Electronic money and its implications for monetary policy:
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| Main Author: | |
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| Format: | Thesis Book |
| Language: | English |
| Published: |
1999
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XVI, 231 S. graph. Darst. |
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MARC
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| 100 | 1 | |a Emele, Claudia Miriam |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Electronic money and its implications for monetary policy |c vorgelegt von Claudia Miriam Emele |
| 264 | 1 | |c 1999 | |
| 300 | |a XVI, 231 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 502 | |a St. Gallen, Univ., Diss., 1999 | ||
| 650 | 7 | |a Elektronisch betalingsverkeer |2 gtt | |
| 650 | 7 | |a Monetaire politiek |2 gtt | |
| 650 | 0 | 7 | |a Geldpolitik |0 (DE-588)4019902-2 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Elektronischer Zahlungsverkehr |0 (DE-588)4014359-4 |2 gnd |9 rswk-swf |
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Record in the Search Index
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Contents
Acknowledgements I
List of Abbreviations VIII
List of Figures X
List of Tables XI
Preface XII
1. Introduction in Electronic Money Issues 1
1.1. Electronic Money Products and Services 2
1.1.1. Stored Value Cards 4
1.1.2. Network Money 8
1.2. How Electronic Money Works 9
1.2.1. Stored Value Cards 9
1.2.2. Network Money 12
1.3. Potential Markets and Usage 14
1.3.1. Stored Value Cards 16
1.3.2. Network Money 21
1.4. Conclusion 25
2. Characteristics of Electronic Money 29
2.1. Security 30
2.1.1. Data Transmission 30
2.1.2. Identification and Authentication 34
A. Personal Identification Numbers 35
B. Passwords 36
C. Digital Signatures 37
D. Biometric Identification 41
2.1.3. Hardware Protection Mechanisms 42
2.2. Transaction Costs 43
iv
23. Privacy
2.3.1. Unconditional Traceability 46
2.3.2. Conditional Traceability 47
2.3.3. Untraceable Payments 47
2.3.4. User Controlled Traceability 48
2.4. Online versus Offline Verification 49
2.5. Acceptability 50
2.6. Transferability 5®
2.7. Divisibility 51
2.8. Scalability 55
2.9. Interoperability 55
2.10. Conclusion 57
3. Basic Electronic Money Protocols 59
3.1. Introduction 59
3.2. The Basic Electronic Coin 61
3.3. Untraceable Coins M
69
3.4. Anonymous Coins
3.5. Multiple Spending Prevention 75
3.6. Secure Hardware Devices
3.6.1. Smart Cards J*j
3.6.2. Wallet Observers 79
3.7. Failures 81
o l
3.8. Restoring Traceability
3.9. Conclusion 85
V
4. Existing Electronic Money Systems: An 88
Overview
4.1. Ecash (DigiCash) 88
4.1.1. Ecash Framework 89
4.1.2. Ecash Coins 90
4.1.3. Withdrawing Ecash 91
4.1.4. An Ecash Purchase 91
4.1.5. Transferring Ecash 93
4.1.6. Ecash in the Email 93
4.1.7. Double Spending Prevention 93
4.1.8. Lost Coins 94
4.2. NetCash 94
4.2.1. NetCash Framework 95
4.2.2. Certificate of Insurance 97
4.2.3. NetCash Coins 98
4.2.4. A NetCash Purchase 98
4.2.5. Transferring NetCash 100
4.2.6. Double Spending Prevention 100
4.2.7. Limited Anonymity 101
4.3. CyberCoin 102
4.4. Project CAFE 104
4.4.1. Goals of CAFE 105
4.4.2. CAFE Architecture 107
4.4.3. CAFE Devices 108
4.4.4. Security Mechanisms 109
4.4.5. Offline Coins 109
4.4.6. Withdrawal HO
4.4.7. Payment 11°
4.4.8. Deposit I12
4.5. Mondex 112
4.6. EMV Cash Cards U »
4.7. Conclusion H8
vi
5. Electronic Money and the Demand for Central 122
Bank Currency
5.1. Introduction I22
5.2. The Demand for Electronic Money and its Potential to 127
Substitute for Central Bank Currency
53. Strategic Interactions between Buyers and Sellers 137
5.4. Potential Substitution of Central Bank Currency by 140
Electronic Money: Some Estimations
5.4.1. Potential Short Term Substitution of Central Bank 141
