Electronic Money Flows, 1991 The Molding of a New Financial Order

Electronic Money Flows describes the far-reaching present changes under­ way in payments and capital markets. Electronic payment forms are in the process of molding a new financial regime-largely shared and inter­ dependent-throughout the world. Our earlier Electronic Funds Transfers and Payments (Kluwer, 1987) looked at the new money technology in its initial phases of development and in broad focus. Then, as now, the contributors came from many different disciplines. The synthesis of their diverse views laid out the background for the electronic payments revolution to come, and the great benefits but also risks for segmented sectors of society. The old questions have not gone away; new ones have been added to the agenda. For example, what is the nature of money today amidst an array of computer-based options? What money and turnover concepts are appropriate to the electronic age? What are the effects of high-speed money flows on markets, volatility, money control, even the business cycle? Is the financial system more prone to instability but also to faster correction, given the swift movement of money and payments? At the same time, is privacy imperilled by the ubiquitous computer-linked webs that move both information and money? This second book is thus companion to Electronic Funds Transfers and Payments and expands upon it. Contributors discuss the expectations that have and have not come to fruition, together withthe new issuesofthe past four years.

I Electronic Money and Payments.- 1 Today’s Money: Image and Reality.- 2 Money in the Third Millenium.- II Money Flows: Stability and Financial Cycles.- 3 What Happened to the Business Cycle?.- 4 Money Stability and Control: The Perverse Effects of Feedback Loops.- III The Seamless Global Mesh.- 5 Globalization of Payment Network and Risks.- 6 Trends in Global Securities Markets.- IV Money and Society: Technology and the World Ahead.- 7 Information Services, Demographics, and Some of the Dynamics of Change.- 8 Conflicts: Banks, Consumers, and the Law.- 9 The Less-Cash/Less-Check Society: Banking in the Information Age.