Reflections of the New Economy on the monetary policy and central banking

Haydar Akyazi and Seyfettin Artan ()

MPRA Paper from University Library of Munich, Germany

Abstract: Developments in the information and communication technologies have been causing significant changes on the working mechanisms of the economy both at the national and international areas. Some of the developments can be indicated as follows: the dramatic increasing of capital movements amongst nations; the speeding of global economic integration;the effects of world’s financial markets; the creation of new payment mechanisms; the decreasing of transaction and knowledge costs; getting the information in a permanent and fast way; the fluctuations in financial markets; increasing potential growth and productivity rates. It is possible to summarize the mentioned developments with the concept of “new economy”. In this paper, the reflections of new economy on monetary policies and central banking are examined. According to the results of this study, the views about monetary policies and central banks will no longer exist in the future is not realistic. As far as we are concerned, central banks will continue to guarantee the stability of financial system all over the world as was the case in the past.

Keywords: New economy; monetary policy; electronic money; central banking (search for similar items in EconPapers)
JEL-codes: E44 E58 E52 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac
Date: 2006-05-24
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Chapter: Reflections of the New Economy on the Monetary Policy and Central Banking (2006)
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