Analysis of the Consequences of the Development of Payment Systems for Monetary Policy in the Context of Deepening Financial Markets

Анализ последствий развития платежных систем для денежно-кредитной политики в условиях углубления финансовых рынков

Elena Sinelnikova-Muryleva

Working Papers from Russian Presidential Academy of National Economy and Public Administration

Abstract: This workpaper is devoted to the study of payment systems development implications to the monetary authorities’ possibility to conduct effective monetary policy. The first section of the paper is devoted to the review of theoretical models connecting the development level of payment instruments and such macroeconomic indicators as demand for money, consumption, output and agents’ welfare. The analysis of “money” transformation due to evolution of new payment innovations. The second section is devoted to the overview and analysis of international experience in the sphere of payment systems research, in particular, their effect on money demand. The third section contains model estimations showing that the level of retail payment systems development significantly influences the monetary sphere of the country. The conclusion summarizes the main results of the workpaper.

Pages: 69 pages
Date: 2018-03
New Economics Papers: this item is included in nep-mon and nep-pay
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