Financial Markets, Money and the Real World

Davidson, Paul

doi:10.4337/9781843765585

Cited by 213 publications

(88 citation statements)

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“…But even this does not effect our analysis since we do not deter- There exist some other rationales. Davidson (2002) offers the first. The framework is that of an efficient market microstructure as stated above, and all homogenous participants are completely informed about the behavior of fundamentals except a random white noise.…”

Section: Excess Volatilitymentioning

confidence: 99%

Might a Securities Transactions Tax Mitigate Excess Volatility? Some Evidence from the Literature

Haberer

2004

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may AbstractInternational financial markets are said to be excessively volatile due to destabilizing speculation and excessive market volume. Transactions taxes might help. From studying the literature we conclude that there must be an optimal market liquidity, which minimizes excess volatility. There are two effects when imposing a transactions tax.Both reduce excess volatility in highly speculative markets when tax rates are small. The total tax effect then is unambiguous. However, in illiquid markets the tax might raise volatility.

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Section: Excess Volatilitymentioning

confidence: 99%

Might a Securities Transactions Tax Mitigate Excess Volatility? Some Evidence from the Literature

Haberer

2004

SSRN Journal

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“…Over one-half of all dollar bills are held outside U.S. borders. Almost one-half of U.S. Treasury bonds are held as reserves by foreign central banks, particularly those of Japan and the People's Republic of China (Porter and Judson 1996;Davidson 2002). Other currencies cannot, at least as yet, rival this global reach.…”

Section: The United Statesmentioning

confidence: 99%

Sovereignty Regimes: Territoriality and State Authority in Contemporary World Politics

Agnew

2005

Annals of the Association of American Geographers

471

212

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I propose a concept of effective sovereignty to argue that states participate in sovereignty regimes that exhibit distinctive combinations of central state authority and political territoriality. Two basic conclusions, drawing from recent research in political geography and other fields, are that sovereignty is neither inherently territorial nor is it exclusively organized on a state-by-state basis. This matters because so much political energy has been invested in organizing politics in general and democracy in particular in relation to states. Typically, writing about sovereignty regards sovereignty as providing a norm that legitimizes central state authority. Unfortunately, little or no attention is given as to why this should always entail a territorial definition of political authority and to why states are thereby its sole proprietors. The dominant approach continues to privilege the state as the singular font of authority even when a state's sovereignty may be decried as hypocrisy and seen as divisible or issue-specific rather than ''real'' or absolute. I put forward a model of sovereignty alternative to the dominant one by identifying four ''sovereignty regimes'' that result from distinctive combinations of central state authority (legitimate despotic power) on the one hand, and degree of political territoriality (the administration of infrastructural power) on the other. By ''regime'' I mean a system of rule, not merely some sort of international protocol or agreement between putatively equal states. I then examine the general trajectory of the combination of sovereignty regimes from the early nineteenth century to the present. The contemporary geography of currencies (specifically exchange-rate arrangements) serves to empirically illustrate the general argument about sovereignty regimes. Finally, a brief conclusion suggests that the dominant Westphalian model of state sovereignty in political geography and international relations theory, deficient as it has long been for understanding the realities of world politics, is even more inadequate today, not only for its ignoring the hierarchy of states and sources of authority other than states, but also because of its mistaken emphasis on the geographical expression of authority (particularly under the ambiguous sign of ''sovereignty'') as invariably and inevitably territorial.

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“…Accordingly, a number of monetary economists and theorists (Table 2) have suggested monetary reform, although Meera (2004) suggests pricing commodities in gold is sufficient, whilst Abdullah argues for a return to a bullion commodity standard, or even a bullion standard, perhaps in conjunction with fintech (Abdullah, 2016;Alzubaidi & Abdullah, 2017). Fisher (1920), Graham (1937Graham ( , 1944, Hayek (1943), Keynes (1923, 1942) Gesell (1958, Friedman (1963), Huber & Robertson (2000), , Davidson (2002), Stiglitz (2007), Bonpasse (2009), Greco (1990Greco ( , 2001Greco ( , 2009 influenced by E.C. Riegel, Meera (2004), Brown (2010Brown ( , 2013, Abdullah (2016Abdullah ( , 2018 …”

Section: Milton Freidman In a Monetary History Of The United Statesmentioning

confidence: 99%

A Framework for the Development of a National Crypto-Currency

Abdullah¹,

Nor²

2018

IJEF

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This paper seeks to provide a conceptual framework as to whether a central bank or a monetary authority should issue a crypto-currency given available technology and what are the consequences of doing so. Under the fiat standard the value and purchasing power of money has experienced an exponential decay, whilst prices have increased exponentially. Typically, a central bank is responsible for monetary and financial stability, including settlement and payment mechanisms. A proposed methodology is provided that involves both quantitative and qualitative analysis to measure the comparative monetary performance, stress testing and impact assessment of a new crypto-currency that includes backing by gold, silver and a basket of commodities. The scope of the proposed framework involves a monetary economic analysis, supported by a technological investigation, under the framework of Shari'ah compliance, to explore an impact assessment of the adoption of a national crypto-currency. The significance of this study is that, it provides a framework for the development of a new national crypto-currency, which retains its" store of value in terms of monetary performance and price stability, that would also investigate whether it"s implementation is viable.

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Financial Markets, Money and the Real World

Cited by 213 publications

References 0 publications

Might a Securities Transactions Tax Mitigate Excess Volatility? Some Evidence from the Literature

Might a Securities Transactions Tax Mitigate Excess Volatility? Some Evidence from the Literature

Sovereignty Regimes: Territoriality and State Authority in Contemporary World Politics

A Framework for the Development of a National Crypto-Currency

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