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Books > Business & Economics > Industry & industrial studies > Service industries > Financial services industry
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The Monetary Turning Point - From Bank Money to Central Bank Digital Currency (CBDC) (Hardcover, 1st ed. 2023)
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The Monetary Turning Point - From Bank Money to Central Bank Digital Currency (CBDC) (Hardcover, 1st ed. 2023)
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The monetary system is at a turning point. The question is no
longer if, but how soon countries will roll out a Central Bank
Digital Currency (CBDC). This book discusses the recomposition of
the money supply from the present bank money regime to a monetary
system determined by CBDC. As the book sets out, the future of
money is going to be digital and sovereign. Nonetheless, the
relationship between the various types of money is competitive
rather than being the peaceful coexistence that was officially
envisaged. CBDC competes with the incumbent bank money as well as
with private cryptocurrencies that are challenging both
central-bank money as well as bank money. For technological and
political reasons, bank money will not be able to emulate the
superior properties of sovereign digital tokens. Uncovered and
unwarranted cryptocurrencies, too, will not stand the competition
in the long run. The shifts in the monetary system are changing the
role of central banks in the interplay of monetary, fiscal and
private-creditary functions and open up improved options for
monetary policy. The book will be of interest to academics,
researchers, and policymakers in monetary and financial economics,
and digital currencies.
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