"Central bankers worldwide welcome the recent increase of research
on payment systems. This volume, providing an expert overview on
this timely subject, should be required reading for us all". -
Erkki Liikanen, Governor of the Bank of Finland Monetary policy has
been at the centre of economic research from the early stages of
economic thought, but payment system research has attracted
increased academic attention only in the past decade. This book's
succeeds in merging these two so far largely separated fields.
Innovative and groundbreaking, Schmitz and Woods initiate research
on the interdependence of institutional change in the payments
system and monetary policy, examining the different channels via
which payment systems affect monetary policy. It explores important
themes such as: conceptualization and methods of analysis of
institutional change in the payments system determinants of
institutional change in the payments system - political-economy
versus technology empirics of institutional change in the retail
and in the wholesale payments systems - policy initiatives and new
technologies in the payments system implications of institutional
change in the payments system for monetary policy and the
instruments available to central banks to cope with it. The result
is an accessible overview of conceptual and methodological
approaches to institutional change in payment systems, and a
comprehensive and yet thorough assessment of its implications for
monetary policy. The insights this timely book provides will be
invaluable for researchers and practitioners in the field of
monetary economics.
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