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1 Core Points for Introduction |
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1 | (8) |
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2 Three-Tier Monetary System. Types of Money, Their Creation and Circulation |
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9 | (24) |
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2.1 Three-Tier Taxonomy of Money |
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9 | (1) |
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2.2 Base Level: Central-Bank Money |
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9 | (6) |
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2.3 Second Tier: Active and Deactivated Bank Money |
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15 | (4) |
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2.4 Third Tier: New Money Surrogates (Money Market Fund Shares, E-money, Stablecoins, Complementary Currencies) |
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19 | (9) |
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2.5 Base-Level Challengers: Uncovered and Unwarranted Cryptocurrencies and Complementary Currencies |
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28 | (5) |
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30 | (3) |
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3 Dominant Money. The Bank Money Regime |
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33 | (22) |
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3.1 Dominant Currency and Dominant Money |
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33 | (2) |
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3.2 Bank Money as Dominant Money. Substantial Loss of Monetary Control |
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35 | (5) |
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3.3 Monetary Credit and Intermediary Credit. Payment Processing and Financial Intermediation |
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40 | (3) |
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3.4 The Hemispheres of Finance: GDP Finance and Non-GDP Finance. Consumer Price Inflation and Asset Inflation |
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43 | (5) |
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3.5 Recurrent Financial Market Failure |
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48 | (7) |
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50 | (5) |
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4 Monetary Sovereignty. Bank Money as Para-Sovereign Fiat Money |
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55 | (8) |
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60 | (3) |
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5 Historical Turning Points in the Composition of the Money Supply |
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63 | (14) |
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5.1 Types of Money in Epochal Rise and Decline |
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63 | (2) |
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5.2 1660s Until 1840s: Rising Tide of Unregulated Paper Money, Incipient Decline in the Systemic Importance of Sovereign Coin |
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65 | (3) |
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5.3 1840s Until Around 1910: Rising Tide of National Central-Bank Notes, Ebb Tide for Unregulated Paper Money |
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68 | (2) |
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5.4 Late Nineteenth Century Until Around 2010: Rising Tide of Bank Money, Ebb Tide for Central-Bank Notes and Reserves |
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70 | (3) |
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5.5 Upcoming from the 2020s: Rising Tide of Digital Tokens, in Particular CBDC |
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73 | (4) |
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74 | (3) |
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6 Today's Recomposition of the Money Supply |
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77 | (40) |
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6.1 The Future of Money is Digital |
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77 | (8) |
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6.2 The Prospects of the Various Types of Money at a Glance |
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85 | (2) |
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6.3 CBDC Begins Its Ascent |
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87 | (6) |
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6.4 The Age of Bank Money Has Passed Its Peak |
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93 | (6) |
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6.5 What Will Be of Central-Bank Reserves? |
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99 | (1) |
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6.6 Cash---On Its Way to the Money Museum |
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100 | (2) |
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6.7 The Outlook for Unbacked Cryptocurrencies |
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102 | (4) |
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6.8 Stablecoins as Competitors to Be Taken Seriously |
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106 | (11) |
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110 | (7) |
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7 CBDC System Design Principles |
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117 | (34) |
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7.1 What System Architecture for CBDC? |
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118 | (2) |
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7.2 Objectives Pursued and Benefits Expected |
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120 | (4) |
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7.3 Disintermediation, Substitution and the Competitive Coexistence of CBDC and Bank Money |
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124 | (2) |
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7.4 Implications for CBDC Design Principles |
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126 | (8) |
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7.5 Bank Run---A Problem of Bank Money, Not of CBDC. Further Implications for CBDC Design Principles |
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134 | (4) |
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7.6 Putting CBDC into Circulation |
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138 | (3) |
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7.7 Coverage for Stablecoins and Other Third-Tier Money Surrogates |
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141 | (10) |
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146 | (5) |
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8 Central Banks and Monetary Policy Under Conditions of CBDC |
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151 | (38) |
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8.1 Objectives of Monetary Policy. To Be or Not to Be in Control of Money Creation, Inflation, Interest Rates, Growth and Employment |
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151 | (7) |
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8.2 Independence of Central Banks---Both from the Government as Well as Banking and Finance |
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158 | (7) |
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8.3 Reference Variables and Instruments of Responsive Monetary Policies |
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165 | (3) |
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8.4 Monetary Financing, Neutralisation of National Debt, Helicopter Money |
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168 | (6) |
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8.5 Problems of Monetary Accounting |
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174 | (5) |
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8.6 Beyond the False Identity of Money and Credit |
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179 | (10) |
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185 | (4) |
| Index |
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189 | |
