A Theoretical Approach to Electronic Money
The paper proposes an analysis of money which starts from electronic money. In open contradiction to the traditional approach, characterized by a general lack of interest by theoreticians towards payment system issues, the paper argues that analysis of the distinctive characteristics of electronic money is bound to contribute to received monetary theory. After indicating the distinguishing properties of electronic money (which derive entirely from its technical features), the paper outlines their consequences on the principles of monetary theory. It is argued that recognition of the fact that electronic money is nominal money issued in an operation of monetary intermediation, provides an analytical framework for a better understanding of electronic money issuance, as well as of the meaning of issuing money. The analysis will show that only a deep analysis into the very nature of bank money can provide a better understanding of phenomena such as electronic money, which is consistent with the evolution of financial and banking innovations, in particular with the rise of interest bearing mediums of exchange.
|Date of creation:||Feb 1998|
|Contact details of provider:|| Postal: Bd de Pérolles 90, CH-1700 Fribourg|
Phone: +41 26 300 8200
Fax: +41 26 300 9725
Web page: http://www.unifr.ch/ses/
More information through EDIRC
|Order Information:|| Email: |
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.:
- Barbara A. Good, 1997. "Electronic money," Working Paper 9716, Federal Reserve Bank of Cleveland.
- J. David Germany & John E. Morton, 1985. "Financial innovation and deregulation in foreign industrial countries," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Oct, pages 743-753.
- Stuber, Gerald, 1996. "The Electronic Purse: An Overview of Recent Developments and Policy Issues," Technical Reports 74, Bank of Canada.
- John P. Caskey & Gordon H. Sellon, 1994. "Is the debit card revolution finally here?," Economic Review, Federal Reserve Bank of Kansas City, issue Q IV, pages 79-95.
- William Roberds, 1997. "What's really new about the new forms of retail payment?," Economic Review, Federal Reserve Bank of Atlanta, issue Q 1, pages 32-45.
- Paul W. Bauer, 1995. "Making payments in cyberspace," Economic Commentary, Federal Reserve Bank of Cleveland, issue Oct.
When requesting a correction, please mention this item's handle: RePEc:fri:fribow:9801. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ivo raemy)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.