| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2751 |
| DP2751 'Crony Capitalism', Bail Outs and Bank Runs | |
| Gianluca Femminis; Luigi Ruggerone | |
| 发表日期 | 2001-03-27 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | In this Paper we analyse how monetary policies will be affected in a cashless society. Our main conclusions are that the central bank will lose its traditional instruments of monetary policy. Open market operations and advances to banks will become ineffective as instruments to control the interest rate and the money stock. We argue that this leads to two possible avenues for the future role of the central bank. In the first one the central bank becomes dependent on the treasury, both as a means to obtain revenues and as a way to maintain some effectiveness for its traditional instruments on monetary policies. Another avenue consists of strengthening the supervisory role of the monetary authority. This strengthening would include the quality control of the loan portfolios of the money issuing institutions, as a way to ensure market stability and to avoid bank runs. Simultaneously, supervision would allow the central bank to impose reserve requirements and to influence the money supply. |
| 主题 | International Macroeconomics |
| 关键词 | monetary policy Cashless Electronic money |
| URL | https://cepr.org/publications/dp2751 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531807 |
| 推荐引用方式 GB/T 7714 | Gianluca Femminis,Luigi Ruggerone. DP2751 'Crony Capitalism', Bail Outs and Bank Runs. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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