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The Future of Money : How the Digital Revolution Is Transforming Currencies and Finance

Title
The Future of Money : How the Digital Revolution Is Transforming Currencies and Finance / Eswar S. Prasad.
ISBN
9780674270091
Publication
Cambridge, MA : Harvard University Press, [2021]
Copyright Notice Date
©2021
Physical Description
1 online resource (446 p.)
Local Notes
Access is available to the Yale community.
Notes
In English.
Access and use
Access restricted by licensing agreement.
Summary
A cutting-edge look at how accelerating financial change, from the end of cash to the rise of cryptocurrencies, will transform economies for better and worse. We think we've seen financial innovation. We bank from laptops and buy coffee with the wave of a phone. But these are minor miracles compared with the dizzying experiments now underway around the globe, as businesses and governments alike embrace the possibilities of new financial technologies. As Eswar Prasad explains, the world of finance is at the threshold of major disruption that will affect corporations, bankers, states, and indeed all of us. The transformation of money will fundamentally rewrite how ordinary people live. Above all, Prasad foresees the end of physical cash. The driving force won't be phones or credit cards but rather central banks, spurred by the emergence of cryptocurrencies to develop their own, more stable digital currencies. Meanwhile, cryptocurrencies themselves will evolve unpredictably as global corporations like Facebook and Amazon join the game. The changes will be accompanied by snowballing innovations that are reshaping finance and have already begun to revolutionize how we invest, trade, insure, and manage risk. Prasad shows how these and other changes will redefine the very concept of money, unbundling its traditional functions as a unit of account, medium of exchange, and store of value. The promise lies in greater efficiency and flexibility, increased sensitivity to the needs of diverse consumers, and improved market access for the unbanked. The risk is instability, lack of accountability, and erosion of privacy. A lucid, visionary work, The Future of Money shows how to maximize the best and guard against the worst of what is to come.
Variant and related titles
De Gruyter University Press eBook pilot project 2021.
Format
Books / Online
Language
English
Added to Catalog
November 09, 2021
Contents
Frontmatter
Contents
PART I. Laying the Bedrock
CHAPTER 1. Racing to the Future
CHAPTER 2. Money and Finance
PART II. Innovations
CHAPTER 3. Will Fintech Make the World a Better Place?
CHAPTER 4. Bitcoin Sets Off a Revolution, Then Falters
CHAPTER 5. Crypto Mania
PART III. Central Bank
CHAPTER 6. The Case for Central Bank Digital Currencies
CHAPTER 7. Getting Central Bank Digital Currencies Off the Ground
PART IV. Ramifications
CHAPTER 8. Consequences for the International Monetary System
CHAPTER 9. Central Banks Run the Gauntlet
CHAPTER 10. A Glorious Future Beckons, Perhaps
Notes
References
Acknowledgments
Credits
Index
Citation

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