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Today’s Recomposition of the Money Supply

In: The Monetary Turning Point

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  • Joseph Huber

Abstract

Today, the future belongs to digital money, for it is technologically superior to book money. Central Bank Digital Currency (CBDC) and private digital currencies—be they stablecoins or unbacked cryptos—are vying to succeed bank money as the dominant type of money. CBDC is likely to emerge from this as the winner, because CBDC is superior to private cryptos by virtue of being legal tender and safe-stock base money, and also because of the no longer negligible constitutional need to take back monetary control and be able to implement monetary policy effectively. Bank money, presently still dominant, competes against both CBDC and private digital monies to assert its position. Bank money may well persist for a longer period of time, albeit gradually declining in importance. Central-bank reserves will over time be going down together with bank money, or be replaced with CBDC early on. Solid cash is not a systemically defining factor any more.

Suggested Citation

  • Joseph Huber, 2023. "Today’s Recomposition of the Money Supply," Springer Books, in: The Monetary Turning Point, chapter 0, pages 77-115, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-23957-1_6
    DOI: 10.1007/978-3-031-23957-1_6
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