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This article seeks to define the boundaries of money in the context of proprietary taxonomy in New Zealand. It suggests that the traditional legal concept of money exclusively based on state issued (fiat) currency is dated, as does not accommodate the near-universal use of bank money in commercial transactions, nor the recent technological changes introduced by virtual currencies. As long as something functions as a means of payment and the holder has the right to exchange it for legal tender, the divide between mutually agreed payment obligations into those made on the base of fiat currencies and those not, becomes artificial. In providing responses to similar commercial arrangements and parties' legitimate expectations, not only coins and banknotes, but also balances held by customers in banking institutions, foreign money, and digital currencies, should qualify as money for private law purposes. [ABSTRACT FROM AUTHOR]

The advent of a retail central bank digital currency (CBDC) could reshape the US payments system. A retail CBDC would be a digital representation of the US dollar in the form of an account or token that is widely accessible to the general public. It would be a third form of US fiat money that is created and issued by the Federal Reserve and complementary to physical cash. CBDC proposals have suggested a myriad of retail CBDC design models with an overwhelming interest in a retail CBDC that either implements a centralized ledger system or some form of a distributed ledger system to process payments. The technology of a retail CBDC would enable instantaneous payments for consumers and greater transparency for government officials. Additionally, CBDC proponents are championing retail CBDC as a tool to promote financial inclusion. However, antiquated US privacy protections may be inadequate to safeguard against the potential risks to individual privacy within digital payments and consequently undermine financial inclusion. A retail CBDC system that is under the control of the Federal Reserve could bolster regulatory compliance and oversight but also exacerbate workarounds by government entities in the current US privacy framework that are concerning for individual privacy in the age of big data and dataveillance. A proper privacy framework governing retail CBDC records would alleviate risks to privacy and enhance public trust in a retail CBDC system. Refining the Privacy Act of 1974 or creating a new regulatory framework that is informed by both the Privacy Act and the impact of innovative data analytics would help balance the inherent tension between privacy and transparency of user identity and transactions within a retail CBDC system under the control of the Federal Reserve. [ABSTRACT FROM AUTHOR]

This article locates Locke within broader early modern European debates about the relationship between money, precious metal, and sovereignty. Against this background, I read Locke's metallism as a considered (if nonetheless problematic) response to the practical implications of the intensification of interstate monetary movements. Locke used an emphasis on the interstate dimensions of money use in order to reframe monetary value as a function neither of sovereignty nor of the natural qualities of precious metals. Instead, he rooted a nonchartalist monetary nominalism in a social convention that operated on a scale that confounded the agency of any existing political institution or community. I use Locke's monetary writings as an entrée into the larger history of the emergence of new conceptions of commercial sociality in the late seventeenth and eighteenth centuries. More specifically, I argue that conceptions of commercial sociality developed not only out of the better-studied normative concerns central to post-Hobbesian and neo-Augustinian political thought but also out of an intense engagement with the practical implications of early modern commercial capitalism. [ABSTRACT FROM AUTHOR]

Charles Tilly emphasizes that state formation is a contingent and violent process: states develop as they extract resources, including currency, from a population. Neochartalist approaches to money challenge what I call the extractivist view of state formation because they see currencies as public institutions established by governments, not a resource to be seized from a population. At the same time, neochartalists rarely address how state institutions capable of establishing monetary institutions emerge. In this article, I propose a framework to analyze the entangled development of the institutions of money and state. I then showcase its usefulness by revisiting a series of crowd actions and militarized responses in eighteenth‐century Massachusetts and Pennsylvania today known as Shays' Rebellion and the Whiskey Rebellion, focusing on the initially ad hoc and then routinized funding mechanism that enabled emerging state actors to deploy armed groups. In closing, I argue that despite the violence involved in the emergence of the institutions of state and money, citizens and inhabitants can begin to imagine democratic ways of institutionalizing money today. [ABSTRACT FROM AUTHOR]

This article describes and measures how the Bank of Amsterdam supplied a successful fiat money in a world of specie by offering the unlimited repo of large coins at a near-zero rate. Our data from 1736 to 1791 finds that such liberal access led to volatile loan levels and that the Bank responded with sterilization by means of open market operations. In this way, the Bank held its money stock at a roughly constant level and helped stabilize its value. Profit was another part of the Bank's policy framework, and the pursuit of seigniorage eventually compromised stabilization. [ABSTRACT FROM AUTHOR]

