HARD CURRENCIES FOR HARD TIMES. TERROR ATTACKS AND THE CHOICE OF MONETARY ANCHORS

As terror’s victims increase, hard currency commitments gain effectiveness in reducing inflation, and central bank independence loses its effectiveness, because terror reduces transparency and the number of veto players in domestic politics. PCSE (Panel‐Corrected Standard Error) estimations of inflation are run on pooled cross‐section time‐series sample of 87 countries from 1975–2005. When the trend level rises to 100 victims annually a currency board reduces inflation by up to 7.5%, and an independent bank raises inflation by up to 8%. When victims exceptionally exceed the trend by 100, a currency board reduces inflation by 2.5%, and an independent bank raises it by 2%.     

央行数字货币在军队资金保障中的应用

资金是军事经济活动的"血液",是建设一支强大军队的重要支撑,也是应急财务保障的核心。近年来,我国央行数字货币研发工作稳步推进,我国有望成为世界上第一个发行法定数字货币的国家。本文阐述了央行数字货币的基本含义和发展历程,总结了央行数字货币使用便捷、消费留痕、可编程性、可控匿名及币值稳定五个主要特点,从增强日常资金结算便捷性、提升应急资金保障时效性和提高军队资金监管全面性三个方面分析了央行数字货币在军队资金保障中的应用意义,进而提出央行数字货币在军队资金保障中的应用策略,包括营造良好应用环境、研发军用终端设备及升级资金监管平台等,以构建起稳定、高效、安全、抗打击的资金保障链,增强军队资金保障效能,提高军队资金保障打赢的能力。     

Currency Warfare and Just War: The Ethics of Targeting Currencies in War

ABSTRACT

Is Currency Warfare defined as, the use of monetary or military force directed against an enemy’s monetary power as part of a military campaign, a just way to fight a war? This article explores the ethics of waging currency warfare against the Just War Tradition’s principles of jus in bello (just conduct in war) and its criteria of discrimination and proportionality. The central argument is that currency warfare is inherently indiscriminate but may be proportionate when policy makers consider the nature of the threat confronted and the targeted currency's level of internationalization, that is, to what degree it is used in foreign transactions or used as a foreign currency reserve. I evaluate this argument against historical cases during the Second World War (1939–1945), the Gulf War (1990–1991), subsequent operations against Saddam Hussein in the early 1990s, and the ongoing campaign against ISIS.