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 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.
Publication date: July 2004
ISBN: 9781451854527
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Finance , Finance , electronic money , central bank , atm , credit , reserve requirements , Money and Interest Rates: General , Monetary Policy , Central Banking , and the Supply of Money and Credit: General , International Monetary Arrangements and Institutions

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