Monetary Policy, Monetary Areas, and Financial Development with Electronic Money
AbstractElectronic money (e-money), as a network good, could become an important form of currency in the future. Such a development could affect monetary policy effectiveness. If an increased use of e-money substantially limits the demand for central bank reserves, this limitation would require changes in the central bank operational target and a closer coordination of monetary and fiscal policies. Also, the optimal size of monetary unions would be different. However, the current level of e-money use does not seem to pose a threat to the stability of the financial system. Thus, central banks can successfully implement the objectives of monetary policy.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 04/122.
Date of creation: 01 Jul 2004
Date of revision:
Contact details of provider:
Postal: International Monetary Fund, Washington, DC USA
Phone: (202) 623-7000
Fax: (202) 623-4661
Web page: http://www.imf.org/external/pubind.htm
More information through EDIRC
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-10-22 (All new papers)
- NEP-CBA-2005-10-22 (Central Banking)
- NEP-FIN-2005-10-22 (Finance)
- NEP-FMK-2005-10-22 (Financial Markets)
- NEP-MAC-2005-10-22 (Macroeconomics)
- NEP-MON-2005-10-22 (Monetary Economics)
- NEP-NET-2005-10-22 (Network Economics)
- NEP-SEA-2005-10-22 (South East Asia)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Shy, Oz & Tarkka, Juha, 1998.
"The Market for Electronic Cash Cards,"
Research Discussion Papers, Bank of Finland
21/1998, Bank of Finland.
- Shy, Oz & Tarkka, Juha, 2002. "The Market for Electronic Cash Cards," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 34(2), pages 299-314, May.
- Michael Kurth, 1985. "Review," Public Choice, Springer, Springer, vol. 45(2), pages 223-224, January.
- Woodford, Michael, 1997.
"Doing Without Money: Controlling Inflation in a Post-Monetary World,"
Seminar Papers, Stockholm University, Institute for International Economic Studies
632, Stockholm University, Institute for International Economic Studies.
- Michael Woodford, 1998. "Doing Without Money: Controlling Inflation in a Post-Monetary World," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(1), pages 173-219, January.
- Woodford, M., 1997. "Doing Without Money: Controlling Inflation in a Post-Monetary World," Papers, Stockholm - International Economic Studies 632, Stockholm - International Economic Studies.
- Michael Woodford, 1997. "Doing Without Money: Controlling Inflation in a Post-Monetary World," NBER Working Papers 6188, National Bureau of Economic Research, Inc.
- Tito Boeri & Herbert BrÃ¼cker, 2001. "Eastern Enlargement and EU Labour Markets," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 2(1), pages 49-68, January.
- Leo Van Hove, 1999. "Electronic money and the network externalities theory: lessons for real life," Netnomics, Springer, Springer, vol. 1(2), pages 137-171, October.
- Benjamin M. Friedman, 2000. "Decoupling at the Margin: The Threat to Monetary Policy from the Electronic Revolution in Banking," NBER Working Papers 7955, National Bureau of Economic Research, Inc.
- Friedman, Benjamin M, 2000. "Decoupling at the Margin: The Threat to Monetary Policy from the Electronic Revolution in Banking," International Finance, Wiley Blackwell, Wiley Blackwell, vol. 3(2), pages 261-72, July.
- Claudio E. V. Borio, 1997. "Monetary policy operating procedures in industrial countries," BIS Working Papers 40, Bank for International Settlements.
- White, Lawrence H, 1984. "Competitive Payments Systems and the Unit of Account," American Economic Review, American Economic Association, American Economic Association, vol. 74(4), pages 699-712, September.
- Bullard, James & Smith, Bruce D., 2003.
"The value of inside and outside money,"
Journal of Monetary Economics, Elsevier,
Elsevier, vol. 50(2), pages 389-417, March.
- Bank for International Settlements, 2001. "Electronic finance: a new perspective and challenges," BIS Papers, Bank for International Settlements, Bank for International Settlements, number 07, 8.
- Benjamin M. Friedman, 1999. "The Future of Monetary Policy: The Central Bank as an Army With Only a Signal Corps," NBER Working Papers 7420, National Bureau of Economic Research, Inc.
- Fama, Eugene F., 1980. "Banking in the theory of finance," Journal of Monetary Economics, Elsevier, Elsevier, vol. 6(1), pages 39-57, January.
- Mervyn King, 1999. "Challenges for monetary policy : new and old," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, Federal Reserve Bank of Kansas City, pages 11-57.
- Akyazi, Haydar & Artan, Seyfettin, 2006.
"Reflections of the New Economy on the monetary policy and central banking,"
152, University Library of Munich, Germany.
- Haydar Akyazi & Seyfettin Artan, 2006. "Reflections of the New Economy on the Monetary Policy and Central Banking," Papers of the Annual IUE-SUNY Cortland Conference in Economics, Izmir University of Economics, in: Proceedings of the Conference on Human and Economic Resources, pages 373-387 Izmir University of Economics.
- Haydar, Akyazi & Seyfettin, Artan, 2006. "The reflections of new economy on monetary policy and central banking," MPRA Paper 603, University Library of Munich, Germany, revised 27 Sep 2006.
- Pomfret, Richard, 2005.
"Sequencing trade and monetary integration: issues and application to Asia,"
Journal of Asian Economics, Elsevier,
Elsevier, vol. 16(1), pages 105-124, February.
- Richard Pomfret, 2004. "Sequencing Trade and Monetary Integration: Issues and Applications to Asia," School of Economics Working Papers, University of Adelaide, School of Economics 2004-14, University of Adelaide, School of Economics.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jim Beardow) or (Hassan Zaidi).
If references are entirely missing, you can add them using this form.