kojima se očituje Greshamov zakon, odnosno kontroverza likvidnosti. U članku se ne analizira na koje proturječnosti nailazi nominalistička politika novca. Pokazuje se da se ni u suvremenoj koncepciji robnog novca, eksplicitnoj u Hayekovoj studiji The Denationalization of Money, zbog proturječja likvidnosti ne može -u kreiranju i održanju novčanog sustava -izbjeći uloga društvenih, izvantržišnih faktora, uz ostalo i prava. Kako mnogi autori zaključuju da je i zajednička europska valuta koncipirana po uzoru na zlatni standard (robni novac), slijedi da i uspjeh njezina dizajna i funkcioniranja ne može biti prepušten samo tržišnom mehanizmu, nego ovisi o društvenoj, političkoj i pravnoj potpori.

The economic literature has examined deposit dollarization in nominal terms, typically focusing on the ratio of foreign currency deposits to broad money. However, while private agent demand for foreign currency may remain unchanged in foreign currency terms, there could be large fluctuations in the dollarization ratio simply due to exchange rate movements. This paper proposes a new approach to measuring dollarization that removes these exchange rate effects, and demonstrates that beyond the variance of inflation and depreciation, the level of inflation and size of depreciation also matter for dollarization. While dollarization in nominal terms surged during the recent global financial crisis, there was a downward trend in real terms. Employing a set of econometric estimators, this paper investigates whether "real" dollarization during 2006-09 was associated with the crisis, and the role of initial macroeconomic conditions, quality of institutions, risk aversion, and prudential measures. We find that exchange rate appreciation and reductions in sovereign risk do moderate dollarization; but the results for global volatility have low statistical significance, perhaps because global shocks tend to preserve, to a large extent, relative attractiveness of foreign assets. Nonetheless, estimated impulse-response functions point to a large but short-lived positive impact of global volatility on dollarization, which could reflect economic agents heightened concerns about spillover effects of global uncertainty on the domestic economy.

The economic literature has examined deposit dollarization in nominal terms, typically focusing on the ratio of foreign currency deposits to broad money. However, while private agent demand for foreign currency may remain unchanged in foreign currency terms, there could be large fluctuations in the dollarization ratio simply due to exchange rate movements. This paper proposes a new approach to measuring dollarization that removes these exchange rate effects, and demonstrates that beyond the variance of inflation and depreciation, the level of inflation and size of depreciation also matter for dollarization. While dollarization in nominal terms surged during the recent global financial crisis, there was a downward trend in real terms. Employing a set of econometric estimators, this paper investigates whether "real" dollarization during 2006-09 was associated with the crisis, and the role of initial macroeconomic conditions, quality of institutions, risk aversion, and prudential measures. We find that exchange rate appreciation and reductions in sovereign risk do moderate dollarization; but the results for global volatility have low statistical significance, perhaps because global shocks tend to preserve, to a large extent, relative attractiveness of foreign assets. Nonetheless, estimated impulse-response functions point to a large but short-lived positive impact of global volatility on dollarization, which could reflect economic agents heightened concerns about spillover effects of global uncertainty on the domestic economy.

Milton Friedman was a rarity, an economist well known among the general public but also acknowledged within his discipline as having made contributions to it of lasting importance, and rewarded for them with a Nobel Prize in 1976. In the twentieth century, only John Maynard Keynes had a claim -by no means undisputed -to a higher rank than Friedman as a public figure and economic scientist. The reputations of the two are, furthermore, deeply intertwined within the evolution of macro-economics -that branch of the subject that deals with the behaviour of the economy as a whole. In the late 1930s, with the Great Depression still hanging over the world's market economies, Keynes was pivotal in the very creation of macro-economics as a separate sub-discipline, and his work also helped to direct it in a particular policy direction. Beginning in the 1950s, Friedman would play a key part in bringing about a radical re-assessment of macroeconomics' central scientific tenets, not least as they appertained to the explanation of the Great Depression, and of their policy implications too. And yet, as I shall argue in due course, Friedman and Keynes belonged to the same intellectual tradition in economics -that associated with Alfred Marshall. This tradition has lately fallen into neglect, and ironically so, since this has come about, in some measure, because of Friedman's work. Friedman's generation of economists came to intellectual maturity during the Great Depression, and it would have been natural for him to have been concerned with macroeconomic questions from the very outset of his career. Anecdotal evidence (see, for example, Friedman and Friedman 1998, p. 81, fn).suggests that, initially, he was a rather uncritical supporter of Franklin Delano Roosevelt's "New Deal" -in its own right, a largely independent source of many of the dirigiste policy ideas that in the post-war years would come to be labelled "Keynesian" -but among his earliest academic interests were pure microeconomic theory and mathematical statistics. As I shall now argue, when Friedman began to help transform macroeconomics in the 1950s, it was by bringing his expertise in these areas to the very centre of the study of consumption behaviour, a topic which had also engaged his attention from the 1930s onwards. His1957 monograph A Theory of the Consumption Function was by no means his first publication on either the economics of consumption in particular, or macroeconomics in general, but it was utterly central, both to his own work and to the evolution of the discipline, so that is where I shall begin this account of his contributions. Only when I have dealt with it shall I pass on to his work on monetary theory, monetary history, and monetary policy. Keynes's 1936 General Theory sought to explain the occurrence and persistence of large scale unemployment, and it did so in a way that proved readily amenable to a degree of simplification, of which Alvin Hansen (1953) is the definitive example. By the 1950s this version of "Keynesian economics" was the stuff of intermediate and even elementary textbooks. The overall level of unemployment, so it was said, varied with the economy's real output (Y), which, when resources were unemployed, was able to respond more or less passively to satisfy the demand for goods and services. This demand, in turn, came from three sectors of the economy: households (consumption, C), firms (investment, I) and the government (government expenditure, G). Investment was said to be largely autonomously determined by the "animal spirits" of firms, unstable over time, and sufficiently impervious to influence from monetary policy that

