Suchergebnisse

Regional autonomy has been running for almost two years, a lot of comments about the success of regional autonomy, both positive and negative. Comments indeed very necessary, but the main thing is how to make regional autonomy which is the people's demands to be more perfect and more perfect. One measure of the success of decentralization is the creation of "good governance" in which the "good governance" has many dimensions one of which is the dimension of public accountability. In this article the authors examine about public accountability in relation to the responsibilities of the regional head regulated in PP 108 in 2000. According to the author for the creation of public accountability of local government, required an auditing mechanism to support Parliament in assessing the accountability of regional heads. One alternative in the audit is "Value for Money Audit".

The Price of Poverty: Money, Work, and Culture in the Mexican American Barrio. Daniel Dohan. Berkeley: University of California Press, 2003. 314 pp.

The paper examines the impact of money market on economic growth in Nigeria using data for the period 1980-2012. Econometrics techniques such as Ordinary Least Squares Method, Johanson's Co-integration Test and Vector Error Correction Model were used to examine both the long-run and short-run relationship. Evidence from the study suggest that though a long-run relationship exists between money market and economic growth, but the present state of the Nigerian money market is significantly and negatively related to economic growth. The link between the money market and the real sector of the economy remains very weak. This implies that the market is not yet developed enough to produce the needed growth that will propel the Nigerian economy because of several challenges. It was therefore recommended that government should create the appropriate macroeconomic policies, legal framework and sustain the present reforms with a view to developing the market so as to promote productive activities, investments, and ultimately economic growth.

AbstractRecently parallels have been drawn between Bitcoin and Yapese stone money. This article focuses on Fitzpatrick and McKeon's (2019) exploration of similarities and differences. The analogy between Bitcoin and Yapese stone money is based on proposed commonalities that are inaccurate, ill-defined, and/or trivial. However, this does not signal a need to refine the comparison, but rather a need to reconsider the rationale for attempting it in the first place. Recent attempts to redefine Yapese stone money using terminology from the field of cryptocurrency reproduces a longer textual history in which writers from the Global North have misrepresented Yap for pedagogic or polemic convenience. Examples include works by William Furness III, John Maynard Keynes, Milton Friedman, and influential macroeconomics textbooks, such as N. Gregory Mankiw's Macroeconomics. This history features frequent colonialist tropes of Yap as well as the erasure of histories of colonial violence and power. More caution should be exercised in the study and pedagogic use of Yapese economic cultures, and greater effort should be made to center Yapese voices, acknowledge colonial contexts, and reflect positionality and uncertainty.

PurposeThe purpose of this paper is to empirically investigate the money demand function for five Southeast Asian countries, viz. Malaysia, Thailand, Singapore, the Philippines, and Indonesia.Design/methodology/approachThe ARDL modeling approach is employed because of its ability to incorporate both I(0) and I(1) regressors.FindingsThe results reveal that real M2 aggregate, real expenditure components, exchange rate, and inflation rate are cointegrated for Malaysia, the Philippines, and Singapore. The statistical significance of real income components suggests the bias of using single real income variable in money demand (M2 aggregate) specification of both short‐ and long‐run. The CUSUM and CUSUMSQ tests show that the estimated parameters are stable for the five Southeast Asian economies, except for Indonesia which is based on short‐run specification.Practical implicationsThese findings are important for policy makers in formulating monetary policy.Originality/valueBesides conventional determinants of money demand such as exchange rate and interest rate variables, this study considers the major components of final expenditure (GDP) – final consumption expenditures (private and government sectors), expenditures on investment goods, and exports as scale variables.

The business cycle is a complex phenomenon. On the surface, it involves a multitude of mechanisms, such as oscillations in interest rates, prices, wages, unemployment, output, and spending. But a deeper understanding requires a unifying theory to make these various parts whole. Money, Banking, and the Business Cycle provides a comprehensive framework for analyzing these mechanisms, and offers a robust prescription for reducing financial instability over the long-term. Volume I bridges economic theory with empirical evidence. Simpson reveals the origins of the business cycle through the impact of government regulation on the supply of money and credit.

AbstractA description is given of debt reduction operations funded with aid money from the Netherlands. On the basis of his experience in the Netherlands aid administration, the author draws some lessons from those operations, making a distinction between debt buy‐backs and debt swaps (the latter variety containing a local currency payment by the debtor government). The implications of those operations for the debtor's economy at large are reviewed, as is the parallel between reduction of bank debt and that of bilateral official debt. The detailed conclusions can serve as guidelines for those using aid money for debt reduction or considering that option.

Japanese forces attacked Malaya late in 1941 and, by 15 February 1942, had occupied the entire peninsula as well as Singapore. Among other changes, the Japanese regime introduced a new currency. Pre-war British currency remained legal tender but rapidly vanished from the open market, and by 1943 the economy operated on Japanese currency, commonly referred to as "banana" money because the ten-dollar note featured a banana plant. By the end of the occupation, the buying power of this currency had deteriorated dramatically, and the country experienced massive inflation as large quantities of money were printed and put into circulation.

