E-money revisited
If e-money catches on, central banks may lose the power to set interest rates—or so it has been argued. Several new studies say this is wrong
OUR Economics Focus of January 22nd discussed a recent paper by Harvard's Benjamin Friedman, which argued that technology in the form of e-money might render central banks obsolete. At a conference this month in Washington, DC, organised by the World Bank, the IMF and International Finance, several economists examined Mr Friedman's much-discussed idea and declared it wrong.
This article appeared in the Finance & economics section of the print edition under the headline “E-money revisited”
From the July 22nd 2000 edition
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