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The impact of e-money on the monetary policy

Published: 15 August 2005 Publication History

Abstract

E-money is fast becoming the currency of a new era, since the use of electronic money has slowly grown over the last decade. E-money is regarded as the second radical transformation of monetary form. E-money not only impact essentially on the electronic commerce, they also influence present monetary system and the implementation of monetary policy directly and indirectly. E-money challenges the traditional monetary policy of the central bank. The central bank should make careful research on e-money. The article analyzes deeply the impact of e-money on independence of monetary policy, monetary instruments and monetary targets. Then it indicates that the central bank should make a careful research on the development of e-money and establish suitable macro-economic management policy.

References

[1]
Aleksander(1998):Monetary Policy Implications of Digital Money, International Review of Social Science, Vol. 51, 1998 Fasc.1
[2]
Basle Committee on Banking Supervision, Risk Management for Electronic Banking and Electronic Money Activities, March 1998 BS/97/122
[3]
BIS, Implications for Central Banks of the Development of Electronic Money, Basle, October 1996
[4]
Solomon, E. H. Virtual Money. Oxford University Press. 1997
[5]
Aleksandar Stojanovic, E-money in Transitional Economies, Comparative Economic Studies, XLIII, No. 1(SPRING 2001), 101--118
[6]
Yin Long, The Impact of E-money on the Central Bank, Journal of Financial Research, No.4, 2000
[7]
Li Qi, Ren HongYan, The Impact of E-money on the Money Supply & Demand and the Monetary Instruments, Journal of Economist, No.5, 2002
[8]
Tan DongRen, The impact of E-money on the Selection of Monetary Intermediate Targets, Journal of GuangXi Financial Research, June 2003
[9]
European Central Bank, Report on Electronic Money, August 1998
[10]
BIS, Survey of Electronic Money Developments, Basel, 2000

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Published In

cover image ACM Other conferences
ICEC '05: Proceedings of the 7th international conference on Electronic commerce
August 2005
957 pages
ISBN:1595931120
DOI:10.1145/1089551
  • Conference Chairs:
  • Qi Li,
  • Ting-Peng Liang
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Association for Computing Machinery

New York, NY, United States

Publication History

Published: 15 August 2005

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  1. electronic money
  2. impact
  3. monetary policy

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