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Cash in East Asia (Hardcover, 1st ed. 2017)
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Cash in East Asia (Hardcover, 1st ed. 2017)
Series: Financial and Monetary Policy Studies, 44
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This book presents contributions by leading academics and
practitioners from central banks to shed light on the function and
impact of cash in Asian countries. It explores the impact of cash
on society, the role of cash in monetary policy, and the future of
cash in various monetary systems, contrasting case studies from
China, Japan, Korea, and Singapore with experiences from Europe.
Recently the role of cash in the economy has become a
much-discussed topic in Europe, but the issue is also of
considerable relevance in Asia. Singapore and South Korea, for
example, are relatively advanced in the use of cashless payments
for daily exchanges, while countries like Japan still largely rely
on cash for a wide range of transactions. Some economists argue for
the abolition of cash so as to facilitate transactions, reduce the
monetary scope of criminal transactions, and expand the available
options for monetary policy through negative interest rates.
Opposing voices claim that such a step would reduce the freedom of
individuals and lead to a greater potential for monetary
repression. The abolition of cash could also significantly impact
the public's monetary psychology, thereby influencing their
inflation expectations, portfolio structure, saving behavior, and
other important monetary parameters.
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