The Monetary Turning Point

From Bank Money to Central Bank Digital Currency (CBDC)

Joseph Huber (Autor)

Buch | Hardcover

XIII, 192 Seiten

2023 | 1st ed. 2023
Springer International Publishing (Verlag)
978-3-031-23956-4 (ISBN)

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The monetary system is at a turning point. The question is no longer if, but how soon countries will roll out a Central Bank Digital Currency (CBDC). This book discusses the recomposition of the money supply from the present bank money regime to a monetary system determined by CBDC. As the book sets out, the future of money is going to be digital and sovereign. Nonetheless, the relationship between the various types of money is competitive rather than being the peaceful coexistence that was officially envisaged. CBDC competes with the incumbent bank money as well as with private cryptocurrencies that are challenging both central-bank money as well as bank money. For technological and political reasons, bank money will not be able to emulate the superior properties of sovereign digital tokens. Uncovered and unwarranted cryptocurrencies, too, will not stand the competition in the long run. The shifts in the monetary system are changing the role of central banks in the interplay ofmonetary, fiscal and private-creditary functions and open up improved options for monetary policy. The book will be of interest to academics, researchers, and policymakers in monetary and financial economics, and digital currencies.

lt;b>Joseph Huber is Professor Emeritus of Economic Sociology at Martin Luther University, Halle-Wittenberg, Germany. Previously he was Associate Professor at the Free University Berlin and has also held guest and interim professorships at Science Centre Berlin, University of Zurich and Technical University Vienna. Professor Huber is a pioneer of what is now known as 'green ethical banking' and is one of the founders of ecological modernisation theory. He has written extensively on monetary policy and reform topics, is a longstanding policy advisor on matters of economic and ecological modernisation and is actively involved in the international movement for monetary reform.

Chapter 1: Core points for introduction.- Chapter 2: Tree-tier monetary system. Types of money, their creation and circulation.- Chapter 3: Dominant money. The bank money regime.- Chapter 4: Monetary sovereignty. Bank money as para-sovereign fiat money.- Chapter 5: Historical turning points in the composition of the money supply.- Chapter 6: Today's recomposition of the money supply.- Chapter 7: CBDC System Design Principles.- Chapter 8: Central banks and monetary policy under conditions of CBDC.

"The book consists of eight chapters and covers a great deal of ground ... . The Monetary Turning Point is one of the first book-length treatments to approach this issue from a systemic point of view and one of the first whose approach accords with post-Keynesian and financialization theory sensibilities. ... As Huber notes though, currently central banks are being cautious. Reading Huber's book may help you have your say." (Jamie Morgan, real-world economics review, Issue 107, 2024)

Erscheinungsdatum	22.02.2023
Zusatzinfo	XIII, 192 p. 1 illus.
Verlagsort	Cham
Sprache	englisch
Maße	148 x 210 mm
Gewicht	402 g
Themenwelt	Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
Themenwelt	Wirtschaft ► Volkswirtschaftslehre ► Makroökonomie
Schlagworte	Central Bank Digital Currency • Central Banks • digital money • Dominant money • Future of Banking • Future of Money • monetary policy • money system • the dominant money paradigm • the taxonomy of money
ISBN-10	3-031-23956-3 / 3031239563
ISBN-13	978-3-031-23956-4 / 9783031239564
Zustand	Neuware