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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 use 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.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 37392.

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Date of creation: 1997
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Publication status: Published in Kyklos (International Review of Social Sciences) 51.1(1998): pp. 89-117
Handle: RePEc:pra:mprapa:37392

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Keywords: Digital Money; Monetary Policy;

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References

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  1. 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.), Board of Governors of the Federal Reserve System (U.S.), pages 942-964.
  2. Shouyong Shi & Mariana Rojas Breu & Aleksander Berentsen, 2009. "Liquidity and Growth," 2009 Meeting Papers, Society for Economic Dynamics 590, Society for Economic Dynamics.
  3. Ian Grigg, . "The Effect of Internet Value Transfer Systems on Monetary Policy," Working Papers, London Business School _001, London Business School.
  4. Baltensperger, Ernst, 1980. "Alternative approaches to the theory of the banking firm," Journal of Monetary Economics, Elsevier, Elsevier, vol. 6(1), pages 1-37, January.
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Citations

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Cited by:
  1. John Hawkins, 2001. "Electronic finance and monetary policy," BIS Papers chapters, Bank for International Settlements, in: Bank for International Settlements (ed.), Electronic finance: a new perspective and challenges, volume 7, pages 98-105 Bank for International Settlements.
  2. Sébastien LOTZ & Guillaume ROCHETEAU, 2000. "Launching of a New Currency in a Simple Random Matching Model," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP), Université de Lausanne, Faculté des HEC, DEEP 00.10, Université de Lausanne, Faculté des HEC, DEEP.
  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, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 2(10), pages 7.
  4. Jan Marc Berk, 2002. "New Economy, Old Central Banks?," Tinbergen Institute Discussion Papers, Tinbergen Institute 02-087/2, Tinbergen Institute, revised 01 Aug 2002.
  5. 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, Programme National Persée, vol. 83(2), pages 159-176.
  6. Jan Marc Berk, 2002. "Central banking and financial innovation. A survey of the modern literature," BNL Quarterly Review, Banca Nazionale del Lavoro, Banca Nazionale del Lavoro, vol. 55(222), pages 263-297.
  7. Setsuya Sato & John Hawkins, 2001. "Electronic finance: an overview of the issues," BIS Papers chapters, Bank for International Settlements, in: Bank for International Settlements (ed.), Electronic finance: a new perspective and challenges, volume 7, pages 1-12 Bank for International Settlements.
  8. 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.
  9. Jan Marc Berk, 2002. "Banca centrale e innovazione finanziaria. Una rassegna della letteratura recente," Moneta e Credito, Economia civile, Economia civile, vol. 55(220), pages 345-385.
  10. Saleh M. Nsouli & Connel Fullenkamp, 2004. "Six Puzzles in Electronic Money and Banking," IMF Working Papers, International Monetary Fund 04/19, International Monetary Fund.
  11. 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, Banca Nazionale del Lavoro, vol. 55(222), pages 263-297.
  12. Sheri M. Markose & Yiing Jia Loke, 2002. "Can cash hold its own? International comparisons: Theory and evidence," Economics Discussion Papers, University of Essex, Department of Economics 536, University of Essex, Department of Economics.
  13. Gilbert Bougi & Helmi Hamdi, 2007. "La crédibilité de la banque centrale face aux défis de la monnaie électronique," CAE Working Papers, Aix-Marseille Université, CERGAM 56, Aix-Marseille Université, CERGAM.
  14. Berk, Jan Marc, 2001. "New economy, old central banks? Monetary transmission in a new economic environment," Serie Research Memoranda, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics 0032, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.

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