E-Barter Versus Fiat Money: Will Central Banks Survive?

Capie, Forrest, Tsomocos, Dimitrios and Wood, Geoffrey (2003) E-Barter Versus Fiat Money: Will Central Banks Survive? Bank of England Working Paper.

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Abstract

New technology in computing has led some to suggest that the ability to settle transactions electronically will develop to such an extent that money will disappear from use. Two versions of this belief exist. One maintains that there will be ‘e-money’, issued conceivably by many organisations, and that this will replace central bank money. The other, on which this paper focuses, suggests a further development – that the very concept of a medium of exchange may become redundant, as assets or goods can be exchanged directly for other assets or goods through
use of computing. In this paper we argue that the information-economising properties that allowed money to develop will also allow it to survive, despite actual and hypothesised technical
progress which reduces the cost of electronic barter.

Item Type: Other Working Paper
Keywords: electronic finance, finance
Subject(s): Finance
Date Deposited: 22 Mar 2013 14:46
Last Modified: 20 Sep 2018 10:41
Funders: N/A
URI: http://eureka.sbs.ox.ac.uk/id/eprint/4538

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