Currency by Stored Value Cards
A. Estimation Method 1: Average Value on Stored Value 141
Cards
B. Estimation Method 2: Value of Smaller Denominations 143
C. Estimation Method 3: Currency Needed for Payments 145
5.4.2. Potential Short Term Substitution of Central Bank 148
Currency by Network Money
A. Estimated Value of Network Money Transactions 148
5.4.3. Total Potential Substitution of Central Bank Currency by 149
Electronic Money
A. Possible Decrease of Central Bank Currency Due to 150
Electronic Money in the Short Run
B. Upper Limits for Electronic Money Transactions in the 151
Long Run
5.5. Conclusion I53
6. Decreasing Demand for Central Bank 155
Currency: Implications for Monetary Policy
6.1. Introduction 155
6.2. The Model 156
6.3. General Equilibrium 163
6.4. An Exogenously Fixed Bond to Money Ratio I64
vii
6.5. A Nominal Interest Rate Target 167
6.6. An Inflation Target 169
6.7. A Constant Rate of Money Growth 171
6.7.1. Steady State Equilibria 171
6.7.2. Dynamics 172
6.8. Comparison of Alternative Policy Regimes 175
6.9. Conclusion 177
7. Implementation of Monetary Policy 180
7.1. Introduction 180
7.2. Banks Demand for Reserves 182
7.2.1. Zero or Non Binding Reserve Requirements 183
7.2.2. Binding Reserve Requirements 186
7.2.3. Summary 189
7.3. The Supply of Reserves 190
7.4. Income Velocity of Money 194
7.5. The Money Multiplier 196
7.6. Monetary Aggregates 201
7.6.1. Zero or Non Binding Reserve Requirements 203
7.6.2. Binding Reserve Requirements 205
7.6.3. The Reaction of Central Banks 208
7.7. Conclusion 212
8. Summary and Concluding Remarks 215
References 220
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| indexdate | 2024-07-09T18:30:40Z |
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| language | English |
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| spelling | Emele, Claudia Miriam Verfasser aut Electronic money and its implications for monetary policy vorgelegt von Claudia Miriam Emele 1999 XVI, 231 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier St. Gallen, Univ., Diss., 1999 Elektronisch betalingsverkeer gtt Monetaire politiek gtt Geldpolitik (DE-588)4019902-2 gnd rswk-swf Elektronischer Zahlungsverkehr (DE-588)4014359-4 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Elektronischer Zahlungsverkehr (DE-588)4014359-4 s Geldpolitik (DE-588)4019902-2 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008568981&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Emele, Claudia Miriam Electronic money and its implications for monetary policy Elektronisch betalingsverkeer gtt Monetaire politiek gtt Geldpolitik (DE-588)4019902-2 gnd Elektronischer Zahlungsverkehr (DE-588)4014359-4 gnd |
| subject_GND | (DE-588)4019902-2 (DE-588)4014359-4 (DE-588)4113937-9 |
| title | Electronic money and its implications for monetary policy |
| title_auth | Electronic money and its implications for monetary policy |
| title_exact_search | Electronic money and its implications for monetary policy |
| title_full | Electronic money and its implications for monetary policy vorgelegt von Claudia Miriam Emele |
| title_fullStr | Electronic money and its implications for monetary policy vorgelegt von Claudia Miriam Emele |
| title_full_unstemmed | Electronic money and its implications for monetary policy vorgelegt von Claudia Miriam Emele |
| title_short | Electronic money and its implications for monetary policy |
| title_sort | electronic money and its implications for monetary policy |
| topic | Elektronisch betalingsverkeer gtt Monetaire politiek gtt Geldpolitik (DE-588)4019902-2 gnd Elektronischer Zahlungsverkehr (DE-588)4014359-4 gnd |
| topic_facet | Elektronisch betalingsverkeer Monetaire politiek Geldpolitik Elektronischer Zahlungsverkehr Hochschulschrift |
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