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The Future of Money and Its Implications for Society, Central Banks, and the International Monetary System

Author

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  • Eswar S. Prasad

Abstract

This new wave of financial innovations has broad implications for society, banking, and central banking: Digital platforms can ease entry for financial services providers, increase transactional efficiency, and widen access to and participation in the financial system. They could also decrease the use of cash and alter the U.S. dollar's role as today's vehicle currency.

Suggested Citation

  • Eswar S. Prasad, 2023. "The Future of Money and Its Implications for Society, Central Banks, and the International Monetary System," Review, Federal Reserve Bank of St. Louis, vol. 105(1), pages 1-8, January.
    • Handle: RePEc:fip:fedlrv:95432
    DOI: 10.20955/r.105.1-8
    Note: This article is based on the Homer Jones Memorial Lecture delivered at the Federal Reserve Bank of St. Louis, October 19, 2022.
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    More about this item

    Keywords

    money; financial technology;

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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