The paper analyzes three neoclassical models of money with emphasis on the equilibrium concepts employed. It is argued that the neoclassical theories fail to analyze the emergence of the social institution of money. Instead, they focus on the consistency of individual decisions regarding the...

Woodford employs an inter-temporal general equilibrium model to examine the properties of the monetary system as it evolves form the use of a physical medium of exchange to an electronic medium. He presents a structure in which cash as a means of payment can be made to vanish at the limit but...

This paper analyses the effects of innovations in retail payment systems on the conduct and implementation of monetary policy. Recent innovations in retail payment systems (access products and electronic money products) are placed in the context of historical institutional change in the...

Extensive theoretical analysis of electronic money and electronic money systems based on quantum theoretical approach. Fundamental critique to traditional approach to electronic money.