A number of commentators have argued that technological innovation is about to change the institutional structure of the retail payments system. Through the potential private issue of currency via new electronic payments systems – electronic money – individuals will create currencies based...

We are witnessing a shake-out in the European electronic purse market. Several cards that have been in the market for years have or are about to disappear. On the other hand, there are a number of schemes that are doing reasonably well, particularly in the Benelux. This article looks at 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...

Electronic money has ushered in the cashless banking framework across different countries of the world and this is made possible by the advances in information technology and invention that began in Japan and later the West. However this new introduction into the various economies of the world...

The article describes the work undertaken by the BIS in 1998 and earlier on "electronic money". (Annotated text, based on a presentation made at the Conference "on "Trends in Electronic Commerce", Hamburg, Germany, 8th June 1998", published at the time at vsis-www.informatik.uni-hamburg.de;...

This paper analyses the link between forthcoming EU enlargement and selected aspects of EU institutional reforms, namely decision making rules in the European Central Bank and the status of the Eurogroup. It argues that some earlier arguments calling for urgent ECB reform are based on...

The regulatory framework established during the Great Depression spared us system-threatening financial failure for nearly four decades after World War II. The author gives a brief history of how the progressive deregulation of the financial system led to the crisis of 2008 and discusses the...

We can end the banking crisis immediately by offering temporary 100% deposit insurance to those banks that need it. In exchange the federal government should receive shares in those banks - a stake that would grow, the longer the insurance is provided. Moreover, as long as the insurance is...

This study analyzes the effects of the introduction of the Euro on the corporate market values of the Fortune Global 500 (FG500) companies over the period 1990 to 2007. Our results demonstrate a positive impact of the single Euro currency on the market values of the FG500 companies domiciled in...

We study two designs for a liquidity-saving mechanism (LSM), a queuing arrangement used with an interbank settlement system. We consider an environment where banks are subjected to liquidity shocks. Banks must make the decision to send, queue, or delay their payments after observing a noisy...