Fiat Money Inconsistency and the Return of Dinar-Dirham as a Medium of Exchange in the Community
DOI:
https://doi.org/10.33506/sl.v10i2.1326Keywords:
Fiat Money, Economy, Dinar, DirhamAbstract
Coronavirus ior ireferred ito ias icovid-19 ihas icaused ivarious ikinds iof inegative ieffects, iespecially iin ithe ieconomic ifield. iThe isoaring iunemployment irate, ithe icontraction iin ithe ivalue iof ithe irupiah iand iother icurrencies ihas iresulted iin ian iincreasingly isluggish ieconomic imovement iin irecent itimes iuntil ithe ipanic iof ithe ivalue iof igold icontinues ito irise iin irecent imonths. iThe iqualitative imethod iis iused iby iscientifically idescribing ithe iimpact iof ithe iCovid i19 ivirus icase ion ithe imovement iof icurrency iand igold ivalues. iThe iresults iof ithis istudy iindicate ithat ithe iCovid i19 ivirus ihas ia iquite inegative iimpact ion ithe ieconomic isector, iespecially ion icurrency iand igold ivalue imovements. iThe imovement iin ithe ivalue iof ithe irupiah icontracted ito itouch iRp.14,000 iwhile ithe ivalue iof igold itended ito irise isignificantly. iThe irising igold ivalue ishows ia ipositive itrend itowards ithe ipossible iimplementation iof ithe ilegal iuse iof ithe idinar iand idirham icurrency iin ithe icommunity. iGold iis ino ilonger iseen ias ia iSave iHaven, ibut iits irole ias ian iextension iof imuamalah iactivities i(buying iand iselling) iin ithe icommunity iis iincreasingly ivisible. iThere iis ipanic iand ipsychologically idisturbing ieconomic iand icommunity iactors iin iresponding ito ithis iincident.
iCoronavirus ior ireferred ito ias icovid-19 ihas icaused ivarious ikinds iof inegative ieffects, iespecially iin ithe ieconomic ifield. iThe isoaring iunemployment irate, ithe icontraction iin ithe ivalue iof ithe irupiah iand iother icurrencies ihas iresulted iin ian iincreasingly isluggish ieconomic imovement iin irecent itimes iuntil ithe ipanic iof ithe ivalue iof igold icontinues ito irise iin irecent imonths. iThe iqualitative imethod iis iused iby iscientifically idescribing ithe iimpact iof ithe iCovid i19 ivirus icase ion ithe imovement iof icurrency iand igold ivalues. iThe iresults iof ithis istudy iindicate ithat ithe iCovid i19 ivirus ihas ia iquite inegative iimpact ion ithe ieconomic isector, iespecially ion icurrency iand igold ivalue imovements. iThe imovement iin ithe ivalue iof ithe irupiah icontracted ito itouch iRp.14,000 iwhile ithe ivalue iof igold
References
Afonasova, Margarita A, Elena E Panfilova, Marina A Galichkina, and Beata Ślusarczyk. 2019. “Digitalization in Economy and Innovation: The Effect on Social and Economic Processes.†Polish Journal of Management Studies 19.
Aglietta, Michel. 2000. 28 A Theory of Capitalist Regulation: The US Experience. Verso.
Bonar, James. 1924. “Grundsätze Der Volkswirtschaftslehre.â€
Brunnermeier, Markus K, Harold James, and Jean-Pierre Landau. 2019. The Digitalization of Money. National Bureau of Economic Research.
Cai, Fang, and Francis E Warnock. 2006. International Diversification at Home and Abroad. National Bureau of Economic Research.
Chen, James. 2019. “Fiat Money.†Investopedia. Viitattu 9: 2020.
Denning, Stephen. 2016. “Christensen Updates Disruption Theory.†Strategy & Leadership.
Essuman, Dominic, Nathaniel Boso, and Jonathan Annan. 2020. “Operational Resilience, Disruption, and Efficiency: Conceptual and Empirical Analyses.†International journal of production economics 229: 107762.
Hoppe, Hans-Hermann. 1994. “How Is Fiat Money Possible?—Or, the Devolution of Money and Credit.†The Review of Austrian Economics 7(2): 49–74.
