Topic
Currency
About: Currency is a research topic. Over the lifetime, 26697 publications have been published within this topic receiving 485370 citations. The topic is also known as: monetary unit & unit of money.
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01 Jan 2012
TL;DR: In this paper, the authors examine a few relevant legal issues, such as the recent conviction of the Liberty Dollar creator, the Stamp Payments Act, and the federal securities acts, and examine their impact on Bitcoin's legal status.
Abstract: Bitcoin is a digital, decentralized, partially anonymous currency, not backed by any government or other legal entity, and not redeemable for gold or other commodity. It relies on peer-to-peer networking and cryptography to maintain its integrity. Compared to most currencies or online payment services, such as PayPal, bitcoins are highly liquid, have low transaction costs, and can be used to make micropayments. This new currency could also hold the key to allowing organizations such as Wikileaks, hated by governments, to receive donations and conduct business anonymously. Although the Bitcoin economy is flourishing, Bitcoin users are anxious about Bitcoin’s legal status. This paper examines a few relevant legal issues, such as the recent conviction of the Liberty Dollar creator, the Stamp Payments Act, and the federal securities acts.
222 citations
Posted Content•
TL;DR: This paper used the BIS international banking statistics to identify the cross-currency and counterparty funding patterns for the largest banking systems, and to assess the causes of the US dollar shortage during the critical phases of the crisis.
Abstract: Understanding the global financial crisis and the stresses on bank balance sheets requires a perspective on banks’ international investment positions and how these positions were funded across currencies and counterparties. This special feature uses the BIS international banking statistics to identify the cross-currency and counterparty funding patterns for the largest banking systems, and to assess the causes of the US dollar shortage during the critical phases of the crisis. JEL classification: F34, G01, G21. The current financial crisis has highlighted just how little is known about the structure of banks’ international balance sheets and their interconnectedness. During the crisis, many banks reportedly faced severe US dollar funding shortages, prompting central banks around the world to adopt unprecedented policy measures to supply them with funds. How could a US dollar shortage develop so quickly after dollar liquidity had been viewed as plentiful? Which banking systems were most affected? And how have funding pressures affected lending to non-bank end users of funds? This special feature draws on the BIS international banking statistics to provide some tentative answers to these questions. It splices together two sets of statistics to reconstruct the global balance sheet positions for each of the major national banking systems. 2 The dynamics of the crisis can then be analysed across banks’ consolidated balance sheets rather than along geographical (ie residency-based) lines. With information on both the currency and the type of counterparty for banks’ foreign assets and liabilities, we can investigate how banks funded their foreign investments, and thus can better identify the vulnerabilities that threatened the financial system. Global banking activity had grown remarkably between 2000 and mid2007. As banks’ balance sheets expanded, so did their appetite for foreign
222 citations
TL;DR: In this article, the theoretical relationship between the major exchange rates and the prices of internationally-traded commodities was examined using forecast error data, and it was found that, since the dissolution of the Bretton Woods International monetary system, floating exchange rates among the major currencies have been a major source of price instability in the world gold market.
222 citations
Book•
01 Jan 1976
222 citations
TL;DR: The authors show that OCA considerations affect exchange market pressures and intervention in different ways, while intervention largely reflects the variables pointed to by OCA theory that cause countries to value stable exchange rates (small size and the extent of trade links).
221 citations