GLOBAL MONEY AND GLOBAL CURRENCY
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Published:
Jun 20, 2024
Abstract
The article is devoted to consideration of the possibility and necessity of the emergence of Global Money and the form in which it can exist. The author considers this problem both from a theoretical and practical points of view. In this regard, the problem is divided into two parts, which concern, respectively, Global Money (as an economic category) and Global Currency (as a form of their existence). The author assumes that real competition for Global Money can take place between the money of the past (commodity money, specifically gold), modern money (credit money of commercial banks) and future money (information/ smart money). As for the Global Currency, based on the current schedule of political and economic power, there is no real alternative to the US dollar in the next 1-2 decades. However, most likely, it can be expected that the form of functioning of the Dollar will be the CBDC of the Federal Reserve.
How to Cite
Sharov, O. (2024). GLOBAL MONEY AND GLOBAL CURRENCY. Baltic Journal of Legal and Social Sciences, 128-137. https://doi.org/10.30525/2592-8813-2024-spec-14
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Keywords
Globalization, Global Money, Gold, Cryptocurrency, CBDC, Dollar, SDR
References
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31. Шаров О.М. (2020). Грошова глобалізація. – К.: Парламентське видавництво, 2020, 680 с.
(Sharov O. Monetary Globalization – Kyiv: Parliament Publ., 2020, 680 p.[In Ukrainian]). Retrieved from: http://ief.org.ua/docs/mg/343.pdf
32. Шаров О.М. (2022) Глобалізація грошей – Київ: Інститут економіки та прогнозування, 2022, 667 с. (Sharov O. Globalization of Money – Kyiv: Institute for Economics and Forecasting, 2022, 667 p. [In Ukrainian]). Retrieved from: http://ief.org.ua/wp-content/uploads/2022/12/Globalizacijagroshey.pdf
2. Angeloni I., Bénassy-Quéré A., Carton B., Darvas Z., Destais Ch., Pisani-Ferry J., Sapir A., Vallée S. (2011) Global currencies for tomorrow: a European perspective // European Commission: European Economy, Economic Paper 444, July 2011, 73 p. Retrieved from: https://ec.europa.eu/economy_finance/publications/economic_paper/2011/pdf/ecp444_en.pdf
3. Bordo M., Cooper R. (2006) Proposal for a Common Currency among Rich Democracies // Oesterreichische National Bank, Working paper #127, September, Retrieved from: http://www.oenb.at/de/img/wp127_tcm14-42690.pdf
4. Browne R. (2018) Bitcoin can be called an asset, just don’t call it money, Swedish central banker says // CNBC, Jan., 26, 2018 Retrieved from: https://www.cnbc.com/2018/01/26/riksbanks-skingsley-bitcoin-cryptocurrencies-are-assets-not-money.html
5. CERP (2011) Reforming the International Monetary System – Washington, D.C.: CEPR Retrieved from: https://cepr.org/publications/books-and-reports/reforming-international-monetary-system-0
6. Chulov M. (2014) Isis to mint own Islamic dinar coins in gold, silver and copper // The Guardian, Nov.14, 2014
7. Cooper R.A Monetary System for the Future // Foreign Affairs, Fall 1984, No. 63(1), pp. 166–84.
8. Danielsson J., Macrae R., Uthemann A. (2020) Artificial intelligence as a central banker // VOX-EU.CERP, March 6, 2020 Retrieved from: https://voxeu.org/article/artificial-intelligence-central-banker
9. Friedman G. (2022) Learning Lessons From the War in Ukraine // Geopolitical Futures, March 15, 2022 Retrieved from: https://geopoliticalfutures.com/learning-lessons-from-the-war-in-ukraine/
10. Howe M. (2012) Republicans reviewed and rejected gold standard under Reagan // Mining.com,Sept.5,2012 Retrieved from: https://www.mining.com/republicans-reviewed-and-rejected-gold-standard-under-reagan-63256/
11. IMF (2011). Enhancing International Monetary Stability—A Role for the SDR? // – Washington DC: IMF Retrieved from: https://www.imf.org/external/np/pp/eng/2011/010711.pdf
12. Kashyap A. Question B // Chicago Booth. The Initiative of Global Markets Retrieved from: https://www.igmchicago.org/panelists/anil-kashyap/ or https://www.kentclarkcenter.org/surveys/gold-standard/
13. Lietaer B., Arnsperger Ch., Goerner S. (2012) Money and Sustainability: The Missing Link. Report from the Club of Rome – EU Chapter to Finance Watch and the World Business Academy – Bridport, UK: Triarchy Press, May 30, 216 p.
14. Mundell R.(1961) A Theory of Optimum Currency Areas // American Economic Review, vol. 51, No. 4 (Sep., 1961), pp. 657–665.
