• Analyses & Alternatives
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• v.7 no.3
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• pp.181-230
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• 2023

Evaluating the empirical validity of Modern Monetary Theory, this study implements panel cointegration analysis on annual panel data (2000-2022) of OECD countries. Specifically, the sample countries are divided into groups based on the presence of their own sovereign currencies, and for each group, the long-run equilibrium relation (cointegration) between the ratio of public debt or fiscal deficit and government bond rates is tested and estimated. Main findings are as follows: applying the pooled mean-group estimation for panel cointegration, it is found that both the ratios of public debt and fiscal deficit have significantly positive long-run correlation with government bond rates in countries without sovereign currency such as the Euro-zone or fixed exchange rate regime countries. However, in countries with sovereign currency such as non-Euro-zone or floating exchange rate regime countries, the long-run correlation is either negative or not statistically significant. Particularly, in countries without sovereign currency, the ratio of public debt has significantly positive correlation with the real government bond rates in the short run as well as the long run. These results are consistent with the prediction of Modern Monetary Theory, thus providing a supporting evidence for the empirical validity of the theory.

• International Journal of Computer Science & Network Security
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• v.23 no.2
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• pp.1-12
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• 2023

The article examines the axiological psycho-philosophical understanding of the phenomenon of money and its value role in modern society. The traditional and virtual context of the representation of the money phenomenon is considered.Following the ideas of G. Simmel, the authors consider money not only as a purely economic, but also a psycho-philosophical, cultural and social phenomenon. Money appears as a result of cultural development of the world and gradually forms a monetary culture as a space of economic and social interaction of people. Under the influence of the monetary culture of one or another historical period, the character of a person's economic activity, values and life orientations are formed. Modern money culture is often called financial civilization. Peculiarities of modern monetary culture are studied, its main features and problems are determined in the article. The problem of the peculiarities of the constructive and destructive attitude of the individual towards money is identified; a psycho-philosophical and cultural-identification typology of people is described, which is based on clinical observations and interpreted through the prism of psychoanalytic theory. The concept of money is highlighted from the standpoint of a social-psychological approach. The theoretical foundations of money's influence on the decision-making process and human behavior are also revealed.