Arbeitspapier
Revisiting the properties of money
The properties of money commonly referenced in the economics literature were originally identified by Jevons (1876) and Menger (1892) in the late 1800s and were intended to describe physical currencies, such as commodity money, metallic coins, and paper bills. In the digital era, many non-physical currencies have either entered circulation or are under development, including demand deposits, cryptocurrencies, stablecoins, central bank digital currencies (CBDCs), in-game currencies, and quantum money. These forms of money have novel properties that have not been studied extensively within the economics literature, but may be important determinants of the monetary equilibrium that emerges in forthcoming era of heightened currency competition. This paper makes the first exhaustive attempt to identify and define the properties of all physical and digital forms of money. It reviews both the economics and computer science literatures and categorizes properties within an expanded version of the original functions-and-properties framework of money that includes societal and regulatory objectives.
- Language
-
Englisch
- Bibliographic citation
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Series: Sveriges Riksbank Working Paper Series ; No. 406
- Classification
-
Wirtschaft
Money and Interest Rates: General
Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
Monetary Policy, Central Banking, and the Supply of Money and Credit: General
Money Supply; Credit; Money Multipliers
- Subject
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Money
CBDC
Digital Currencies
Quantum Money
Currency Competition
- Event
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Geistige Schöpfung
- (who)
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Hull, Isaiah
Sattath, Or
- Event
-
Veröffentlichung
- (who)
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Sveriges Riksbank
- (where)
-
Stockholm
- (when)
-
2021
- Handle
- Last update
-
11.04.2025, 8:48 AM CEST
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Hull, Isaiah
- Sattath, Or
- Sveriges Riksbank
Time of origin
- 2021
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