Achieving Sustainable Financial Transactions under Regimes without a Central Bank—An Intertemporal Comparison
Autor: | Nikolaos A. Kyriazis, Emmanouil M. L. Economou |
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Jazyk: | angličtina |
Rok vydání: | 2021 |
Předmět: |
Cryptocurrency
Financial economics Geography Planning and Development TJ807-830 Audit Management Monitoring Policy and Law TD194-195 Renewable energy sources digital currencies Transactional leadership 0502 economics and business GE1-350 050207 economics Reliability (statistics) money without a central bank 050208 finance Environmental effects of industries and plants Renewable Energy Sustainability and the Environment 05 social sciences Monetary policy coin testing techniques Classical Athens Environmental sciences Currency Financial transaction Digital currency Business |
Zdroj: | Sustainability, Vol 13, Iss 1071, p 1071 (2021) Sustainability Volume 13 Issue 3 |
ISSN: | 2071-1050 |
Popis: | In this paper, by performing an intertemporal comparison, we investigate two monetary policy regimes where a central bank is absent, and we further refer on the mechanisms they developed so as to ensure the reliability of transactions between the parties involved. In particular, we mainly focus on the economic&ndash monetary institutions of Athens during the Classical period (508&ndash 322 BCE) and we argue that (in principle) there are inter-temporal similarities between the Athenian and the current digital currencies regimes regarding the auditing principles with which the reliability of financial transactions is ensured. We found that in both cases, what is crucial for the success of the system is to achieve trust on the currency. By focusing on Classical Athens, we analyze the nature of the mechanisms and the auditing techniques used to ensure reliable commercial transactions. We also briefly analyze the modern cryptocurrency techniques. We found that the success of both financial regimes was based on achieving: low transactional costs, speed in commercial transactions, and what we characterize as security regarding the commercial transactions. |
Databáze: | OpenAIRE |
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