Modelling Institutional Change in the Payments System and its Implications for Monetary Policy

Capie, Forrest, Tsomocos, Dimitrios and Wood, Geoffrey (2006) Modelling Institutional Change in the Payments System and its Implications for Monetary Policy. In: Schmitz, Stefan and Wood, Geoffrey, (eds.) Institutional Change in the Payments System and Monetary Policy. Routledge International Studies in Money and Banking, 35 . Routledge, London, pp. 39-57. ISBN 9780415384025

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Abstract

Many institutional changes have taken place to payments systems. Indeed, they have been in continual change ever since money first emerged as the dominant technology for conducting transactions. Means of settlement between banks have changed: cheques replaced cash in many transactions, and they have in their turn been replaced partially (much more in some countries than others) by cards. Technology is even developing whereby mobile telephones can be used to effect instantaneous settlement of transactions. These have all affected the relationship between the quantity of money demanded and income. But none of the innovations has threatened to move us from a money-using society to one which transacts by some other means.

Item Type: Book Section
Keywords: Payment ; Monetary policy ; Banks and banking ; finance
Subject(s): Finance
Date Deposited: 26 Jan 2012 20:34
Last Modified: 19 Sep 2018 08:54
Funders: N/A
URI: http://eureka.sbs.ox.ac.uk/id/eprint/1872

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