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Six Puzzles in Electronic Money and Banking

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Author Info
Saleh M. Nsouli
Connel Fullenkamp

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Abstract

The literature on the economic effects of electronic money and banking lacks organization and a common analytical framework. This paper identifies the main issues raised by e-money and e-banking and presents them as six puzzles. Our solutions to the puzzles build a framework for analyzing the effects of e-money and e-banking, and for choosing the appropriate approach to regulating electronic money and banking. Although electronic money and banking will likely not fulfill the more dire predictions in the literature, such as the possible loss of central banks' ability to control the money supply, they nonetheless will need to be regulated carefully.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 04/19.

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Length: 29 pages
Date of creation: 17 Feb 2004
Date of revision:
Handle: RePEc:imf:imfwpa:04/19

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Related research
Keywords: Banking ; Monetary policy ;

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References listed on IDEAS
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  1. Goodhart, Charles A E, 2000. "Can Central Banking Survive the IT Revolution?," International Finance, Blackwell Publishing, vol. 3(2), pages 189-209, July. [Downloadable!] (restricted)
  2. Friedman, Benjamin M, 1999. "The Future of Monetary Policy: The Central Bank as an Army with Only a Signal Corps?," International Finance, Blackwell Publishing, vol. 2(3), pages 321-38, November. [Downloadable!] (restricted)
  3. Charles Goodhart, 2000. "Can Central Banking Survive the IT Revolution?," FMG Special Papers sp125, Financial Markets Group. [Downloadable!] (restricted)
  4. Woodford, Michael, 2000. "Monetary Policy in a World without Money," International Finance, Blackwell Publishing, vol. 3(2), pages 229-60, July. [Downloadable!] (restricted)
    Other versions:
  5. Mervyn King, 1999. "Challenges for monetary policy : new and old," Proceedings, Federal Reserve Bank of Kansas City, pages 11-57. [Downloadable!]
  6. 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. [Downloadable!] (restricted)
  7. Shy, Oz & Tarkka, Juha, 2002. "The Market for Electronic Cash Cards," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 34(2), pages 299-314, May.
    Other versions:
  8. Anthony M. Santomero & John J. Seater, 1996. "Alternative monies and the demand for media of exchange," Proceedings, Board of Governors of the Federal Reserve System (U.S.), pages 942-964.
    Other versions:
  9. Berentsen, Aleksander, 1998. "Monetary Policy Implications of Digital Money," Kyklos, Blackwell Publishing, vol. 51(1), pages 89-117.
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This page was last updated on 2009-11-20.

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