Monetary Policy, Monetary Areas, and Financial Development with Electronic Money

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Monetary Policy, Monetary Areas, and Financial Development with Electronic Money

Author Info

Marco Arnone
Luca Bandiera

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Marco Arnone

Abstract

Electronic 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.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 04/122.

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Length: 42 pages
Date of creation: 28 Jul 2004
Date of revision:
Handle: RePEc:imf:imfwpa:04/122

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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)

References listed on IDEAS
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.:

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Other versions:
- Woodford, M., 1997. "Doing Without Money: Controlling Inflation in a Post-Monetary World," Papers 632, Stockholm - International Economic Studies.
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Other versions:
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Cited by:
(explanations, 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.)

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, in: Proceedings of the Conference on Human and Economic Resources, pages 373-387 Izmir University of Economics. [Downloadable!]
Other versions:
- Akyazi, Haydar & Artan, Seyfettin, 2006. "Reflections of the New Economy on the monetary policy and central banking," MPRA Paper 152, University Library of Munich, Germany. [Downloadable!]
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. [Downloadable!]

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