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Monetary Policy Implications of Digital Money

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  • Berentsen, Aleksander

Abstract

The term digital money refers to various proposed electronic payment mechanisms designed to be used by consumers to make retail payments. These mechanisms are based either on smart cards or on network money. Smart cards could potentially replace currency as the predominant means to pay for retail purchases. Software-based digital money products (network money) bring cheap electronic funds transfers to individuals and small firms. This paper examines how digital money affects the demand for money and how this process, in turn, affects the demand for reserves, monetary control, and the monetary transmission mechanism. Copyright 1998 by WWZ and Helbing & Lichtenhahn Verlag AG

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Kyklos.

Volume (Year): 51 (1998)
Issue (Month): 1 ()
Pages: 89-117

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Handle: RePEc:bla:kyklos:v:51:y:1998:i:1:p:89-117

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References

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  1. Shouyong Shi & Mariana Rojas Breu & Aleksander Berentsen, 2009. "Liquidity and Growth," 2009 Meeting Papers 590, Society for Economic Dynamics.
  2. Ian Grigg, 1996. "The Effect of Internet Value Transfer Systems on Monetary Policy," Macroeconomics 9607004, EconWPA.
  3. Baltensperger, Ernst, 1980. "Alternative approaches to the theory of the banking firm," Journal of Monetary Economics, Elsevier, vol. 6(1), pages 1-37, January.
  4. Anthony M. Santomero & John J. Seater, 1995. "Alternative Monies and the Demand for Media of Exchange," Center for Financial Institutions Working Papers 96-08, Wharton School Center for Financial Institutions, University of Pennsylvania.
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Cited by:
  1. Abel François & David Bounie, 2006. "Les déterminants de la détention et de l’usage des instruments de paiement : éléments théoriques et empiriques," Revue d'Économie Financière, Programme National Persée, vol. 83(2), pages 159-176.
  2. Jan Marc Berk, 2002. "Central banking and financial innovation. A survey of the modern literature," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 55(222), pages 263-297.
  3. Bogdan-Ion Boldea & Maria Boldea, 2008. "E-Money Development Within Contemporary Economies," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 2(10), pages 7.
  4. Sebastien Lotz & Guillaume Rocheteau, 2000. "Launching of a New Currency in a Simple Random Matching Model," Econometric Society World Congress 2000 Contributed Papers 0720, Econometric Society.
  5. Sheri M. Markose & Yiing Jia Loke, 2002. "Can cash hold its own? International comparisons: Theory and evidence," Economics Discussion Papers 536, University of Essex, Department of Economics.
  6. John Hawkins, 2001. "Electronic finance and monetary policy," BIS Papers chapters, in: Bank for International Settlements (ed.), Electronic finance: a new perspective and challenges, volume 7, pages 98-105 Bank for International Settlements.
  7. Jan Marc Berk, 2002. "Banca centrale e innovazione finanziaria. Una rassegna della letteratura recente," Moneta e Credito, Economia civile, vol. 55(220), pages 345-385.
  8. Berk, Jan Marc, 2001. "New economy, old central banks? Monetary transmission in a new economic environment," Serie Research Memoranda 0032, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
  9. Saleh M. Nsouli & Connel Fullenkamp, 2004. "Six Puzzles in Electronic Money and Banking," IMF Working Papers 04/19, International Monetary Fund.
  10. Jan Marc Berk, 2002. "New Economy, Old Central Banks?," Tinbergen Institute Discussion Papers 02-087/2, Tinbergen Institute, revised 01 Aug 2002.
  11. Bank for International Settlements, 2001. "Electronic finance: a new perspective and challenges," BIS Papers, Bank for International Settlements, number 07, March.
  12. Gilbert Bougi & Helmi Hamdi, 2007. "La crédibilité de la banque centrale face aux défis de la monnaie électronique," CAE Working Papers 56, Aix-Marseille Université, CERGAM.
  13. Jan Marc Berk, 2002. "Central banking and financial innovation. A survey of the modern literature," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 55(222), pages 263-297.
  14. Setsuya Sato & John Hawkins, 2001. "Electronic finance: an overview of the issues," BIS Papers chapters, in: Bank for International Settlements (ed.), Electronic finance: a new perspective and challenges, volume 7, pages 1-12 Bank for International Settlements.

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