15. Mundell. R. The Case for a World Currency // Journal for Policy Modeling, Elsevier, vol. 27(4), June, pp. 465-475,
16. OECD (2002). The Future of Money // OECD, 2002, 175 p. Retrieved from: https://www.oecd.org/futures/35391062.pdf
17. Polleit T. (2022) The Global Currency Plot –Auburn, Alabama: Mises Institute, 2022, 167 p. Retrieved from: https://cdn.mises.org/global_currency_january_24.pdf
18. Putra World Trade Centre (2002). International Conference on Stable and Just Global Monetary System: viability of the Islamic Dinar: Proceedings, August 19 & 20, – Putra World Trade Centre,Kuala Lumpur, Malaysia. – International Islamic University Malaysia, 384 p.
19. Rogoff K. (2001) Why Not a Global Currency? // AEA Papera and Proceedings, May, pp. 243–247. Retrieved from: https://scholar.harvard.edu/files/rogoff/files/why_not_a_global_currency.pdf
20. Russia Briefing (2022). Russia Positions To Move The Ruble To A Gold Standard // Russia Briefing, April 15 Retrieved from: https://www.russia-briefing.com/news/russia-positions-itself-to-move-21. Timmer H., Dailami M., Irving J., Hauswald R., Masson P. (2011) Global development horizons 2011 : Multipolarity – the new global economy – Washington, D.C.: World Bank Group, xx + 159 p. Retrieved from: http://documents.worldbank.org/curated/en/597691468150580088/Global-development-horizons-2011-Multipolarity-the-new-global-economy
22. United Nations. (2009). Report of the Commission of Experts of the President of the United Nations General Assembly on Reforms of the International Monetary and Financial System – New York: United Nations. Retrieved from: https://www.un.org/en/ga/econcrisissummit/docs/FinalReport_CoE.pdf
23. Ungarino R. (2018). Goldman Sachs says ‘the bar looks high’ for bitcoin to thrive as real money // CNBC, Jan.11. Retrieved from: https://www.cnbc.com/2018/01/11/goldman-sachs-saysthe-bar-looks-high-for-bitcoin-to-thrive-as-real-money.html
24. US Congress (1982). Report to the Congress of the Commission on the Role of Gold in the Domestic and International Monetary Systems – Wash., D.C., March 31 Retrieved from: https://fraser.stlouisfed.org/title/report-congress-commission-role-gold-domestic-international-monetary-systems-6467?browse=1980s#611736
25. US Treasury (2022). The Future of Money and Payments // US Department of Treasury Report, September 2022, 51 p. Retrieved from: https://home.treasury.gov/system/files/136/Future-of-Moneyand-Payments.pdf
26. WEF (2018). The Global Financial and Monetary System in 2030 – WEF, May 2018, 21 p. Retrieved from: https://www3.weforum.org/docs/WEF_Global_Future_Council_Financial_Monetary_Systems_report_2018.pdf
27. Wile A. (2011). Gaddafi Planned Gold Dinar, Now Under Attack // Daily Bell, May 5, Retrieved from: https://www.thedailybell.com/all-articles/editorials/anthony-wile-gaddafi-planned-gold-dinarnow-under-attack/
28. Wilson T. (2020). Analysis: Central bankers comb for crypto clues as Bahamas launches 'Sand Dollar' // Reuters, Dec. 21. Retrieved from: https://www.reuters.com/article/us-cenbanks-digital-analysis-idUSKBN28S0KT
29. Шаров А.Н.(1982.) Развитие средств обращения в условиях современного капитализма // МЭиМО, № 11, с. 134–139 (Sharov A.N. Development of circulation in the conditions of modern capitalism // MEMO, No. 11, pp. 134–139 [In Russian])
30. Шаров А.Н. (1990). Эволюция денег при капитализме. М: Финансы и статистика, 1990, С. 88–139) (Sharov A.N. The Evolution of Money in Capitalism, p.88 – Moscow: Finance and Statistic, 1990, 139 p. [In Russian]). Retrieved from: https://epdf.tips/-29094c94740a5985598a55c5d61d13c930427.html
31. Шаров О.М. (2020). Грошова глобалізація. – К.: Парламентське видавництво, 2020, 680 с.
(Sharov O. Monetary Globalization – Kyiv: Parliament Publ., 2020, 680 p.[In Ukrainian]). Retrieved from: http://ief.org.ua/docs/mg/343.pdf
32. Шаров О.М. (2022) Глобалізація грошей – Київ: Інститут економіки та прогнозування, 2022, 667 с. (Sharov O. Globalization of Money – Kyiv: Institute for Economics and Forecasting, 2022, 667 p. [In Ukrainian]). Retrieved from: http://ief.org.ua/wp-content/uploads/2022/12/Globalizacijagroshey.pdf