The Future of Money and its Implications for Society, Central Banks, and the International Monetary System

8 Pages Posted: 5 Jan 2023

See all articles by Eswar S. Prasad

Eswar S. Prasad

Cornell University - Dyson School of Applied Economics and Management; Cornell University - Department of Economics; Brookings Institution; NBER; IZA Institute of Labor Economics

Date Written: 2023

Abstract

This new wave of financial innovations has broad implications for society, banking, and central banking: Digital platforms can ease entry for financial services providers, increase transactional efficiency, and widen access to and participation in the financial system. They could also decrease the use of cash and alter the U.S. dollar's role as today's vehicle currency.

Keywords: money, financial technology

JEL Classification: E42, E44, E50, E58, E59, G21, G23, G28, G34

Suggested Citation

Prasad, Eswar S., The Future of Money and its Implications for Society, Central Banks, and the International Monetary System (2023). Federal Reserve Bank of St. Louis REVIEW, Available at SSRN: https://ssrn.com/abstract=4318248

Eswar S. Prasad (Contact Author)

Cornell University - Dyson School of Applied Economics and Management ( email )

440 Warren Hall
Ithaca, NY 14853
United States

HOME PAGE: http://prasad.aem.cornell.edu

Cornell University - Department of Economics ( email )

414 Uris Hall
Ithaca, NY 14853-7601
United States

Brookings Institution ( email )

1775 Massachusetts Ave, NW
Washington, DC 20036
United States

NBER ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

IZA Institute of Labor Economics

P.O. Box 7240
Bonn, D-53072
Germany

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