Monetary Policy, Monetary Areas, and Financial Development with Electronic Money /

Electronic money (e-money), as a network good, could become an important form of currency in the future. Such a development could affect monetary policy effectiveness. If an increased use of e-money substantially limits the demand for central bank reserves, this limitation would require changes in t...

Fuld beskrivelse

Bibliografiske detaljer
Hovedforfatter: Arnone, Marco
Andre forfattere: Bandiera, Luca
Format: Tidsskrift
Sprog:English
Udgivet: Washington, D.C. : International Monetary Fund, 2004.
Serier:IMF Working Papers; Working Paper ; No. 2004/122
Online adgang:Full text available on IMF
Beskrivelse
Summary:Electronic money (e-money), as a network good, could become an important form of currency in the future. Such a development could affect monetary policy effectiveness. If an increased use of e-money substantially limits the demand for central bank reserves, this limitation would require changes in the central bank operational target and a closer coordination of monetary and fiscal policies. Also, the optimal size of monetary unions would be different. However, the current level of e-money use does not seem to pose a threat to the stability of the financial system. Thus, central banks can successfully implement the objectives of monetary policy.
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Fysisk beskrivelse:1 online resource (42 pages)
Format:Mode of access: Internet
ISSN:1018-5941
Adgang:Electronic access restricted to authorized BRAC University faculty, staff and students