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

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

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  • ISBN:9780674258440
  • Editorial: Harvard University Press
  • Fecha de la edición:
  • Encuadernación:
  • Nº Pág.:496
  • Idiomas:Ingles

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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 weve 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 S. 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 wont 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.

I. Laying the Bedrock
1. Racing to the Future
2. Money and Finance: The Basics
II. Innovations
3. Will Fintech Make the World a Better Place?
4. Bitcoin Sets Off a Revolution, Then Falters
5. Crypto Mania
III. Central Bank Money
6. The Case for Central Bank Digital Currencies
7. Getting Central Bank Digital Currencies Off the Ground
IV. Ramifications
8. Consequences for the International Monetary System
9. Central Banks Run the Gauntlet
10. A Glorious Future Beckons, Perhaps
Notes
References
Acknowledgments
Credits
Index

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