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Monetary Policy, Monetary Areas, and Financial Development with Electronic Money
Marco ArnoneLuca Bandiera
出版International Monetary Fund, 2004-07
主題Business & Economics / GeneralBusiness & Economics / Banks & BankingBusiness & Economics / Exports & ImportsBusiness & Economics / Money & Monetary PolicyBusiness & Economics / Industries / Financial Services
ISBN14518545289781451854527
URLhttp://books.google.com.hk/books?id=Sm-3AAAAIAAJ&hl=&source=gbs_api
註釋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.