Six Puzzles in Electronic Money and Banking

Six Puzzles in Electronic Money and Banking

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The literature on the economic effects of electronic money and banking lacks organization and a common analytical framework. This paper identifies the main issues raised by e-money and e-banking and presents them as six puzzles. Our solutions to the puzzles build a framework for analyzing the effects of e-money and e-banking, and for choosing the appropriate approach to regulating electronic money and banking. Although electronic money and banking will likely not fulfill the more dire predictions in the literature, such as the possible loss of central banks' ability to control the money supply, they nonetheless will need to be regulated carefully.The two effects of Internet e-banking, therefore, are a permanent decrease in money demand and an increased interest elasticity of ... Nonetheless, the cumulative effect of this change, which the diagram demonstrates, may be quite large.

Title:Six Puzzles in Electronic Money and Banking
Author: Connel Fullenkamp, Saleh M. Nsouli
Publisher:International Monetary Fund - 2004-02-01

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