The Effectiveness Of The Monetary Policy In The Era Of The Cryptocurrency And The Electronic Payments

Résumé: It is of common sense that the financial innovation swept the world of finance by the provision of a package of different financial products and services that have more capability to suit the needs of the customers in terms of dealing transactions (the transactions costs of the innovated financial products) and flexibility (the ease of the innovated financial products usage). The deep advancement of the information technologies has led to a new wave of clearing payments and managing the financial institutions. The emergence of the electronic payments and the digital monies coupled with the cryptocurrency and the blockchain era raises many debatable issues about the effectiveness of the monetary policy in regulating the money supply and achieving the macroeconomic goals. In this paper, we seek to analyze the effectiveness of the monetary policy in the era of the financial innovation and the digital payment system.

Publié dans la revue: مجلة النمو الاقتصادي والمقاولاتية