Preface -- Chapter 1 Overview of the History of Money -- Chapter 2 On the Choice of Optimal Currency Denominations -- Chapter 3 The Impact of Denomination Choice on Commercial Trading: A Policy Evaluation of a New Iraqi Monetary System -- Chapter 4 Diffusion of Electronic Money and Choice of Payment Methods -- Chapter 5 The Impact of Electronic Money on Demand for Cash: Time Series Analysis -- Chapter 6 Can We Stabilize the Price of a Cryptocurrency? Understanding the Design of Bitcoin and Its Potential to Compete with Central Bank Money -- Chapter 7 A Cashless Society: Facts and Issues -- Chapter 8 The Future of Money or Quest for Good Money .
This open access book examines the history and role of money. Money is often defined in terms of three interrelated functions: as a medium of exchange, store of value and unit of account. Researchers frequently discuss the first two functions, but tend to ignore unit of account. This book focuses on how a unit of account or denomination can be defined and can be derived from the monetary system. In the case of paper money and coins, we know how to determine the denomination of money based on the problem of the least number of weights defined by Bâchet and proved by Hardy and Wright (1960). However, in the case of digital or cryptocurrency, denomination may not matter because digital or cryptocurrency uses a wallet that is essentially denomination free: a wallet can contain any amount of currency without upper and lower limits. When people talk about the stablecoin, i.e. the stable price of digital and cryptocurrency with the major legal tender, they take a unit of account or denomination of digital or cryptocurrency as given. This arrangement destroys the nature of denomination free or decentralized autonomy as it were. Exploring how we can consolidate with these two views of denomination, this book will appeal to anyone interested in creating new digital or cryptocurrencies. It also serves as a textbook on central bank digital currency.
Social scientists have long sought to understand what Islamic banking is. This study seeks to answer this question by exploring the neoliberalisation process of Islamic banking policies in Malaysia and identifying policymakers' logic behind this process. For this purpose, this study conducted interviews with actors associated with Bank Negara Malaysia (BNM), the central bank of Malaysia. The findings demonstrate that, in the neoliberal era, BNM quietly and continuously pursued the goal of preferably giving economic opportunities to Malay Muslims by establishing institutional mechanisms rather than by offering preferential treatment in a straightforward manner. The Shariah nature of Islamic banking served to conceal this goal from the public. I define Islamic banking as an ethno-political tool rather than simply as a religious economy and contend that the philosophy of Islamic banking as a moral economy conceals an agenda of protecting Malay interests. (JCSA/GIGA)
Social scientists have long sought to understand what Islamic banking is. This study seeks to answer this question by exploring the neoliberalisation process of Islamic banking policies in Malaysia and identifying policymakers' logic behind this process. For this purpose, this study conducted interviews with actors associated with Bank Negara Malaysia (BNM), the central bank of Malaysia. The findings demonstrate that, in the neoliberal era, BNM quietly and continuously pursued the goal of preferably giving economic opportunities to Malay Muslims by establishing institutional mechanisms rather than by offering preferential treatment in a straightforward manner. The Shariah nature of Islamic banking served to conceal this goal from the public. I define Islamic banking as an ethno-political tool rather than simply as a religious economy and contend that the philosophy of Islamic banking as a moral economy conceals an agenda of protecting Malay interests.
Presented at the Role of irrigation and drainage in a sustainable future: USCID fourth international conference on irrigation and drainage on October 3-6, 2007 in Sacramento, California. ; Includes bibliographical references. ; The Kyrgyz Republic, Uzbekistan, Kazakhstan, Tajikistan, and Turkmenistan in the Aral Sea basin in Central Asia have some of the largest irrigation and drainage infrastructure in the world. In the Soviet era, a huge amount of irrigation and drainage infrastructure was constructed by the government, mainly to increase the production of cotton and wheat. However, the irrigation and drainage infrastructure has severely deteriorated since the independence of the Central Asian countries in 1991, mainly due to the lack of necessary funds for operation, maintenance, and rehabilitation. The governments intend to establish and develop water users' associations (WUAs), which are expected to play an important role in operation and maintenance (O&M) of the irrigation and drainage infrastructure. However, the use of WUAs for O&M is quite new in Central Asia. Therefore, the Asian Development Bank, the World Bank, and other donors have been implementing projects not only for the rehabilitation of the deteriorated irrigation and drainage infrastructure, but also for the establishment and development of WUAs. The roles of WUAs for O&M in Central Asia are very important in having an efficient and sustainable irrigation and drainage system. The roles and issues facing WUAs in the Kyrgyz Republic, which has adopted a rapid approach to reform, and Uzbekistan, which has taken a gradual approach, were reviewed in this study.