Harry Johnson's 1971 ideas about the factors affecting the success of the Keynesian Revolution and the Monetarist Counter-revolution are summarised and extended to the analysis of the Rational Expectations -New Classical (RE-NC) Revolution It is then argued that, whereas Monetarism brought about a revival of the quantity theory of money from the limbo into which Keynesianism had pushed it, RE-NC modelling was responsible for that theory's most recent disappearance. This happened despite the fact that, initially, RE-NC economics appeared to be a mainly technical extension and refinement of Monetarism, rather than a radically new economic doctrine. Some implications of this story for todays' macroeconomics are briefly discussed.

The essence of money economy reveals an abstract triad: capital-labor-money, where capital is an ability of doing work, labor is a transfer of the capital to products, and wages receivables correctly define money earned by the employees. The only proper money creating process is through labor. Money is a certification of work done; therefore labor is always self-financing. Using this theoretical framework, Governments can eliminate budget deficit, reduce direct taxes and unemployment while avoiding inflation. If the compensation paid in the public sector comes from the funds collected by taxation the economy works as a scarcity machine. In the reshaped economic system the Central Bank directly transfers salaries earned by the public sector employees to their bank accounts. Then the budgets are balanced, the direct taxes are limited, and the public debt no longer grows. The modern equation of exchange involves labor productivity as a fundamental economic ratio.

When it is costly for a store (i.e., clearinghouse) to mediate trade, a speculative demand for money may arise. Trading money to another agent for a good, rather than trading good for good through a store, allows the money holder to obtain the good while avoiding the fee the store must charge to cover its costs. We show that when the mediation market is contestable, there are conditions in which the store must create and issue a form of fiat money to maintain control of the market. The equilibrium quantity of money is private money, determined by agent expectations and market forces.

This paper undertakes a preliminary examination of how Italian proverbs in different regional dialects conceptualise wealth. The analysis centres on a collection of 159 proverbs published in a small volume entitled Proverbi dialettali sulla ricchezza, printed in 1987 by Vanni Scheiwiller (1934-99), director of the historic Milan-based publishing house All'Insegna del Pesce d'Oro. The examination of this corpus will illustrate how notions of wealth are formulated, expressed, and represented across different dialect communities, often using similar rhetorical figures and semantic nuances. This study will not only offer a geographical characterisation of the concept of wealth but also shed light on these communities' 'vernacular political economies'. These economies comprise the sets of ideas, notions, images, and expressions that, while not aiming at the construction of 'scientific' economic theories, articulate popular economic wisdom, beliefs, and worldviews. By injecting economic meaning into social values, these proverbs share an aversion to laissez-faire market ideology and a strong emphasis on the morality of redistribution.

The main goal of our study is to analyse the descriptive terminology used in academic discourse dedicated to Ukrainian epigraphy employing a corpus-based approach. Using the BootCat tool and custom tuples such as "епіграфіка графіті напис" and "корпус Україна графіті" we scraped the Web and generated a sample corpus containing Ukrainian texts related to Epigraphy. Our goal was to analyse the variety of epigraphic terms circulating the digital domain and the peculiarities of their usage. Our findings reveal variations in term usage in Ukrainian epigraphic texts, offering insights into their academic application. The case study showcased how synonyms can not only enrich a language, but also impose challenges in standardising terminology due to linguistic variations and the influence of individual scholars. The findings emphasise the need for a nuanced approach to developing standardised vocabularies, considering the linguistic, historical and cultural contexts. This study serves as a valuable example of how digital tools can aid in understanding and addressing the complexities inherent in preserving and studying cultural heritage in the digital age.

