Zur aktuellen Diskussion der Implikationen elektronischen Geldes für den Geldumlauf und die Geldpolitik

Bernd Kempa

Zeitschrift für Wirtschaftspolitik, 2000, vol. 49, issue 3, 250-266

Abstract: Electronic money has a huge potential as an international medium of exchange, particularly for transactions via the Internet. This paper analyzes the likely consequences of this development for the money market and the effectiveness of monetary policy. A high degree of substitutability of electronic money with conventional money implies a heightened degree of instability of money demand. At the same time, the money supply process will be characterized by higher and more unstable multiplier effects. Refinancing operations, open market operations and foreign exchange market operations will increasingly lose their effectiveness as electronic money displaces conventional money. Fine tuning of the money supply and the effectiveness of discretionary monetary policy will consequently be impeded. In a world of electronic money the conduct of monetary policy should therefore solely be oriented towards maintaining price stability.

Date: 2000
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DOI: 10.1515/zfwp-2000-0304

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