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Kryptowährungen- Ein Problem für die Geldpolitik?

Author

Listed:
  • Andreas Hanl

    (Universität Kassel)

  • Jochen Michaelis

    (Universität Kassel)

Abstract

Cryptocurrencies such as Bitcoins may revolutionize the financial system by at least partially replacing intermediaries such as central banks and commercial banks. The blockchain technology enables users to transact on a peer-to-peer basis. This imposes a serious threat on the financial intermediaries as well as on monetary policy authorities. In this paper, we examine how well cryptocurrencies fulfill the functions of a fiat money and discuss the comparative advantages of cryptocurrencies. We proceed by exploring the implications of digital currencies for the concept and conduct of monetary policy.

Suggested Citation

  • Andreas Hanl & Jochen Michaelis, 2017. "Kryptowährungen- Ein Problem für die Geldpolitik?," MAGKS Papers on Economics 201715, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    • Handle: RePEc:mar:magkse:201715
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    File URL: https://www.uni-marburg.de/fb02/makro/forschung/magkspapers/paper_2017/15-2017_hanl.pdf
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    Cited by:

    1. Andreas Hanl, 2018. "Some Insights into the Development of Cryptocurrencies," MAGKS Papers on Economics 201804, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    2. Walter blocher & Andreas Hanl & Jochen Michaelis, 2017. "Revolutionieren Kryptowährungen die Zahlungssysteme?," MAGKS Papers on Economics 201748, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).

    More about this item

    Keywords

    Bitcoin; Kryptowährung; Geldpolitik;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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