Abstract The aim of the paper is to review and discuss the implications of a new form of central bank money – retail central bank digital currency (CBDC) – for central and commercial banks, identified in the literature and by central banks. The author’s intention is also to indicate possible differences in the approach to this issue by researchers and individual central banks. The study is based on a review covering both academic literature and central banks official documents on retail CBDC. It also includes a comparative analysis of CBDC concepts (disregarding the level of implementation) outlined by 13 European and non-European central banks in their official reports. The study shows that the research papers and official reports by central banks are consistent as for the areas of influence of retail CBDCs on central banks and the banking sector. However, both do not give complete answers to questions about the consequences of CBDCs for banking systems, the economy and society. The analyses published by central banks do not provide, as one might assume, a greater level of detail and precision.
{"title":"Potential Implications of Retail Central Bank Digital Currency for Banking Systems Identified in the Literature and by Central Banks","authors":"Anna Iwańczuk-Kaliska","doi":"10.1515/ael-2022-0005","DOIUrl":"https://doi.org/10.1515/ael-2022-0005","url":null,"abstract":"Abstract The aim of the paper is to review and discuss the implications of a new form of central bank money – retail central bank digital currency (CBDC) – for central and commercial banks, identified in the literature and by central banks. The author’s intention is also to indicate possible differences in the approach to this issue by researchers and individual central banks. The study is based on a review covering both academic literature and central banks official documents on retail CBDC. It also includes a comparative analysis of CBDC concepts (disregarding the level of implementation) outlined by 13 European and non-European central banks in their official reports. The study shows that the research papers and official reports by central banks are consistent as for the areas of influence of retail CBDCs on central banks and the banking sector. However, both do not give complete answers to questions about the consequences of CBDCs for banking systems, the economy and society. The analyses published by central banks do not provide, as one might assume, a greater level of detail and precision.","PeriodicalId":43657,"journal":{"name":"Accounting Economics and Law-A Convivium","volume":"18 1","pages":""},"PeriodicalIF":1.4,"publicationDate":"2023-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91295005","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}
Abstract Attendees of accounting empirical research seminars all too often come to view the conclusions presented in the papers as non-persuasive. This disappointing situation indicates that researchers employ data analysis methodologies which inherently support conclusions they are looking for. Such issues are rarely discussed because many participants have relied on the same methodologies – thus they have firsthand knowledge about the inherent deficiencies. The mantra becomes: “We are all aware of uncomfortable aspects of the methodologies used in our research, so why dwell on it?” Because these potential questions tend to be outside normal and acceptable bounds, I term them “elephants in the room”. Five such cases are delineated to illustrate incontrovertible problems therein. To sum it up, the elephants highlight that the purported substantive contents of most published papers will be taken with a grain of salt for the foreseeable future.
{"title":"Empirical Accounting Seminars: Elephants in the Room","authors":"James A. Ohlson","doi":"10.1515/ael-2021-0067","DOIUrl":"https://doi.org/10.1515/ael-2021-0067","url":null,"abstract":"Abstract Attendees of accounting empirical research seminars all too often come to view the conclusions presented in the papers as non-persuasive. This disappointing situation indicates that researchers employ data analysis methodologies which inherently support conclusions they are looking for. Such issues are rarely discussed because many participants have relied on the same methodologies – thus they have firsthand knowledge about the inherent deficiencies. The mantra becomes: “We are all aware of uncomfortable aspects of the methodologies used in our research, so why dwell on it?” Because these potential questions tend to be outside normal and acceptable bounds, I term them “elephants in the room”. Five such cases are delineated to illustrate incontrovertible problems therein. To sum it up, the elephants highlight that the purported substantive contents of most published papers will be taken with a grain of salt for the foreseeable future.","PeriodicalId":43657,"journal":{"name":"Accounting Economics and Law-A Convivium","volume":"53 1","pages":""},"PeriodicalIF":1.4,"publicationDate":"2023-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73876589","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}
Abstract This introduction reviews the main themes addressed in the special issue Futures of Money – Monies of the Future. Recalling broader historical transformations of money, this introduction focuses on how the digitalization of money interacts with the central role of states and the financial industry in the issuance and distribution of money. This concerns how money interacts with non-monetary digital information and how digital forms of social interaction transform the rules of exchange where money is used. Exploring these issues, the articles brought together here open fruitful venues to rethink the way we theorize money.
