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

In: The Monetary Turning Point

Author

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  • Joseph Huber

Abstract

The variety of existing types of money has been evolving, so must the taxonomy of money. To date, the monetary system is described as two-tiered: the basic tier consisting of central-bank base money (cash and so-called reserves), the second tier consisting of bank money in the form of demand deposits, savings and time deposits. Today, this has developed into a three-tier system, the new third tier consisting of money-market fund shares, various types of e-money and stablecoins, most of it built on bank money. Furthermore, unbacked and unwarranted cryptocurrencies such as presently Bitcoin and Ether act as a new type of base money, competing with central-bank money and challenging monetary sovereignty.

Suggested Citation

  • Joseph Huber, 2023. "Three-Tier Monetary System. Types of Money, Their Creation and Circulation," Springer Books, in: The Monetary Turning Point, chapter 0, pages 9-32, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-23957-1_2
    DOI: 10.1007/978-3-031-23957-1_2
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