This paper derives a money demand function that explicitly takes the costs of storing money into account. This function is then used to examine the consequences of the large-scale money injection conducted by the Bank of Japan since April 2013. The main findings are as follows. First, the opportunity cost of holding money calculated using 1-year government bond yields has been negative since the fourth quarter of 2014, and most recently (2020:Q2) was -0.2%. Second, the marginal cost of storing money, which was 0.3% in the most recent quarter, exceeds the marginal utility of money, which was 0.1%. Third, the optimum quantity of money, measured by the ratio of M1 to nominal GDP, is 1.2. In contrast, the actual money-income ratio in the most recent quarter was 1.8. The welfare loss relative to the maximum welfare obtained under the optimum quantity of money in the most recent quarter was 0.2% of nominal GDP. The findings imply that the Bank of Japan needs to reduce M1 by more than 30%, for example through measures that impose a penalty on holding money.

A means of exchange and preservation of value is likely as old as our species. Global economic trade is often argued to be as old as trade. The question of the nature of the exchange, of who creates the value and how it is regulated is the issue. While tin from England may have reached Sumeria 4 000 years ago, or Phoenicians' ships entered the Africa area of Cape Palmas at about the same time, the problem of exchange is a central issue. Ideas of money are as diverse as the cultures that produce them, yet today global trade is experiencing modifications of the satisfaction of exchange with new platforms of electronic money. Blockchain technology is touted as foolproof, such claims have appeared in the past with various financial innovations. Such abstractions of value may not be new, but as a product of technology and complexity they create psychological novelty and a form of mesmerizing fetishism (Douglas, M. and Isherwood, B., ed.: The World of Goods: Towards an Anthropology of Consumption. Routledge, London, 1978). Manias of value are also not new, from stock (South Seas Corporation) to tulips (MacKay, C.: Extraordinary Popular Delusions and the Madness of Crowds. Crown Press, London, 1841). The form of the mania is defined and expressed culturally but is often associated with technological change and distance of exchange of partners and clients (Baric, L.: Some aspects of credit, saving and investment in a 'non-monetary' economy (Rossel Island). In: Firth, R. and Yamey, B.S., eds.: Capital, Saving and Credit in Peasant Societies. Aldine Publishing, Chicago, pp.35-52, 1964.). Inequality is also a feature, embedded in economic and technological disruption of trade and exchange. The role of redistribution and taxation are essential in maintaining social credit and equality. We can relate such behaviour to other systems of animal societies.

En lo que es necesario enfatizar, al caracterizar la teoría cuantitativa de David Ricardo, es en que ésta es una teoría de determinación del valor del dinero en una situación particular en la cual se impide que el dinero, sin importar cual sea su forma, entre y salga libremente de la circulación. Para Ricardo, la regulación del valor del dinero por su cantidad es un caso particular en el cual el ajuste del precio de mercado al precio natural requiere un largo periodo de tiempo. La determinación cuantitativa es completamente inadmisible, pero solo cuando el período de observación es más corto que el de ajuste. En todo caso, la determinación del valor del dinero rara vez es vinculada a su teoría del valor de las mercancías. Contrario a la interpretación aceptada comúnmente, Ricardo no aplicó a la determinación del valor del dinero una teoría del valor distinta de aquélla aplicada a las mercancías en general. Palabras clave: pensamiento económico, escuela clásica, teorías del valor, moneda. Clasificación JEL: B1, B12, B·31. Abstract: What is to be underlined in characterizing the Ricardo's quantity theory, is that it is a theory of determination of the value of money in a particular situation where money, whatever the form may be, shall be prevented from freely entering or leaving circulation. For Ricardo, the regulation of the value of money by its quantity is a particular case in which the adjustment of the market price to the natural price requires a long period of time. The quantitativist determination is not valid unconditionally, but only when the time of observation is shorter than that of this adjustment. The determination of the value of money is, in any case, barely linked to his theory of the value of commodities. Contrary to the commonly accepted interpretation, Ricardo did not apply to the determination of the value of money any theory of value different from that applied to commodities in general. Key words: value of money, quantitativist, quantity theory, circulation, commodities. JEL: B1, B12, B-31. Résumé: Pour rémarquer la théorie quantitative de David Ricardo, il faut souligner qu'il s'agit d'une théorie de détermination de la valeur de l'argent dans une situation particulière où l'on ne permettra pas que l'argent, sous n'emporte quelle forme, puisse entrer et sortir librement de la circulation. Selón Ricardo, la régulation de la valeur de l'argent par sa quantité est un cas particulier dans lequel l'ajustement du prix du marché au prix normal exige une période de temps considérable. La détermination quantitative est inadmissible sans réserve, mais seulement quand la période de l'observation est plus courte que celle de cet ajustement. De toute façon la détermination de la valeur de l'argent est a peine liée à sa théorie de la valeur des marchandises. Contrairement à l'interprétation généralement admise, Ricardo n'a pas appliqué à la détermination de la valeur de l'argent, une théorie différente de celle appliquée aux produits en général. Mots clés: pensée économique, école classique, théories de la valeur, monnaie. JEL: B1, B12, B-31.