List of figures ix
List of tables x
Notes on contributors xi
Institutional change in the payment system and
monetary policy – an introduction 1
STEFAN W. SCHMITZ AND GEOFFREY E. WOOD
1 Payments system innovations in the United
States since 1945 and their implications
for monetary policy 31
LAWRENCE H. WHITE
2 Payment systems from the monetary policy
implementation perspective 47
ULRICH BINDSEIL AND FLEMMING WÜRTZ
3 Modelling institutional change in the payments system,
and its implications for monetary policy 62
FORREST H. CAPIE, DIMITRIOS P. TSOMOCOS AND GEOFFREY E. WOOD
4 The evolving payments landscape and its implications
for monetary policy 81
SUJIT CHAKRAVORTI
5 eMoney and monetary policy: The role of the
inter-eMoney-institution market for settlement media
and the unit of account – a critical assessment
of the literature 93
STEFAN W. SCHMITZ
6 What drives demand for and supply of electronic money?
Theoretical background and lessons from history 121
CORNELIA HOLTHAUSEN
7 Monetary policy in a world without central bank money 131
STEFAN W. SCHMITZ
8 The organisation of interbank settlement systems:
current trends and implications for central banking 158
ANGELO BAGLIONI
Index 171