Banking

Robert Guttmann's Cybercash: The Coming Era of Electronic Money PDF

By Robert Guttmann

ISBN-10: 0333987306

ISBN-13: 9780333987308

Cybercash refers back to the construction and move of on-line funds. Guttman applies monetary research to this digital funds to appreciate the way it will permit the net to re-establish itself because the dynamic middle of the hot economic climate and the way this new cash shape turns into the dominant cost mechanism rivaling money, paper exams or charge cards. this may be the 1st e-book to examine the arrival period of digital funds in the broader context of the financial system.

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Extra info for Cybercash: The Coming Era of Electronic Money

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15 ■ Consumers finally gained broad access to bank credit in the form of mortgages, car loans, student loans, personal loans and credit cards. Such debt-financed consumer spending provided the needed impetus for rapidly growing consumption centered on purchases of homes, cars and other large-ticket consumer goods which provided adequate aggregatedemand support for the much enhanced supply capacity of mass production technology. ■ Being able to spread their considerable fixed costs (‘overheads’) over large production volumes, industrial enterprises enjoyed unit-cost reductions with growing output – a type of productivity gain known as economies of scale.

All investments aimed at the accumulation of capital, whether based in production or credit, follow a temporal sequence of cash flows. Cash outlays are required now in order to generate more cash inflows later. In the meantime our money invested as capital is at risk. Given the impossibility of knowing in advance what the future holds, all investors face radical uncertainty. They must anticipate without knowing for sure what to expect. Economic actors have tried to meet the challenge of managing time as a cash-flow gap in three ways.

Large-volume transfers between businesses were automated through a network of bank-operated automated clearing-houses and electronic fundtransfer technology. The banks also tried to push the electronic revolution into retail banking by getting households accustomed to using automated teller machines, paying with plastic (debit or credit) cards and conducting their banking transactions at home on the computer. The accelerating efforts by banks to develop electronic alternatives to paper money are not just motivated by the desire to take advantage of technological progress.

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Cybercash: The Coming Era of Electronic Money by Robert Guttmann


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