Money laundering is a phenomenon used to conceal the source of income from criminal activity. Despite the fact that it can bring liquidity to a country's economy in the short run, money laundering harms the country's economy in the long run and undermines the integrity of the financial system and the rule of law. Preventing this phenomenon would improve the political-legal environment and would be an added value to the business climate in our country. The paper focuses on the challenges faced by legal reporting subjects (mainly banks) and free non-financial professions in the framework of the implementation of the legal and regulatory framework for money laundering prevention. The focus is on the necessary recommendations for legal and regulatory changes that will lead t o a relaxation of both the operational activity of financial and non -financial entities and the improvement of the efficiency of efforts to increase the functioning of money laundering prevention in our country. By analyzing issues that concern legal entities and those responsible for developing laws such as the indetification of multi -tier corporate benefiting owners, the complexity of the offshore bank secret, the link between money laundering and fiscal evasion, the legal reporting duties to the same as for both financial and non-financial institutions.

For over a century, scholars have debated the merits of two competing theories for the origins of money. The commodity theory of money has traditionally held that money developed as a medium of exchange in order to increase the economic efficiency of barter economies. Alternatively, chartalist explanations have given causal primacy to the role of state taxation in standardizing money as a unit of account. Recently, skepticism over the existence of barter economies in either contemporary societies or ancient history has led to the increased popularity of the state-centric chartalist approach. Evidence from many pre-state societies around the world, however, shows that commodity money was often used in long-distance trade networks where systems of debt and reciprocity would have been impractical. This paper draws on evidence from two such exchange systems, the "interior world" of pre-Columbian western North America and the Bronze Age of western Europe, to argue that money can come about to facilitate exchange between strangers and across borders. As such, I suggest that the commodity theory of money is more accurately explained by the importance of exchange in external rather than internal economic systems. I propose that a trade theory of money can explain the origins of money in pre-state societies without relying on the "myth of barter". Keywords Origins of money • Shell beads • Bronze Age • Economic anthropology • Trade and exchange * Mikael Fauvelle

We thank Peter Ireland, Christopher Kent and Tim Robinson for suggestions. We also thank Adrian Pagan for comments on an early draft. Responsibility for any remaining errors rests with us. The views expressed here are our own and do not necessarily reflect those of the Reserve Bank of Australia.

This article argues that many destructive aspects of the contemporary global economy are consequences of the use of general-purpose money to organize social and human-environmental relations, and that the political ideals of sustainability, justice, and resilience will only be feasible if money itself is redesigned. The argument is based on the conviction that human artifacts such as money play a crucial role in organizing society, and that closer attention should be paid to the design and logic of key artifacts, rather than devoting disproportionate intellectual energy to theorizing their complex systemic repercussions. What is generally referred to as "capitalism" is the aggregate logic of human decisions about the management of money. Visions of a post-capitalist society using money the way it is used now is thus a contradiction in terms. The article sketches a possible redesign of money based on the idea that each country establishes a complementary currency for local use only, which is distributed to all its residents as a basic income. The distinction between two separate spheres of exchange would insulate local sustainability and resilience from the deleterious effects of globalization and financial speculation. To indicate that the suggestion is not as unrealistic as it may seem at first sight, the article briefly and provisionally responds to some of the many questions raised by the proposal.

Electronic distribution channels provide alternatives for faster delivery of banking services to a wider scope of customers. This study aims to understand customers' perception towards the potential benefits and risks associated with electronic banking in Pakistan. The outcomes would help the policy makers to develop effective strategies for future outlook of electronic banking in a country. Primary sources were used to collect the data which were analysed via frequency and mean score analysis. The results suggest that banks' customers in Pakistan perceive electronic banking as a tool for minimising inconvenience, minimising risk of carrying cash and time saving. Customers further believe that electronic banking increases chances of government access to public data, increases chances of fraud and data losses. The results conclude that various customers segments do not differ in opinions towards benefits and risks associated with e-banking.

