Central Banking, Monetary Policy and the Future of Money

Edited by Guillaume Vallet, Full Professor, Université Grenoble Alpes and Research Fellow, Centre de Recherche en Economie de Grenoble (CREG), France, Sylvio Kappes, Assistant Professor, Federal University of Alagoas, Brazil, Co-Editor, Review of Political Economy and Co-Director, Monetary Policy Institute and Louis-Philippe Rochon, Full Professor, Laurentian University, Canada, Editor-in-Chief, Review of Political Economy, Founding Editor Emeritus, Review of Keynesian Economics and Director, Monetary Policy Institute

‘Research about the future of money is too often biased or incomplete because the potentialities of a single type of money (crypto-asset, central bank digital currency or local complementary currency) are analyzed by making technological development the main force for change. The authors of Central Banking, Monetary Policy and the Future of Money take up the challenge of approaching these potentialities by considering how the plurality of both material and institutional forms (public, private and community) evolves in various socio-economic and cultural contexts. We discover the possible scenarios in a future that is multiple and uncertain because it is constantly being reframed by the ever-changing present contexts.’

• Contents:Introduction to Central Banking, Monetary Policy and the Future of Money 1Guillaume Vallet, Sylvio Kappes and Louis-Philippe Rochon 1 Cryptocurrencies and the future of money 23Matheus R. Grasselli and Alexander Lipton 2 Bitcoin design, theory of money and implications: a Keynesian assessment 57Matheus Trotta Vianna 3 Cryptocurrencies, Big Techs, central bank digital currencies and the changing role of banks in the payment industry: old wine in new bottles? 76Léo Malherbe and Matthieu Montalban 4 Is CBDC strengthening the monetary transmission mechanism? 94Kristóf Lehmann, Zoltán Szalai and Pál Péter Kolozsi 5 CBDC: functional scope, pricing and controls 120Ulrich Bindseil, Fabio Panetta and Ignacio Terol 6 Money creation and liquid funding needs are compatible 154Marco Gross and Christoph Siebenbrunner 7 The Swedish e-krona: a means of guaranteeing the possibility of making payments for all 187Eva Julin 8 Programmable central bank digital currency for monetary circuits of production 209Andrés Arauz9 Large-scale currency circuits as anti-crisis mechanism: the Argentine Redes de Trueque 221Georgina M. Gómez10 Community-based alternative currencies as drivers of new monetary arrangements 245Jérôme Blanc and Marie Fare11 ‘In money we trust’: the issue of confidence in money in the Swiss WIR system 272Guillaume ValletIndex 302