Ebook Electronic Money Free Banking and Some Implications for Central Banking
Our aim in this paper is to discuss the possible impact of electronic money (e-money) on central banking. The frame of reference is the free banking debate, which revolves around the issue whether or not central banks are in fact necessary and useful. The free banking controversy has highlighted several conditions, which are critical for monetary systems to function well in the absence of a traditional central bank. The way in which these conditions come into play is being transformed by information technology, however, and we want to consider the ensuing possibilities and challenges for the monetary system.
Contents
1 Introduction
2 Background
2 Free Banking
2.1 Definition and Characterisation
2.2 Clearing House and ‘Central’
3 Electronic money
3.1 Implications for Finance
3.2 Implications for Banking
3.3 Functions of Money
4 Electronic Money and Free Banking
4.1 Lender of Last Resort
4.2 Currency Backing
4.3 Multiplicity of Currencies
5 Contestable Central Banking
5.1 Definition
5.1 Transforming Seigniorage
6 Conclusions
References
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Ebook Electronic Money Free Banking and Some Implications for Central Banking
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