{"title":"Futures of Money – Monies of the Future. Introduction","authors":"Horacio Ortiz","doi":"10.1515/ael-2022-0116","DOIUrl":"https://doi.org/10.1515/ael-2022-0116","url":null,"abstract":"Abstract This introduction reviews the main themes addressed in the special issue Futures of Money – Monies of the Future. Recalling broader historical transformations of money, this introduction focuses on how the digitalization of money interacts with the central role of states and the financial industry in the issuance and distribution of money. This concerns how money interacts with non-monetary digital information and how digital forms of social interaction transform the rules of exchange where money is used. Exploring these issues, the articles brought together here open fruitful venues to rethink the way we theorize money.","PeriodicalId":43657,"journal":{"name":"Accounting Economics and Law-A Convivium","volume":"24 1","pages":""},"PeriodicalIF":1.4,"publicationDate":"2023-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84112546","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}
Abstract This study explores the decision-making behaviour of economic actors in relation to transfer pricing by applying a three-layer practice theory. A critical review of the literature using snowball sampling and a thematic analysis of interview data from the Ministry of Finance, tax consultants and the Zimbabwe Revenue Authority bring to light novel conceptualisations and perspectives on the transfer pricing phenomenon. This study addresses scholarly gaps by exploring a confluence of legal, implementation and exploitative dimensions in transfer pricing regulation. The study also makes a novel contribution by proposing a model that could be useful to policymakers and tax authorities in ameliorating tax avoidance through transfer pricing.
{"title":"Conceptualising the Behaviour of MNEs, Tax Authorities and Tax Consultants in Respect of Transfer Pricing Practices – A Three-Layer Analysis","authors":"Eukeria Wealth, S. Smulders, Favourate Y. Mpofu","doi":"10.1515/ael-2022-0036","DOIUrl":"https://doi.org/10.1515/ael-2022-0036","url":null,"abstract":"Abstract This study explores the decision-making behaviour of economic actors in relation to transfer pricing by applying a three-layer practice theory. A critical review of the literature using snowball sampling and a thematic analysis of interview data from the Ministry of Finance, tax consultants and the Zimbabwe Revenue Authority bring to light novel conceptualisations and perspectives on the transfer pricing phenomenon. This study addresses scholarly gaps by exploring a confluence of legal, implementation and exploitative dimensions in transfer pricing regulation. The study also makes a novel contribution by proposing a model that could be useful to policymakers and tax authorities in ameliorating tax avoidance through transfer pricing.","PeriodicalId":43657,"journal":{"name":"Accounting Economics and Law-A Convivium","volume":"34 1","pages":""},"PeriodicalIF":1.4,"publicationDate":"2023-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74177566","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}
Abstract Over the last years, independent central banks were often criticized. Many critics felt that the fatal flaw of the current system lied in its independent nature. Some critics argued that the remedy to such problems was to replace independence with interdependence. Such a drastic measure is completely unnecessary. No more time should be lost discussing further the merits or the weaknesses of central bank independence. But taking central bank independence as a given, one should simply try to equip central bankers with the mandates, the tools, and the values best fitted to help them face future shocks. Deeper checks and balances with other institutions and the fair financing of investment by all economic agents, including startups and SMEs, are urgently necessary to head off financial crises that will inevitably arise in this era of growing wealth inequality, disruptive technologies and climate change.