In the first part of the paper, I am summarizing the most relevant findings of the semiotic study of the money sign. It starts with a tripartition of the major types, namely commodity money, representative money, and fiat money. I then use this approach in order to position the most important contributions of other authors from semiotics and surrounding disciplines. In the second part, I develop a semiotic reading of the notion of legal tender where the latter is seen as a semiotic mechanism that provides particular conditions for the formation of the value of money. I combine a historical review with stress on important theoretic reflections during the development and implementation of pure legal tender money. The last part is dedicated to a proposal for a semiotic model of the fiat money sign. The model is developed and implemented as a reflection on some critical readings of the world financial crisis from 2008 to 2009, where the "semiotization of money" was used for explication. My model is based on one of the most insightful definitions of money, which sees them as "trust inscribed". [ABSTRACT FROM AUTHOR]

By examining Menger's interpretation of Genovesi's arguments on the origin of money, this note shows that Genovesi is a subtle theorist managing to blend the Cartalist with the Mengerian approaches to the origins of money. Far from resting exclusively on the Mengerian unattended consequences of the uncoordinated behaviours of rational agents trying to minimise their transaction costs, Genovesi shows how governments can and do create fiat money with a positive value in connexion with their ability to raise taxes. For Genvesi both trust (à la Menger) and authority (à la Cartalist) are necessary to explain the positive value of money. [ABSTRACT FROM AUTHOR]

The Bristol Pound is not the first convertible local currency (CLC) to circulate regionally, to be administered by a credit union, or to be supported by a local council. However, it is the first to possess all three of these attributes simultaneously. For this reason, the Bristol Pound has been heralded by some as marking a new era for local currency-driven localisation. To explore the Bristol Pound's impact on localisation, 27 semi-structured interviews were conducted with businesses and other Bristol Pound stakeholders. Economists were also interviewed to gain insights into the barriers to localisation and the likely impact of a CLC on these barriers. Overall, our findings suggest that the Bristol Pound is not driving localisation. Many of the key barriers were found to be political/institutional in nature (e.g. support for free trade, the free movement of capital, the power of global corporations, and the expansionary logic of capitalism). Such barriers are unlikely to be influenced by a CLC. We therefore suggest that those pursuing localisation should engage in a more active agenda that aims to change government policy and institutions to support an equitable, sustainable economy. [ABSTRACT FROM AUTHOR]

Maqasid of Shari'ah is a millennium old theory on the higher objectives of Islamic divine law. As the discipline of Islamic economics and finance grew in politico-economic importance in the past three decades, a cathartic trend has emerged among Muslim experts to realign economic and financial practices with not merely the minimum legal requirements of religion but also the wisdom and crucial objectives of Shari'ah. An expositive example of this is the monetary economics debate of a Shari'ah consonant currency. Though vast majority of religious clerics have approbated fiat and paper currencies in strict legal terms since the 1980s, a revisionist movement since the mid-1990s seeks to counter it—some going as far as indorsing reversion to gold and silver coinage of medieval Islamic epoch of affluence. Unlike orthodox fiqhi (strict jurisprudentialism) approach that involves legalese with little leeway, Maqasid approach concerns itself with the spirit of the law. This paper operates in the exciting laboratory of Maqasidic framework to appraise the multitudinous role of fiat currency in protecting economic, political, and social public interests, prevention of harm, promotion of egalitarianism, and attainment of ultimate utopic vision of theological and spiritual demands in Shari'ah. The paper contributes, theoretically, by introducing several moral-philosophical arguments against fiat’s compatibility with Shari'ah, and, practically, by prognosticating the future course of discourse in light of advancements in technological innovations—including nascent crypto-currencies. [ABSTRACT FROM AUTHOR]

This essay argues that China's Song dynasty collapsed not by the military misadventure but rather by an economically predatory government. Topics covered include the critical role played by the fiat currency, one of the most significant technological developments of the era, how inflationary deficit finance weakened the natural symbiosis between public administration and the private sector, and the underlying problems of the Song economy which crippled the Song administration.

The 27-item Monetary Choice Questionnaire ( MCQ; Kirby, Petry, & Bickel, 1999) and 30-item Probability Discounting Questionnaire ( PDQ; Madden, Petry, & Johnson, 2009) are widely used, validated measures of preferences for immediate versus delayed rewards and guaranteed versus risky rewards, respectively. The MCQ measures delayed discounting by asking individuals to choose between rewards available immediately and larger rewards available after a delay. The PDQ measures probability discounting by asking individuals to choose between guaranteed rewards and a chance at winning larger rewards. Numerous studies have implicated these measures in addiction and other health behaviors. Unlike typical self-report measures, the MCQ and PDQ generate inferred hyperbolic temporal and probability discounting functions by comparing choice preferences to arrays of functions to which the individual items are preconfigured. This article provides R and SPSS syntax for processing the MCQ and PDQ. Specifically, for the MCQ, the syntax generates k values, consistency of the inferred k, and immediate choice ratios; for the PDQ, the syntax generates h indices, consistency of the inferred h, and risky choice ratios. The syntax is intended to increase the accessibility of these measures, expedite the data processing, and reduce risk for error. [ABSTRACT FROM AUTHOR]

The article discusses fixed-value monetary systems and its transitioning standards of value. Topics include the Soft Money approach who's goal is to price stability and full employment, the fixed-value system rule applied to the hard money approach, market based fixed-value systems and the transition between gold-based Currencies and floating fiat currencies.

