In principle, anything can serve these functions, and hence anything can serve as money. In fact, in the past, many different things have served as money. For many years commodities have served as money – thinks like cows, cigarettes, and precious metals (e.g. gold and silver). In more recent years, economies have moved towards fiat money. Fiat money are pieces of paper (or electronic entries) ...

Electronic money is that a new and attractive way of payment system in Indonesia. However, cashless transactions Indonesia still lag behind other countries the Southeast Asian region. Currently, increase electronic has not been accompanied by decrease banknotes. This study aims to analyze determine effect destroyed banknotes / unfit for circulation, economic growth, amount time deposits, credit...

One important requirement of electronic cash systems is the anonymity of customers. Unconditional anonymity is also very well suited to support criminals in blackmailing. Maitland and Boyd proposed at ICICS 2001 an offline electronic cash system based on a group signature scheme. Their scheme cannot be used to solve blackmailing and other anonymity problems such as money laundering and illegal ...

Woodford (1997, 1998) employs an inter-temporal general equilibrium model to examine the properties of the monetary system as it evolves form the use of a physical medium of exchange to an electronic medium. He presents a structure in which cash (money) as a means of payment can be made to vanish at the limit but where he claims the price level remains determinate. It is shown that Woodford's a...

Despite the obstacles caused by the data constraints and diversity of industrial structure, analysis of the service sector is growing in importance. Focusing on one service industry in particular—freight transportation—a research team led by Senior Fellow Yoko Konishi set about analyzing the time cost as well as the monetary cost—cost of gasoline, expressway tolls, drivers' wages, and so forth—...

This paper contributes to the literature on the role of technology shocks as source of the business cycle in two ways. First, we document that time-series of US productivity and hours are apparently affected by a structural break in the late 60’s, which is likely due to a major change in the monetary policy. Second, we show that the importance of demand shocks over the business cycle has sharpl...

The article presents a study to understand the behavior of money velocity for different money stock measures in India for the period 1982 – 2012 along with the important factors by which they get influenced. The first part checks the random walk hypothesis for money velocity fluctuations. The results show that the velocities do not exhibit random walk behavior which proved to be useful for anal...