{"title":"Independence of Central Banks: The Need for an Urgent Revamp!","authors":"Philippe Moutot","doi":"10.1515/ael-2019-0070","DOIUrl":"https://doi.org/10.1515/ael-2019-0070","url":null,"abstract":"Abstract Over the last years, independent central banks were often criticized. Many critics felt that the fatal flaw of the current system lied in its independent nature. Some critics argued that the remedy to such problems was to replace independence with interdependence. Such a drastic measure is completely unnecessary. No more time should be lost discussing further the merits or the weaknesses of central bank independence. But taking central bank independence as a given, one should simply try to equip central bankers with the mandates, the tools, and the values best fitted to help them face future shocks. Deeper checks and balances with other institutions and the fair financing of investment by all economic agents, including startups and SMEs, are urgently necessary to head off financial crises that will inevitably arise in this era of growing wealth inequality, disruptive technologies and climate change.","PeriodicalId":43657,"journal":{"name":"Accounting Economics and Law-A Convivium","volume":"82 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135359256","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}
Abstract Conventional understanding relegates the role of central banking to benchmark interest rate guidance which is supposed to have direct and straightforward impact on real economy. Accordingly, central banks are praised for and supposed to stay independent from treasuries and money markets while indirectly influencing both of them by that guidance. This article provides hints for an alternative explanation by investigating central bank dual connection with treasuries and private finance, especially money markets. It recounts the main financial episodes of the last decades from this institutional monetary economic perspective through a dynamic systems analysis covering money and financial aggregates, pointing to the peculiar ways in which this connection has been organised under the market-based (asset-based) finance regime and its systemic failure since 2007.
{"title":"Central Banking in Perilous Times: An Open-Ended Chronicle","authors":"Y. Biondi","doi":"10.1515/ael-2023-0007","DOIUrl":"https://doi.org/10.1515/ael-2023-0007","url":null,"abstract":"Abstract Conventional understanding relegates the role of central banking to benchmark interest rate guidance which is supposed to have direct and straightforward impact on real economy. Accordingly, central banks are praised for and supposed to stay independent from treasuries and money markets while indirectly influencing both of them by that guidance. This article provides hints for an alternative explanation by investigating central bank dual connection with treasuries and private finance, especially money markets. It recounts the main financial episodes of the last decades from this institutional monetary economic perspective through a dynamic systems analysis covering money and financial aggregates, pointing to the peculiar ways in which this connection has been organised under the market-based (asset-based) finance regime and its systemic failure since 2007.","PeriodicalId":43657,"journal":{"name":"Accounting Economics and Law-A Convivium","volume":"11 1","pages":"49 - 102"},"PeriodicalIF":1.4,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79234942","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}
Abstract The study challenges the dominant narrative that Romanian consumer and residential credit laws are a product of the country’s return to capitalism and the market economy, proposing an alternative interpretation. It demonstrates that the origins of Romanian consumer and residential credit laws lay in the pre-World War II and communist legislation that survived the 1989 Revolution. This shows that the communist legacy in consumer and residential credit is real and more enduring than expected and that communism did not differ from capitalism in this respect, other than how consumer and residential credit was organised. Using legal history and doctrinal analysis in a functional approach coupled with statistical and empirical data, the study proves the existence of a normative continuity between pre-and post-1989 Romanian consumer and residential credit laws that ended with the EU accession efforts. Finally, this continuity between communist and capitalist consumer and residential credit laws indicates functional similarities between the monarchic (capitalist) and communist legal systems, further undermining the relevance of political and economic ideology and the idea that communism was inimical to consumers and consumer or residential credit.
