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doi:10.15678/ZP.2019.50.4.01
ZarządzaniePubliczne
PublicGovernance
No.4(50)/2019
ISSN1898-3529
AndrzejSławiński
WillITTechnologiesandGlobalisationChangetheMechanism
ofMoneyCreation?1
Abstract
Objectives:ThearticleaddressesthequestionaboutwhetherITtechnologiesandtheongoingglobalisationarelikely
toimpactthemoneycreationmechanism.
ResearchDesign&Methods:Forthispurpose,thearticlereviewstheexperiencesoffreebanking,theendeavoursto
promotethebitcoinasanewcurrency,thediscussionsondigitalcurrenciesissuedbycentralbanks,theexperiences
withEurodollarmarket,andtheemergenceofimbalancesintheTARGET2(theEurozonepaymentsystem).
Findings:Theanalysisleadstotwogeneralfindings.Thefirstoneisthatcryptocurrenciesareunlikelytoreplace
theexistingmonetarysystem.Thesecondoneisthattheincreasingglobalisationcreatestheneedforthemostimportant
centralbankstoexpandtheirroleasinternationallendersoflastresort.
Implication/Recommendations:Oneimplicationofthemainfindingsofthepaperisthatcryptocurrencieswillhave
togothroughalongevolutionbeforetheymighthaveachancetobecomeanintegralpartofthemonetarysystems
insteadofbeingpurelyspeculativeassets.TheotherimplicationisthattheexperienceswiththeTARGET2system
revealedtheECB’slargepotentialtopreventsuddenhaltsininternationaltrade.
Contribution/ValueAdded:Thearticle’saddedvaluewithregardtotheexistingliteratureishighlightingthat
themainreasonwhythedepositmoneycreatedbycommercialbanks(makingthebulkofmoneysupplytoday)will
notbereplacedbycryptocurrenciesstemsmainlyfromthefactthatthelattercannotbeallocatedinaneconomically
rationalway.TheothercontributionisunderscoringthattheTARGET2imbalancesreflectedthepositiveroleplayed
bytheECBinalleviatingtheconsequencesoftheglobalbankingcrisisof2007-2009andtheEurozonedebtcrisis
of2010-2012.
Articleclassification:researcharticle
Keywords:moneycreation,bitcoin,centralbank,digitalcurrencies,Eurodollarmarket,Target2imbalances
JELclassification:E40,E58,E65
1
ThepaperisbasedonthepresentationwhichtheauthorhadtheopportunitytodeliverduringtheGoodGovernance
seminarorganisedbytheEconomyandPublicAdministrationDepartmentoftheCracowEconomicUniversityon
12thDecember,2018.Theauthorexpresseshisgratitudetotheanonymousreviewersfortheirvaluableandinspiring
comments.
AndrzejSławiński,WarsawSchoolofEconomics,QuantitativeEconomicsChair,Al.Niepodległości128,02-554
Warszawa,aslawi@sgh.waw.pl,ORCID:0000-0002-8597-8205.
ZarządzaniePubliczne/PublicGovernance4(50)/2019
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