Monetary Competition and Electronic Money Turnover

Authors

  • Дмитрий Анатольевич Кочергин St. Petersburg State University, 7–9, Universitetskaya nab., St. Petersburg, 199034, Russian Federation https://orcid.org/0000-0002-7046-1967

Abstract

The paper analyzes the prospects of the emergence of alternative units of account due to technological and institutional innovation in the payments system, and as a consequence the appearance of electronic money. Due to network effects and switching costs, both the issuers and the users of electronic money face strong incentives to adhere to the dominant unit of account. The most likely institutional structure of new electronic payments systems to emerge implies the redeemability of electronic money on requirement and its denomination in the dominant unit of account.

Keywords:

Finance

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Author Biography

Дмитрий Анатольевич Кочергин, St. Petersburg State University, 7–9, Universitetskaya nab., St. Petersburg, 199034, Russian Federation

кандидат экономических наук, доцент

References

Литература на русском языке

Dowd K., Greenaway D. Currency Competition, Network Externalities and Switching Costs: Towards an Alternative View of Optimum Currency Areas//The Economic Journal. 1993. Vol. 103. P. 1180-1189.

Economides N. Compatibility and the Creation of Shared Networks//Electronic Services Networks, Praeger/Ed. by M.E. Guerrin Calvert, S.S. Wildmann. New York, 1991.

Fisher I. The Money Illusion. New York, 1928.

Hayek F. Denationalization of Money: The Argument Refined. London, 1990.

Katz M. L., Shapiro С. Network Externalities, Competition and Compatibility//American Economic Review. 1985. Vol. 75. N 3. P. 424-440.

Menger C. Money. 1909. Translated from «Geld», Handworterbuch der Staatswissenschaften. 3rd edn./Ed. by L. B. Yeager, M. Streissler//Carl Menger and the Evolution of Payment Systems: From Barter to Electronic Money/Ed. by M. Latzer, S. W. Schmitz. Cheltenham, 2002. P. 31.

Stevens J. Draft Report on Electronic Money and Economic and Monetary Union. Strasbourg, 1997. P. 2.


References in Latin Alphabet


Translation of references in Russian into English

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Published

2006-09-28

How to Cite

Кочергин, Д. А. (2006). Monetary Competition and Electronic Money Turnover. St Petersburg University Journal of Economic Studies, (3), 020–029. Retrieved from https://economicsjournal.spbu.ru/article/view/4311

Issue

No. 3 (2006)

Section

Macroeconomic research

License

Articles of the St Petersburg University Journal of Economic Studies are open access distributed under the terms of the License Agreement with Saint Petersburg State University, which permits to the authors unrestricted distribution and self-archiving free of charge.