In order for emergence to actually have significance for a specifically human social ontology requires a commitment on the part of participants that they submit to a status function implied or enabled by emergent phenomena such that participants could, if required, explicitly recognize the meaning of the status attribution in terms the deontic powers that it generates. In so doing, individuals recognize themselves and others as members of a community submitted to the meaning of the status function. Defined in this way, we can identify Tony Lawson's notion of emergence in Searlean terms. Emergence entails the generation of states and processes in a system that when recognized by actors, endows them with rights, duties, and obligations. In the case of Mengerian evolution of money, a status function is adopted once members within a given exchange network recognize that a particular commodity or other good has become generally accepted among network participants. This occurs by practice of exchange between members. We show how Searle has provides precedent for this interpretation of status functions through his elaboration of speech acts and declarations.
{"title":"Status Functions, Speech Acts, and the Emergence of Money","authors":"J. Caton","doi":"10.2139/ssrn.3445569","DOIUrl":"https://doi.org/10.2139/ssrn.3445569","url":null,"abstract":"In order for emergence to actually have significance for a specifically human social ontology requires a commitment on the part of participants that they submit to a status function implied or enabled by emergent phenomena such that participants could, if required, explicitly recognize the meaning of the status attribution in terms the deontic powers that it generates. In so doing, individuals recognize themselves and others as members of a community submitted to the meaning of the status function. Defined in this way, we can identify Tony Lawson's notion of emergence in Searlean terms. Emergence entails the generation of states and processes in a system that when recognized by actors, endows them with rights, duties, and obligations. In the case of Mengerian evolution of money, a status function is adopted once members within a given exchange network recognize that a particular commodity or other good has become generally accepted among network participants. This occurs by practice of exchange between members. We show how Searle has provides precedent for this interpretation of status functions through his elaboration of speech acts and declarations.","PeriodicalId":196270,"journal":{"name":"American Institute for Economic Research: Sound Money Project Working Paper Series","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121340309","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Argentina’s experience with inflation targeting lasted only 26 months. In this paper, we study the reason why this regime failed in Argentina and the economic context of its implementation. We find that the main reason was an internal inconsistency in how inflation targeting was implemented, and that said inconsistency was accelerated by a negative credibility shock in December 2017. While other events, such as external shocks, also played a role, they are not enough to explain the shortcomings of the inflation targeting experience in Argentina.
{"title":"Why Did Inflation Targeting Fail in Argentina?","authors":"N. Cachanosky, Federico Julián Ferrelli Mazza","doi":"10.2139/ssrn.3384731","DOIUrl":"https://doi.org/10.2139/ssrn.3384731","url":null,"abstract":"Argentina’s experience with inflation targeting lasted only 26 months. In this paper, we study the reason why this regime failed in Argentina and the economic context of its implementation. We find that the main reason was an internal inconsistency in how inflation targeting was implemented, and that said inconsistency was accelerated by a negative credibility shock in December 2017. While other events, such as external shocks, also played a role, they are not enough to explain the shortcomings of the inflation targeting experience in Argentina.","PeriodicalId":196270,"journal":{"name":"American Institute for Economic Research: Sound Money Project Working Paper Series","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125703558","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Economists have long argued that inclusive and well-developed financial systems play a critical role in fostering economic growth and development. However, the question of what is the best means of achieving financial development has long remained a puzzle in the development finance literature. In this paper, I show that some of the greatest examples of financial development in modern times have not come from countries that have pursued a more top-down or state-led approach to financial development, which has been the dominant mode of promoting financial inclusion and development in the postwar era. Instead, they’ve come from countries that have taken a bottom-up or market-oriented approach. This hands-off approach has succeeded because it gives entrepreneurs the ability to utilize their knowledge of their local economy to discover innovative ways to access financially excluded segments of the population. Perhaps the greatest modern day example of market-led financial development is the mobile money revolution that has swept across Sub-Saharan Africa (SSA) over the past decade. In this paper, I argue that the key predictor of whether a country will reap the benefits of these transformative innovations is whether its government embraces a hands off, or “enabling,” regulatory environment that promotes entrepreneurship and experimentation.
{"title":"Finance for All: The Success of the Market-Led Approach to Financial Development in the Developing World","authors":"Scott Burns","doi":"10.2139/ssrn.2879930","DOIUrl":"https://doi.org/10.2139/ssrn.2879930","url":null,"abstract":"Economists have long argued that inclusive and well-developed financial systems play a critical role in fostering economic growth and development. However, the question of what is the best means of achieving financial development has long remained a puzzle in the development finance literature. In this paper, I show that some of the greatest examples of financial development in modern times have not come from countries that have pursued a more top-down or state-led approach to financial development, which has been the dominant mode of promoting financial inclusion and development in the postwar era. Instead, they’ve come from countries that have taken a bottom-up or market-oriented approach. This hands-off approach has succeeded because it gives entrepreneurs the ability to utilize their knowledge of their local economy to discover innovative ways to access financially excluded segments of the population. Perhaps the greatest modern day example of market-led financial development is the mobile money revolution that has swept across Sub-Saharan Africa (SSA) over the past decade. In this paper, I argue that the key predictor of whether a country will reap the benefits of these transformative innovations is whether its government embraces a hands off, or “enabling,” regulatory environment that promotes entrepreneurship and experimentation.","PeriodicalId":196270,"journal":{"name":"American Institute for Economic Research: Sound Money Project Working Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129549794","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Federal Reserve regulates U.S. commercial banks using a system of risk-based capital (RBC) regulations based on the Basel Accords. Unfortunately, the Fed’s mis-rating of several assets such as mortgage-backed securities encouraged the build-up of these assets in the banking system and was a major contributing factor to the 2008 financial crisis. The Basel system of RBC regulation is a prime example of a Hayekian knowledge problem. The contextual, tacit, and subjective knowledge required to properly assess asset risk cannot be aggregated and utilized by regulators. An effective system of banking regulation must acknowledge man’s limited knowledge and place greater value on individual decisions than on top-down planning.
{"title":"Banking Regulation and Knowledge Problems","authors":"Thomas L. Hogan, G. Manish","doi":"10.2139/ssrn.2718597","DOIUrl":"https://doi.org/10.2139/ssrn.2718597","url":null,"abstract":"The Federal Reserve regulates U.S. commercial banks using a system of risk-based capital (RBC) regulations based on the Basel Accords. Unfortunately, the Fed’s mis-rating of several assets such as mortgage-backed securities encouraged the build-up of these assets in the banking system and was a major contributing factor to the 2008 financial crisis. The Basel system of RBC regulation is a prime example of a Hayekian knowledge problem. The contextual, tacit, and subjective knowledge required to properly assess asset risk cannot be aggregated and utilized by regulators. An effective system of banking regulation must acknowledge man’s limited knowledge and place greater value on individual decisions than on top-down planning.","PeriodicalId":196270,"journal":{"name":"American Institute for Economic Research: Sound Money Project Working Paper Series","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130278894","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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