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The reflections of new economy on monetary policy and central banking

Haydar Akyazı () 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 policy and central banking are examined. According to the results of this study, the views about monetary policy 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: O33 E58 E52 E44 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac and nep-mon
Date: 2006-05-24, Revised 2006-09-27
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