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The Monetary Turning Point

From Bank Money to Central Bank Digital Currency (CBDC)

  • Book
  • © 2023

Overview

Authors:
  1. Joseph Huber

    1. Berlin, Germany

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  • Presents a new dominant money paradigm
  • Discusses the transformation of the monetary system from bankmoney to central-bank digital currency (CBDC)
  • Analyzes the dynamics of the current recomposition of the money supply

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Table of contents (8 chapters)

  1. Front Matter

    Pages i-xiii
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  2. Core Points for Introduction

    • Joseph Huber
    Pages 1-7

  3. Three-Tier Monetary System. Types of Money, Their Creation and Circulation

    • Joseph Huber
    Pages 9-32

  4. Dominant Money. The Bank Money Regime

    • Joseph Huber
    Pages 33-53

  5. Monetary Sovereignty. Bank Money as Para-Sovereign Fiat Money

    • Joseph Huber
    Pages 55-61

  6. Historical Turning Points in the Composition of the Money Supply

    • Joseph Huber
    Pages 63-75

  7. Today’s Recomposition of the Money Supply

    • Joseph Huber
    Pages 77-115

  8. CBDC System Design Principles

    • Joseph Huber
    Pages 117-150

  9. Central Banks and Monetary Policy Under Conditions of CBDC

    • Joseph Huber
    Pages 151-188

  10. Back Matter

    Pages 189-192
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Keywords

About this book

The monetary system is at a turning point. The question is no longer if, but how soon countries will roll out a Central Bank Digital Currency (CBDC). This book discusses the recomposition of the money supply from the present bank money regime to a monetary system determined by CBDC. As the book sets out, the future of money is going to be digital and sovereign. Nonetheless, the relationship between the various types of money is competitive rather than being the peaceful coexistence that was officially envisaged. CBDC competes with the incumbent bank money as well as with private cryptocurrencies that are challenging both central-bank money as well as bank money. For technological and political reasons, bank money will not be able to emulate the superior properties of sovereign digital tokens. Uncovered and unwarranted cryptocurrencies, too, will not stand the competition in the long run. The shifts in the monetary system are changing the role of central banks in the interplay ofmonetary, fiscal and private-creditary functions and open up improved options for monetary policy. The book will be of interest to academics, researchers, and policymakers in monetary and financial economics, and digital currencies.

Authors and Affiliations

  • Berlin, Germany

    Joseph Huber

About the author

Joseph Huber is Professor Emeritus of Economic Sociology at Martin Luther University, Halle Wittenberg, Germany. He is a pioneer of what is now known as ‘green ethical banking’ and is one of the founders of ecological modernization theory. He has written extensively on monetary policy and reform topics, is a longstanding policy advisor on matters of economic and ecological modernization and is actively involved in the international movement for monetary reform.

Bibliographic Information

  • Book Title: The Monetary Turning Point

  • Book Subtitle: From Bank Money to Central Bank Digital Currency (CBDC)

  • Authors: Joseph Huber

  • DOI: https://doi.org/10.1007/978-3-031-23957-1

  • Publisher: Palgrave Macmillan Cham

  • eBook Packages: Economics and Finance, Economics and Finance (R0)

  • Copyright Information: The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2023

  • Hardcover ISBN: 978-3-031-23956-4Published: 18 February 2023

  • Softcover ISBN: 978-3-031-23959-5Published: 18 February 2024

  • eBook ISBN: 978-3-031-23957-1Published: 17 February 2023

  • Edition Number: 1

  • Number of Pages: XIII, 192

  • Number of Illustrations: 1 b/w illustrations

  • Topics: Financial Services, Macroeconomics/Monetary Economics//Financial Economics, Financial Engineering

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