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电子货币:新的一天或者假黎明-Electronic Money: New Day or False Dawn

论文作者:英语论文论文属性:课程作业 Coursework登出时间:2014-05-07编辑:caribany点击率:6842

论文字数:12223论文编号:org201405061752588441语种:英语论文 English地区:中国价格:免费论文

关键词:电子货币Electronic MoneyElectronic commerce电子商务Electronic Payments


电子货币:新的一天或者假黎明-Electronic Money: New Day or False Dawn


The world is becoming increasingly addicted to doing business in cyberspace, across the Internet and World Wide Web. As electronic commerce (e-commerce) expands, it seems only a matter of time before various innovative forms of money, based on digital data and issued by private market actors, begin to substitute in one way or another for state-sanctioned banknotes and checking accounts as customary means of payment. The era of electronic money will soon be upon us.


Though difficult to predict in detail, the effects of electronic money are sure to be both manifold and profound. In this article I focus on one critical dimension: the potential impact of electronic money on national monetary management. At issue is the effectiveness of monetary policy as an instrument of macroeconomic control. What will the advent of electronic money mean for the capacity of central banks to sustain price stability and promote growth?
Remarkably, this momentous question has until recently received relatively little attention in the formal literature, (2) though casual commentary abounds. Preliminary positions were staked out early. At one pole we find Stephen Kobrin (1997), a professor of international management, who sees a new day dawning in the governance of money. As he puts it: "Private e-currencies will make it difficult for central bankers to control - or even measure or define - monetary aggregates.... At the extreme... currencies issued by central banks may no longer matter" (Kobrin 1997: 71). More recently, Kobrin's view has received implicit endorsement in a noteworthy article by economist Benjamin Friedman, who argues that with the development of e-money, monetary policy is at risk of becoming little more than a device to signal the authorities' pReferences. The central bank, in Friedman's words, is becoming no more than "an army with only a signal corps" (Friedman 1999: 321). At the opposite pole we find political scientist Eric Helleiner (1998), who sees not a new day but a false dawn. Fears for the future of monetary policy may be overstated, he contends, if not totally misleading. To the contrary, "new forms of electronic money are unlikely to pose a significant threat to the power of the sovereign state" (Helleiner 1998: 399-400). Helleiner's view has been implicitly endorsed lately by several economists, including Charles Freedman (2000), Charles Goodhart (2000), and Michael Woodford (2000). (3) In Woodford's words, concerns "for the role of central banks are exaggerated.... Even such radical changes as might someday develop are unlikely to interfere with the conduct of monetary policy" (Woodford 2000: 6).
These alternative perspectives could not be more divergent. Who is right? The aim of the following discussion (4) is to move beyond preliminary prognostications to attempt a more systematic exploration of electronic money's prospective challenge to the traditional authority of central banks. The main goal of monetary policy is to keep the level of aggregate expenditure论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

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