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Title: Mekanisme Mata Wang Dan Kemeruapan Indikator Ekonomi Dunia: Penilaian Semula Ke Atas Piawaian Emas
Authors: Wan Najihah Wan Mohd. Zabaria
Norhanizah Abu Hanit
Sanep Ahmad
Keywords: Currency mechanism
Gold standard
Fiat Money
Fiat currency
Issue Date: 2011
Publisher: Universiti Sains Islam Malaysia
Series/Report no.: JMIFR-Vol.8, No.1, 2011;
Abstract: The use of currency has evolved since the use of shell as money and in the context of modern world, the most important mechanism is the gold standard system (1821-1914), Bretton Woods (paper money backed by gold standard) (1946-1971), and fiat money system (1972-recent). It is expected that there is a relationship between the currency mechanism of gold standard and the stabilities in the currency and the economy. The issue here is how far is the economy during a certain period can guarantee economic stability.The research in this paper will asses whether the gold standard currency can guarantee economic stability. Analysis is carried out in order to see if there is a relationship between the volatility of the primary world economic indicators and the currency mechanism regime. The primary economy indicator are gold price, GDP, inflation and unemployment rate for the duration of more than 100 year. The research methodology used is GARCH(1,1). The result shows that there is no clear indication of a relationship between currency mechanism and volatility for all the indicator, that there is no evidence that gold standard can guarantee economic indicators stabilities.
ISSN: 1823075X
Appears in Collections:JMIFR - Vol. 8, No. 1, 2011

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