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Cyber money as a medium of exchange

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  • Kabelac, Gabriele

Abstract

Electronic money constitutes (for the time being) the most recent innovation in payment instruments. The extent to which the further spread of electronic money might have consequences for monetary policy depends not least on the actual demand for electronic money. Numerous studies have sought to answer this question. However, those studies deal for the most part with the expected spread of electronic money in over-the-counter (OTC) transactions. As far as further developments in network money are concemed, though, it has not been possible to gain anywhere near as much in the way of insights. This is particularly amazing since from a monetary policy perspective network money, in particular, threatens the central bank's monopoly on money creation ...

Suggested Citation

  • Kabelac, Gabriele, 1999. "Cyber money as a medium of exchange," Discussion Paper Series 1: Economic Studies 1999,05e, Deutsche Bundesbank.
  • Handle: RePEc:zbw:bubdp1:199905e
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    1. C.K. Folkertsma & G.E. Hebbink, 1998. "Cash management and choice of payment media: a critical survey of the theory," WO Research Memoranda (discontinued) 532, Netherlands Central Bank, Research Department.
    2. Whitesell, William C, 1992. "Deposit Banks and the Market for Payment Media," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 24(4), pages 483-498, November.
    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.
    4. Berentsen, Aleksander, 1998. "Monetary Policy Implications of Digital Money," Kyklos, Wiley Blackwell, vol. 51(1), pages 89-117.
    5. F.X. Browe and David Cronin, 1995. "Payments Technologies, Financial Innovation, and Laissez-Faire Banking," Cato Journal, Cato Journal, Cato Institute, vol. 15(1), pages 101-116, Spring/Su.
    6. 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.
    7. Greenfield, Robert L & Yeager, Leland B, 1983. "A Laissez-Faire Approach to Monetary Stability," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 15(3), pages 302-315, August.
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    Cited by:

    1. 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.
    2. 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.
    3. 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.
    4. 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.
    5. Charles Goodhart, 2000. "Can Central Banking Survive the IT Revolution?," FMG Special Papers sp125, Financial Markets Group.
    6. Berk, Jan Marc, 2001. "New economy, old central banks? Monetary transmission in a new economic environment," Serie Research Memoranda 0032, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.

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