The aim of this article is to assess whether a fiscal sustainability indicator (FSI) can be used as an early warning indicator for predicting the probability that a currency crisis occurs. Using the FSI developed by Croce and Juan Ramón (2003), and two different definitions of currency crisis, a probit model is estimated. The results suggest that the lagged FSI has an explanatory power for currency crises in a selection of countries. [ABSTRACT FROM AUTHOR]

Based on a long-term ethnography in state-run settlement projects on former sugarcane plantations in Northeast Brazil, in this paper I question the evidence of "the economy" as a privileged framework for understanding the life situation of the poor, which is structured by precariousness and uncertainty about the future. Exploring the polysemy of Portuguese esperar (to wait, to hope, and to expect), it analyzes the plurality of orientations to the future among former sugarcane wage workers included as beneficiaries in land reform projects and their strategies to mitigate uncertainty in various configurations. If radical uncertainty lies out of human hands, relative uncertainty may be acted on by mobilizing people. While money is desirable, it has a transitory character, and the value of friends lies in their potential to help, especially in case of a crisis. Ethnography thus suggests moving beyond an "economic anthropology" that aims to analyze "other economies" and set out to explore the fields of opportunities and frames of reference that structure life situations and the local versions of oikonomia in its original meaning of "government of the household." [ABSTRACT FROM AUTHOR]

Throughout the turbulence in the international financial system, eastern Caribbean countries have enjoyed remarkable monetary and economic stability. This paper attempts to characterize the types of structural shocks in the Eastern Caribbean Currency Union (ECCU) and other countries in the region and compare them with other currency unions such as the African Financial Community (CFA) franc zone and the Eurozone. Mundell's criteria on the optimum currency area (OCA) are examined by using a 2-variable structural vector autoregressive (SVAR) model and estimating the extent of symmetric shocks. We find that the role of regional shocks in explaining domestic outputs among the ECCU countries is comparable to that of the EMU countries and much higher than that of the non-ECCU countries in the same region or the CFA franc zone countries. This suggests that the ECCU countries are structurally similar to each other and thus more likely to be subject to symmetric shocks. Their monetary and exchange arrangements appear to have well served the region and the group of countries satisfies most of the criteria to be categorized as an optimum currency area. [ABSTRACT FROM AUTHOR]

John Locke intervened in two major debates in which the issue of species featured: (1) the question of whether species designations are based on real essences or only nominal essences (discussed in theEssay), and (2) the debate over the recoinage of English currency in the 1690s, in which Locke argued for a restoration of silver depleted by widescale clipping (discussed in his economic writings published between 1692–95). This article investigates Locke's position on the recoinage and considers alternative proposals in the period, including those which advocated the introduction of a ‘new species’ of money in the form of credit, based on land. Locke opened the space, philosophically, for innovations in defining money, but endorsed a narrower conception of money as silver by weight alone (not by its stamp or denomination). His rationale for doing so exposes his attachment to shared systems of measurement, intersubjective agreement and ways of stabilizing meaning by reference to external criteria (in this case, the weight of silver, a measure that functioned internationally). This suggests a pattern of attempting to constrain the nominalism that his system otherwise foregrounded. [ABSTRACT FROM PUBLISHER]

This article analyzes the stability of bimetallism for countries operating in integrated bullion markets that enact different legal ratios. I articulate a new theoretical framework to demonstrate that two countries can both be bimetallic only if they coordinate their legal ratios. The theoretical framework is applied to the mid-eighteenth century when London's legal ratio was 3.8 percent higher than that of Amsterdam. I find that Amsterdam was effectively on the bimetallic standard, whereas London was on a de facto gold standard. [ABSTRACT FROM PUBLISHER]

