The Curse of Cash : How Large-Denomination Bills Aid Crime and Tax Evasion and Constrain Monetary Policy / Kenneth S. Rogoff.

Format:

Book

Author/Creator:

Rogoff, Kenneth S., author.

Contributor:

Rogoff, Kenneth S.

Language:

English

Subjects (All):

Currency question.

Interest rates.

Monetary policy.

Money.

Paper money.

Physical Description:

1 online resource : 22 b/w illus., 7 tables

Place of Publication:

Princeton, NJ : Princeton University Press, [2017]

Language Note:

In English.

Summary:

From the New York Times bestselling author of This Time Is Different, "a fascinating and important book" (Ben Bernanke) about the surprising reasons why paper money lies at the heart of many of the world's most difficult problemsThe world is drowning in cash-and it's making us poorer and less safe. In The Curse of Cash, acclaimed economist Kenneth Rogoff explores the past, present, and future of currency, from ancient China to today's cryptocurrencies, showing why, contrary to conventional economic wisdom, paper money surprisingly lies at the heart of some of the world's most difficult problems.Cash is becoming increasingly marginalized in the legal economy, but there is a record amount of it in circulation- .4 trillion in U.S. dollars alone, or ,200 for every American, mostly in 00 bills-and most of it is used to finance tax evasion, corruption, terrorism, the drug trade, human trafficking, and the rest of a massive global underground economy. Paper money also cripples monetary policy by making it impossible for central banks to lower interest rates significantly below zero, and The Curse of Cash explains why countries must establish effective negative interest rate policies to manage the next financial crisis.Even if governments take better control of paper currency, perhaps by phasing out large-denomination notes, cryptocurrencies raise old and new issues. Looking to the future of public and private digital currency, The Curse of Cash cites the lesson of history: when it comes to currency, the private sector may innovate but eventually the government regulates and appropriates.Provocative, engaging, and backed by compelling original arguments and evidence, The Curse of Cash is certain to spark widespread debate.

Contents:

Frontmatter

CONTENTS

PREFACE

Chapter 1: Introduction and Overview

PART I: The Dark Side of Paper Currency: Tax and Regulatory Evasion, Crime, and Security Issues

Chapter 2: The Early Development of Coins and Paper Currency

Chapter 3: Size and Composition of Global Currency Supplies, and the Share Held Abroad

Chapter 4: Holdings of Currency in the Domestic, Legal, Tax- Paying Economy

Chapter 5: Currency Demand in the Underground Economy

Chapter 6: Seigniorage

Chapter 7: A Plan for Phasing Out Most Paper Currency

PART II: Negative Interest Rates

Chapter 8: The Cost of the Zero Bound Constraint

Chapter 9: Higher Inflation Targets, Nominal GDP, Escape Clauses, and Fiscal Policy

Chapter 10: Other Paths to Negative Interest Rates

Chapter 11: Other Possible Downsides to Negative Nominal Policy Rates

Chapter 12: Negative Interest Rates as a Violation of Trust and a Step Away from Rule- Based Systems

PART III: International Dimensions and Digital Currencies

Chapter 13: International Dimensions to Phasing Out Paper Currency

Chapter 14: Digital Currencies and Gold

Afterword to the Paperback Edition

Final Thoughts

Acknowledgments

Appendix

Notes

References

Index

Notes:

Description based on online resource; title from PDF title page (publisher's Web site, viewed 23. Mai 2019)

ISBN:

9781400888726

1400888727