{"title":"The Unlikely Continuity. The Communist Legacy of Romanian Consumer and Residential Credit Laws","authors":"C. Stănescu","doi":"10.1515/ael-2022-0050","DOIUrl":"https://doi.org/10.1515/ael-2022-0050","url":null,"abstract":"Abstract The study challenges the dominant narrative that Romanian consumer and residential credit laws are a product of the country’s return to capitalism and the market economy, proposing an alternative interpretation. It demonstrates that the origins of Romanian consumer and residential credit laws lay in the pre-World War II and communist legislation that survived the 1989 Revolution. This shows that the communist legacy in consumer and residential credit is real and more enduring than expected and that communism did not differ from capitalism in this respect, other than how consumer and residential credit was organised. Using legal history and doctrinal analysis in a functional approach coupled with statistical and empirical data, the study proves the existence of a normative continuity between pre-and post-1989 Romanian consumer and residential credit laws that ended with the EU accession efforts. Finally, this continuity between communist and capitalist consumer and residential credit laws indicates functional similarities between the monarchic (capitalist) and communist legal systems, further undermining the relevance of political and economic ideology and the idea that communism was inimical to consumers and consumer or residential credit.","PeriodicalId":43657,"journal":{"name":"Accounting Economics and Law-A Convivium","volume":"87 1","pages":""},"PeriodicalIF":1.4,"publicationDate":"2023-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79164105","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}
Abstract This article explores some features of digital payments in China to raise analytical questions for a pragmatist anthropology of money. It shows that digital payments in China are concentrated in two companies, that are part of a small oligopoly of companies that organize digital connections among around 850 million people in the territory. This raises questions concerning the role of digital payments for social interdependence and the constitution of social hierarchies. The second section analyzes the institutional setting and the legitimizing narratives with which this happens. It shows a complex interdependence between the state and non-state-owned big technological companies, which produce legitimizing narratives that can be shared, divergent or even contradictory. This raises questions concerning the role of digital payments in the project of constituting a national society. In the conclusion, the paper recalls that, although these developments in the Chinese territory cannot be replicated elsewhere, they pose important questions for the analysis of digital money’s present and potential futures worldwide.
{"title":"Digital Payments in China: Some Questions for a Pragmatist Anthropology of Money","authors":"Horacio Ortiz","doi":"10.1515/ael-2021-0102","DOIUrl":"https://doi.org/10.1515/ael-2021-0102","url":null,"abstract":"Abstract This article explores some features of digital payments in China to raise analytical questions for a pragmatist anthropology of money. It shows that digital payments in China are concentrated in two companies, that are part of a small oligopoly of companies that organize digital connections among around 850 million people in the territory. This raises questions concerning the role of digital payments for social interdependence and the constitution of social hierarchies. The second section analyzes the institutional setting and the legitimizing narratives with which this happens. It shows a complex interdependence between the state and non-state-owned big technological companies, which produce legitimizing narratives that can be shared, divergent or even contradictory. This raises questions concerning the role of digital payments in the project of constituting a national society. In the conclusion, the paper recalls that, although these developments in the Chinese territory cannot be replicated elsewhere, they pose important questions for the analysis of digital money’s present and potential futures worldwide.","PeriodicalId":43657,"journal":{"name":"Accounting Economics and Law-A Convivium","volume":"71 1","pages":""},"PeriodicalIF":1.4,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84362444","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}
Abstract In this paper, we analyse why the changing and growing roles of independent Central Banks now do require a reconsideration of their mandate.
在本文中，我们分析了为什么独立中央银行的角色不断变化和增长，现在确实需要重新考虑他们的任务。
{"title":"The Changing and Growing Roles of Independent Central Banks Now Do Require a Reconsideration of Their Mandate","authors":"C. Goodhart, R. Lastra","doi":"10.1515/ael-2022-0097","DOIUrl":"https://doi.org/10.1515/ael-2022-0097","url":null,"abstract":"Abstract In this paper, we analyse why the changing and growing roles of independent Central Banks now do require a reconsideration of their mandate.","PeriodicalId":43657,"journal":{"name":"Accounting Economics and Law-A Convivium","volume":"61 1","pages":""},"PeriodicalIF":1.4,"publicationDate":"2023-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79602426","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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