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Monetary Policy Implications of Digital Money

Author

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  • Berentsen, Aleksander

Abstract

The term digital money refers to various proposed electronic payment mechanisms designed to be used 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. Copyright 1998 by WWZ and Helbing & Lichtenhahn Verlag AG

Suggested Citation

  • Berentsen, Aleksander, 1998. "Monetary Policy Implications of Digital Money," Kyklos, Wiley Blackwell, vol. 51(1), pages 89-117.
  • Handle: RePEc:bla:kyklos:v:51:y:1998:i:1:p:89-117
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    References listed on IDEAS

    as
    1. Ian Grigg, "undated". "The Effect of Internet Value Transfer Systems on Monetary Policy," Working Papers _001, London Business School.
    2. Baltensperger, Ernst, 1980. "Alternative approaches to the theory of the banking firm," Journal of Monetary Economics, Elsevier, vol. 6(1), pages 1-37, January.
    3. Santomero, Anthony M & Seater, John J, 1996. "Alternative Monies and the Demand for Media of Exchange," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 28(4), pages 942-960, November.
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    Cited by:

    1. Markose, Sheri M & Loke, Yiing Jia, 2002. "Can cash hold its own? International comparisons: Theory and evidence," Economics Discussion Papers 3734, University of Essex, Department of Economics.
    2. Jan Marc Berk, 2002. "Central banking and financial innovation. A survey of the modern literature," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 55(222), pages 263-297.
    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, vol. 2(10), pages 1-7.
    4. 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) 00.10, Université de Lausanne, Faculté des HEC, DEEP.
    5. John Hawkins, 2001. "Electronic finance and monetary policy," BIS Papers chapters,in: Bank for International Settlements (ed.), Electronic finance: a new perspective and challenges, volume 7, pages 98-105 Bank for International Settlements.
    6. Jan Marc Berk, 2002. "Banca centrale e innovazione finanziaria. Una rassegna della letteratura recente," Moneta e Credito, Economia civile, vol. 55(220), pages 345-385.
    7. Maëlle Della Peruta, 2015. "Mobile Money Adoption and Financial Inclusion Objectives: A Macroeconomic Approach through a Cluster Analysis," GREDEG Working Papers 2015-49, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), University of Nice Sophia Antipolis.
    8. Korhonen, Tapio, 2001. "Finnish monetary and foreign exchange policy and the changeover to the euro," Research Discussion Papers 25/2001, Bank of Finland.
    9. Gilbert Bougi & Helmi Hamdi, 2007. "La crédibilité de la banque centrale face aux défis de la monnaie électronique," CAE Working Papers 56, Aix-Marseille Université, CERGAM.
    10. Setsuya Sato & John Hawkins, 2001. "Electronic finance: an overview of the issues," BIS Papers chapters,in: Bank for International Settlements (ed.), Electronic finance: a new perspective and challenges, volume 7, pages 1-12 Bank for International Settlements.
    11. David Bounie & Abel François, 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, vol. 83(2), pages 159-176.
    12. repec:fip:fedlrv:00092 is not listed on IDEAS
    13. J M. Berk, 2001. "New Economy, Old Central Banks? An overview of monetary transmission in a new economic environment," MEB Series (discontinued) 2001-5, Netherlands Central Bank, Monetary and Economic Policy Department.
    14. Lan Ju & Timothy (Jun) Lu & Zhiyong Tu, 2016. "Capital Flight and Bitcoin Regulation," International Review of Finance, International Review of Finance Ltd., vol. 16(3), pages 445-455, September.
    15. repec:taf:oaefxx:v:4:y:2016:i:1:p:1147119 is not listed on IDEAS
    16. Saleh M. Nsouli & Connel Fullenkamp, 2004. "Six Puzzles in Electronic Money and Banking," IMF Working Papers 04/19, International Monetary Fund.
    17. Bank for International Settlements, 2001. "Electronic finance: a new perspective and challenges," BIS Papers, Bank for International Settlements, number 07.
    18. 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, vol. 55(222), pages 263-297.

    More about this item

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money

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