Money and Payments: A Modern Perspective

56 Pages Posted: 2 Dec 2003

See all articles by Cornelia Holthausen

Cornelia Holthausen

European Central Bank (ECB); Centre for Economic Policy Research (CEPR)

Cyril Monnet

Federal Reserve Bank of Philadelphia

Date Written: July 2003

Abstract

The role of money in society has been a controversial topic in economic theory over many years. Particular attention has been devoted to the analysis whether there should be competition in the supply of money, or whether this is best left to a governmental agency. This paper reviews the theoretical literature on these issues. It also gives an overview over some episodes of free banking where banks could issue currency themselves. Finally, we highlight several aspects in which today we have competition between issuers of money, namely in the international context, with electronic money, and in large value payments systems.

Keywords: Money, private money, free banking, electronic money, payment systems

JEL Classification: E40, E41, N10

Suggested Citation

Holthausen, Cornelia and Monnet, Cyril, Money and Payments: A Modern Perspective (July 2003). Available at SSRN: https://ssrn.com/abstract=457317

Cornelia Holthausen (Contact Author)

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany
+49 69 1344 6490 (Phone)
+49 69 1344 855 (Fax)

Centre for Economic Policy Research (CEPR)

London
United Kingdom

Cyril Monnet

Federal Reserve Bank of Philadelphia ( email )

Ten Independence Mall
Philadelphia, PA 19106-1574
United States

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