This journal explores the integration of Artificial Intelligence (AI) with smart contract- enabled blockchain technology to create a decentralized and robust platform for modeling microeconomic activity and assessing the economic health of a country. By leveraging AI’s predictive capabilities and blockchain’s transparency, immutability, and automation, this solution addresses inefficiencies in traditional economic models and enhances real-time analysis of consumer behavior, production efficiency, and market dynamics. Additionally, the paper emphasizes the importance of grounding this framework in the rich history of economic thought, using foundational theories to refine the proposed system. This historical perspective ensures that the integration of emerging technologies respects and builds upon the intellectual traditions of economics. The paper outlines the theoretical framework, technological architecture, historical context, practical applications, and implications for policymakers, economists, and researchers. ---

In recent years foreign bank participation has increased whether bank origin affects the share and growth rate of tremendously in Latin America. Some observers argue bank lending to small businesses. They find that although that foreign bank entry will benefit Latin American foreign banks generally lent less to small businesses (as banking systems by reducing the volatility of loans and share of total lending) than private domestic banks, the deposits and increasing efficiency. Others are concerned difference is due primarily to the behavior of small that foreign banks might choose to extend credit only to foreign banks. The difference was considerably smaller certain customers, leaving some sectors-such as small for large and medium-sized banks. And in Chile and businesses-unserved. Colombia, large foreign banks might actually lend Clarke and his coauthors examine this issue. Using slightly more (as share of total lending) than large bank-level data for Argentina, Chile, Colombia, and Peru domestic banks. during the mid-1990s, they empirically investigate This paper-a product of Finance, Development Research Group-is part of a larger effort in the group to understand the impact of entry by foreign banks on domestic banking systems in Latin America. Copies of the paper are available free from the World Bank,

Finansal dolarizasyon, yerleşiklerin yabancı para cinsinden varlık ve yükümlülük tutmaları şeklinde tanımlanmaktadır. Öyle ki dolarizasyon ile hisse senedi piyasaları arasındaki ilişkinin belirlenmesi dolarizasyon için önlem almak açısından önem arz etmektedir. Dolayısıyla bu çalışmanın amacı, finansal dolarizasyon unsurları ve hisse senedi getirileri arasındaki ilişkiyi Türkiye ekonomisi için tespit etmektir. Bu kapsamda finansal dolarizasyon unsurları olarak kredi dolarizasyonu ve mevduat dolarizasyonu ile BIST 100 endeks getirisi değişkenleri kullanılmış ve bu değişkenler arasındaki ilişki için ilk olarak VAR modeli kurulmuş, ardından Granger nedensellik analizi gerçekleştirilmiştir. Nedensellik analizi bulguları, BIST 100 endeks getirisi değişkeninden kredi dolarizasyonu ve mevduat dolarizasyonu değişkenlerine doğru nedensellik ilişkisi olduğuna işaret etmektedir. Bu durumda ulusal paraya olan güvenin artması ile yükselebilen borsa performansına bağlı olarak dolarizasyonun azalması durumu, aslında hisse senedi piyasasından finansal dolarizasyona doğru olan nedensellik ilişkisini destekler niteliktedir.

Prozesse der Bildung, Ablösung, Differenzierung und Positionierung gehören zur Verselbstständigung und zum Erwachsenwerden. Die Verfügung über Geld spielt dabei eine wichtige Rolle. Geld, als Voraussetzung für Konsum und damit Mittel, um "im Spiel zu bleiben". SchülerInnen verfügen über keine eigenen Einkünfte und sind auf Zuwendungen (Taschengeld und staatliche Transferleistungen wie Schüler-Bafög) oder selbst hinzu verdientes Geld angewiesen. Der Beitrag stellt empirische Ergebnisse zur Höhe des Taschengelds sowie zu dem den 13-17-jährigen SchülerInnen insgesamt zur Verfügung stehenden Budget vor. Die empirische Verteilung der Höhe des Taschengeldes sowie des verfügbaren Budgets weisen eine sehr starke Altersabhängigkeit auf. Neben regionalen Unterschieden spielen weitere Merkmale, die die Ressourcenausstattung mit kulturellem und ökonomischem Kapital beschreiben, eine Rolle. Hier deuten sich unterschiedliche Chancen der sozialen Teilhabe, die mit der Verfügung über Geld einhergehen, an. Die Jugendforschung sollte die Themen Geld -und damit zusammenhängend Konsum -nicht vorrangig der Marktforschung überlassen.

Weekly market, a traditional economic organisation is an integral part of rural economy. This is especially an important social and economic organisation for peoples living in forest, hills and uplands who do not have regular market access unlike peoples in plain areas. In view of this, the present paper based on the study of two weekly markets with one each from Jharkhand and Odisha states attempts to situate them in contemporary situation. The paper focuses three major dimensions such as economy, culture, and ecology associated with the study of the weekly market. Also, the important discussion in the paper is about weekly market's presence in the new economic frontier that is associated with new technology or electronic devices including smartphones.