The Monetary Turning Point

Beschreibung

The monetary system is at a turning point. The question is no longer if, but how soon countries will roll out a Central Bank Digital Currency (CBDC). This book discusses the recomposition of the money supply from the present bank money regime to a monetary system determined by CBDC. As the book sets out, the future of money is going to be digital and sovereign. Nonetheless, the relationship between the various types of money is competitive rather than being the peaceful coexistence that was officially envisaged. CBDC competes with the incumbent bank money as well as with private cryptocurrencies that are challenging both central-bank money as well as bank money. For technological and political reasons, bank money will not be able to emulate the superior properties of sovereign digital tokens. Uncovered and unwarranted cryptocurrencies, too, will not stand the competition in the long run. The shifts in the monetary system are changing the role of central banks in the interplay ofmonetary, fiscal and private-creditary functions and open up improved options for monetary policy. The book will be of interest to academics, researchers, and policymakers in monetary and financial economics, and digital currencies.
Joseph Huber is Professor Emeritus of Economic Sociology at Martin Luther University, Halle Wittenberg, Germany. He is a pioneer of what is now known as ‘green ethical banking’ and is one of the founders of ecological modernization theory. He has written extensively on monetary policy and reform topics, is a longstanding policy advisor on matters of economic and ecological modernization and is actively involved in the international movement for monetary reform.

The monetary system is at a turning point. The question is no longer if, but how soon countries will roll out a Central Bank Digital Currency (CBDC). This book discusses the recomposition of the money supply from the present bank money regime to a monetary system determined by CBDC. As the book sets out, the future of money is going to be digital and sovereign. Nonetheless, the relationship between the various types of money is competitive rather than being the peaceful coexistence that was officially envisaged. CBDC competes with the incumbent bank money as well as with private cryptocurrencies that are challenging both central-bank money as well as bank money. For technological and political reasons, bank money will not be able to emulate the superior properties of sovereign digital tokens. Uncovered and unwarranted cryptocurrencies, too, will not stand the competition in the long run. The shifts in the monetary system are changing the role of central banks in the interplay ofmonetary, fiscal and private-creditary functions and open up improved options for monetary policy. The book will be of interest to academics, researchers, and policymakers in monetary and financial economics, and digital currencies.

Autor*in

Joseph Huber

Themen in »The Monetary Turning Point«

Central bank digital currency Digital money Dominant money Money system Future of money Future of banking Central banks Monetary policy the dominant money paradigm the taxonomy of money

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“The book consists of eight chapters and covers a great deal of ground … . The Monetary Turning Point is one of the first book-length treatments to approach this issue from a systemic point of view and one of the first whose approach accords with post-Keynesian and financialization theory sensibilities. … As Huber notes though, currently central banks are being cautious. Reading Huber's book may help you have your say.” (Jamie Morgan, real-world economics review, Issue 107, 2024)

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