Benjamin Disraeli described Thomas Attwood as a 'provincial banker labouring under a financial monomania'. The leader of the Birmingham Political Union, Attwood's Warwickshire accent and support for a paper currency were widely derided at Westminster. However, the themes of Attwood's brief parliamentary career were shared by the other men who represented Birmingham in the early- and mid-Victorian period. None of these MPs were good party men, and this article illuminates the nature of party labels in the period. Furthermore, it adds a new dimension to the historical understanding of debates on monetary policy and shows how local political identities and traditions interacted with broader party identities. With the exception of Richard Spooner, who was a strong tory on religious and political matters, the currency men are best described as popular radicals, who consistently championed radical political reform and were among the few parliamentary supporters of the 'People's Charter'. They opposed the new poor law and endorsed factory regulation, a progressive income tax, and religious liberty. Although hostile to the corn laws they believed that free trade without currency reform would depress prices, wages and employment. George Frederick Muntz's death in 1857 and his replacement by John Bright marked a watershed and the end of the influence of the 'Birmingham school'. Bright appropriated Birmingham's radical tradition as he used the town as a base for his campaign for parliamentary reform. He emphasized Birmingham's contribution to the passing of the 1832 Reform Act but ignored the currency reformers' views on other matters, which had often been at loggerheads with the 'Manchester school' and economic liberalism. [ABSTRACT FROM AUTHOR]

The article discusses the New Monetary Economics (NME), which claims that monetary exchange should be liberalized by being freed from government fiat base money and instead tied to a commodity unit of account. Such monetary separation is said to require falling demand for currency issued by central banks. Other topics include the use of real-time gross settlement (RTGS) by commercial banks, the use of liquidity-saving mechanisms (LSMs), and the impact of computer algorithms in the settlement of interbank payments.

The article focuses on the history of currency question relating to monetary systems in the U.S. The author explores the two monetary systems that have existed in the U.S., namely the gold-silver standard or bimetallic standard that functioned from the 19th century to approximately 1914, and the U.S. Federal Reserve System which was initiated in 1913. The author emphasizes the stability and constancy of the dollar value, as well as its exchange value, during the bimetallic standard period. The pertinence of the U.S. Supreme Court case ''Hepburn v. Griswold in 1869 and its determination on the unconstitutionality of the use of greenbacks for payment of debts contracted before the passage of the Greenback Act in February, 1862 is addressed.

The author reflects on global monetary policy and monetary order. It is emphasized that the four major currencies are the euro, the yen, the pound and U.S. dollar. The role of fiat monetary arrangements and the influence of prior U.S. political and monetary considerations on fiat money is discussed. The author explores the theory of monetary nationalism and it being the theoretical basis for global monetary arrangements. The author expands upon the role of the Bretton Woods system of monetary management that was utilized beginning in the mid-20th century, while emphasizing that the end of its use and the return to fiat currencies led to the first peace-time high-inflation episode in the U.S.

The article focuses on the gold standard as a potential monetary regime and change to monetary policy in the U.S. The author explores the least costly way for the U.S. to transition to the gold standard. Two paths leading to this transition are discussed by the author, namely the setting of a date after which the U.S. dollar is solely defined based upon grams of pure gold and the growth of a parallel gold standard along with the current fiat dollar. The author emphasizes that the endogenous nature of the gold standard would signify little need for monetary policy by the federal government in the country.

The article focuses on the economic aspects of the global fiat monetary system that has been prevalent since the early 1970s. The author explores the principles of the fiat system, including the ability of central banks and governments to increase spending when desired and its tendency to avoid financial constraint regarding deficit finance and the over-issue of currency. The author compares the monetary system to that of the mid-20th century monetary management system called the Bretton Woods system.

The article focuses on the importance of money reform, while exploring the economic and political aspects of fiat money. The author emphasizes that fiat money tends to lose it value over time and is not a reliable source of wealth. A brief history of the Bretton Woods system of monetary management is provided, along with former U.S. President Richard Nixon's decision to terminate the convertibility of the U.S. dollar in August of 1971 and the economic consequences that ensued. The author discusses the politicization of money and the vulnerability of fiat currencies being subject to political influence.

For dryness and technicality no subject can rival public finance, except perhaps federal jurisdiction [ABSTRACT FROM AUTHOR]

Suprapatellar bursa is located between the quadriceps tendon and femur, and it develops before the birth as a separate synovial compartment proximal to the knee joint. By the fifth month of fetal life there is a suprapatellar septum between the knee joint cavity and suprapatellar bursa which later perforates and involutes in a way that a normal communication between the cavity of bursa and knee is established. A small portion of the embrionic septum can later lag as more or less expressed suprapatellar plica. In case when suprapatellar plica has a small communication with valve mechanism or in case of complete septum, bursa becomes a separate compartment and potential location for the suprapatellar cyst development. Magnetic resonance imaging is recognised as the gold standard in diagnosis of knee cysts because of its ability to show cystic nature of the lesion, its relationship with other anatomic structures, as well as to establish whether other knee pathologies are present. Considering treatment possibilities, majority of cysts around the knee resolve spontaneously and should be treated by aspiration and application of corticosteroids. Suprapatellar cyst is a very rare knee pathology and it can in some occasions be treated using open or arthroscopic surgery. [ABSTRACT FROM AUTHOR]