THE NEW MONETARY ECONOMICS REVISITED.

The article discusses the New Monetary Economics (NME), which claims that monetary exchange should be liberalized by being freed from government fiat base money and instead tied to a commodity unit of account. Such monetary separation is said to require falling demand for currency issued by central...

Descripción completa

Detalles Bibliográficos
Publicado en:	CATO Journal Vol. 32; no. 3; pp. 581 - 595
Autor principal:	Cronin, David
Formato:	Artículo
Publicado:	Cato Institute Fall2012
Materias:	Monetary theory Currency question Technological innovations in the banking industry Currency boards Clearing of securities Bank liquidity Algorithms Financial liberalization
Acceso en línea:	Ver este registro en EBSCOhost

Descripción
Sumario:	The article discusses the New Monetary Economics (NME), which claims that monetary exchange should be liberalized by being freed from government fiat base money and instead tied to a commodity unit of account. Such monetary separation is said to require falling demand for currency issued by central banks. Other topics include the use of real-time gross settlement (RTGS) by commercial banks, the use of liquidity-saving mechanisms (LSMs), and the impact of computer algorithms in the settlement of interbank payments.