ПОТЕНЦИЈАЛНИ ЕФЕКТИ ЕЛЕКТРОНСКОГ НОВЦА НА МОНЕТАРНУ ПОЛИТИКУ
POTENTIAL EFFECTS OF ELECTRONIC MONEY ON MONETARY POLICY

Summary/Abstract: The emergence of electronic money is becoming a necessity in modern business. In terms redesign business processes and their migration to the electronic platforms, the development of electronic payment systems is a requirement for increasing efficiency. This paper will discuss the possible impact of e-money on the amount of money in circulation and the ability of monetary policy to absorb it. As the dominant electronic money system still does not exist, the paper is focused on the possible effects of electronic money depending on the nature of such a system. It will be shown which elements of the monetary system may be affected by e-money, as well as the factors that influence the ability of monetary policies to control the effects of electronic money. The paper will give incentives for further development of e-money.

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