Kocherlakota, Narayana R. 1998. “The Technological Role of Fiat Money.†Federal Reserve Bank of Minneapolis Quarterly Review 22: 2–10.
Meera, Ahamed Kameel Mydin. 2002. The Islamic Gold Dinar. Pelanduk Publications Subang Jaya, Malaysia.
Mulatsih, S Nuning, Aisyah Ratnasari, and Dadang Saepuloh. 2019. “The Role of Gold Dinar And Silver Dirham User Entrepreneurship Community in Dinar-Dirham Replacement Equipment As a Medium of Exchange.†KnE Social Sciences.
Ricks, Morgan. 2011. “Regulating Money Creation after the Crisis.†Harv. Bus. L. Rev. 15.
Roth, Felix. 2009. “The Effect of the Financial Crisis on Systemic Trust.†Intereconomics 44(4).
Schlichter, Detlev S. 2014. Paper Money Collapse: The Folly of Elastic Money. John Wiley & Sons.
Shinohara, Shuji, and Yukio Pegio Gunji. 2001. “Emergence and Collapse of Money through Reciprocity.†Applied Mathematics and Computation 117(2–3).
Yasutomi, Ayumu. 1995. “The Emergence and Collapse of Money.†Physica D: Nonlinear Phenomena 82(1–2).
Griffin, Edward. 2000. “The Creature from Jekyll Island.â€
Harun, M H. 2007. Fiqh Muamalah. Muhammadiyah University Press.
Kemenag, R I. 2012. “Al-Qur’an Dan Terjemahnya.†Jakarta: PT Sinergi Pustaka Indonesia.
Moleong, Lexy J. 2007. “Metodologi Penelitian Kualitatif Edisi Revisi.†Bandung: PT Remaja Rosdakarya 103.
Downloads
Published
How to Cite
Issue
Section
License
Please find the rights and licenses in Sentralisasi. By submitting the article/manuscript of the article, the author(s) agree with this policy. No specific document sign-off is required.
1. License
The non-commercial use of the article will be governed by the Creative Commons Attribution license as currently displayed on Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
2. Author(s)' Warranties
The author warrants that the article is original, written by the stated author(s), has not been published before, contains no unlawful statements, does not infringe the rights of others, is subject to copyright that is vested exclusively in the author, and free of any third party rights, and that any necessary written permissions to quote from other sources have been obtained by the author(s).
3. User/Public Rights
Sentralisasi's spirit is to disseminate articles published are as free as possible. Under the Creative Commons license, Sentralisasi permits users to copy, distribute, display, and perform the work for non-commercial purposes only. Users will also need to attribute authors and Sentralisasi on distributing works in the journal and other media of publications. Unless otherwise stated, the authors are public entities as soon as their articles got published.
4. Rights of Authors
Authors retain all their rights to the published works, such as (but not limited to) the following rights;
- Copyright and other proprietary rights relating to the article, such as patent rights,
- The right to use the substance of the article in own future works, including lectures and books,
- The right to reproduce the article for own purposes,
- The right to self-archive the article (please read our deposit policy),
- The right to enter into separate, additional contractual arrangements for the non-exclusive distribution of the article's published version (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal (Sentralisasi).
5. Co-Authorship
If the article was jointly prepared by more than one author, any authors submitting the manuscript warrants that he/she has been authorized by all co-authors to be agreed on this copyright and license notice (agreement) on their behalf, and agrees to inform his/her co-authors of the terms of this policy. Sentralisasi will not be held liable for anything that may arise due to the author(s) internal dispute. Sentralisasi will only communicate with the corresponding author.
6. Royalties
Being an open accessed journal and disseminating articles for free under the Creative Commons license term mentioned, author(s) aware that Sentralisasi entitles the author(s) to no royalties or other fees.
7. Miscellaneous
Sentralisasi will publish the article (or have it published) in the journal if the article editorial process is successfully completed. Sentralisasi's editors may modify the article to a style of punctuation, spelling, capitalization, referencing, and usage that deems appropriate. The author acknowledges that the article may be published so that it will be publicly accessible and such access will be free of charge for the readers as mentioned in point 3.
