Banking on Innovation: Modernisation of Payment Systems (Contributions to Economics)

Banking on Innovation
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By studying firm capabilities, competencies, and resources, the approach is extended to services in general and linked to the ability of firms to compete and promote national economies. Payment systems vary and advanced and developing economies face obstacles in their legal and technical infrastructure, and maturity of banks. By adopting an international perspective, the book offers a unique comparative analysis that shows what kind of investments are likely to be effective.

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Notably, the RPP can offer a treasure trove of data. All Rights Reserved. Kenneth was the primary architect of the operation. Globally, we have seen collaborative strategies emerging as a response to the changing market dynamics. By studying firm capabilities, competencies, and resources, the approach is extended to services in general and linked to the ability of firms to compete and promote national economies. The economics of money. Louis chapter of Junior Achievement.

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Advanced Cash and Digital Payment Solutions

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Tanai Khiaonarong ; Jonathan Liebena. Publisher: Physica , This specific ISBN edition is currently not available. Any legislative regulation of electronic money must have limitations imposed by the issuer of such money:. Subject to the institutions of exporting electronic money for supervision and careful control: If the Central Bank of the process of issuing electronic money, in this case there will be supervision on the other hand, but the difficulty arises when the order to issue this money to another bank.

In such cases, these bodies must be subject to strict supervision and strict control by specialized government agencies such as the Central Bank, for example, to prevent the risks that may result from the issuance of these institutions for electronic money. The need for security controls: The legislation on electronic money to address the financial problems expected to occur such as money laundering or security issues, so the attention should not be focused only on the issuer of electronic money, but should also focus this legislation on the types of electronic money to be issued.

The obligation of the issuer of electronic money to submit periodic statistical statistics reports: As has been shown earlier, electronic money may affect monetary policy through its impact on money supply, and in anticipation of this it is necessary that the credit institutions allowed to issue electronic money to provide data Periodic statistics to specialized monetary authorities such as the central bank.

Compelling e-money issuance institutions to accept their conversion to normal money: Any legal regulation of e-money must include a provision for the obligation of e-money exporters to accept their conversion to legal money at the rate of parity or equivalence at any time the holder of such money is required to change it.

ISBN 13: 9783790823325

Compelling the source of electronic money to maintain a reserve with the central bank: The central bank must impose restrictions on the monetary reserve on electronic money exporters in anticipation of any significant increase in the creation of electronic money, which ultimately affects the monetary policy and maintain this commitment to lead to stabilize prices.

The need for international legislative coordination and cooperation: As a result of the international dimension of electronic money, the national legal regulation of such money will not be fully complemented by international organization, coordination and cooperation. It is therefore necessary for States to cooperate through collective and bilateral agreements explaining the responsibilities of all citizens in the country.

In view of the effects of electronic money, the latter can contribute to the high rates of economic crimes such as money laundering, tax evasion and currency counterfeiting. Therefore, controls governing the issuance and circulation of electronic money are necessary to combat such crimes.

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The existence of international cooperation will limit the possibility of the number of crimes increased significantly. In this part of the study, we will discuss the relationship between the volume of electronic money traded and the effectiveness of implementing the monetary policies that the Central Bank is planning as a case study on the Arab Republic of Egypt as one of the largest Arab economies in the field of electronic commerce over the last ten years. In the study of Tables 1 and 2 , there is a strong inverse relationship between the volume of electronic money traded in the Egyptian market and the discount rate determined by the Central Bank in an attempt to reduce the volume of money traded in the Egyptian markets during the period This relationship shows that the greater the amount of electronic money traded, the central bank tried to reduce the re-discount rates to reduce the liquidity available in commercial banks in an attempt to control the credit operations carried out by banks and so that it can exercise its role in monetary policy effectively, lead to reduce the effectiveness of the monetary policy of the central bank in terms of re-discount rate, which the central bank is forced to the downwards to try to increase the effectiveness again.

There was also a strong positive correlation between the volume of electronic money traded in the Egyptian market and the volume of open market operations carried out by the Central Bank of Egypt, which seeks to reduce the volume of money traded in the Egyptian market during the period The amount of electronic money traded The central bank tried to increase the open market operations and raise the interest rates it pays to commercial banks to buy securities to reduce the liquidity available in commercial banks in an attempt to control the credit operations carried out by coffee K so can the exercise of its role in monetary policy effectively, ie to increase the electronic money size leads to reduce the effectiveness of the monetary policy of the central bank in terms of open market operations, which the central bank is forced to the increase of interest rates, which is paid to try to increase the effectiveness of the new.

The amount of electronic money traded The central bank has tried to increase the legal reserve ratio, which is required by commercial banks to reduce the liquidity available in commercial banks in an attempt to control the credit operations carried out by the banks and so that it can exercise its role in Monetary policy effectively. In other words, increasing the volume of electronic money leads to a decrease in the effectiveness of the monetary policy of the Central Bank in terms of the size of the legal reserve, Figure 4 which forced the central bank to increase its rates in an attempt to increase this efficiency again Table 3.

The state must require giving development in the field of electronic money the right of interest and study, the economy of cash and paper, and not bank based on electronic transactions in financial institutions and banking, so requires:. The need to provide the infrastructure to deal with electronic money, such as ATMs and the final points of electronic payment "TPE"; Home banks.

Stimulate merchants and places of service such as restaurants, hotels and institutions to accept electronic money in their dealings by giving them some advantages. To develop the culture of society with regard to the use of money and electronic means of payment; to provide adequate publicity for electronic money and the privileges it gives to its holder. Innovation of financial regulations in a way that coincide with monetary payment systems and money transfer via electronic means. The need to draft a law clarifying a set of conditions that ensure the issuer of electronic money to manage the various risks arising from this money in the future.

The State should develop training and training programs for workers in banks to acquire the expertise necessary to detect attempts to manipulate and limit electronic money. Circulation of the use of debit cards, cash and postal cash payment; and social security cards. Development and modernization of electronic payment systems in line with global economic and technological developments.

Adopting defense, regulatory, legal and regulatory lines that make it possible to deal with financial and electronic banking products to serve the national economy. The electronic money is a new method of payment.

It is the last thing that was invented in electronic payment methods. It was characterized by a number of characteristics that made it one of the biggest challenges facing the activities of central banks. This put their impact on the central bank functions in question, especially the impact on monetary policy. This study was designed to analyze these effects and highlight their various aspects through Identification of the monetary policy, Identification of electronic money, to highlight the various effects of the use of electronic money on the role of the central bank in the management of monetary policy.

Results of the test hypotheses is the first hypothesis Electronic money is a major change in the functions of the Central Bank in light of the transformation of the economy into a virtual digital economy. This hypothesis is very true because the use of electronic money in transactions affects the functions of the Central Bank as explained in the third axis. These functions change either because they are no longer as effective as they were or the need for such jobs will be eliminated.

Other functions have emerged as the emergence of electronic money as a modern payment method. The second hypothesis the expansion of the use of electronic money would reduce the role of the central bank in the issuance of cash, but will not threaten its role in the management of monetary policy This hypothesis is true, since the spread of electronic money will probably lead to a reduction and perhaps the disappearance of the role of central banks in the issuance of money, but does not lead to the disappearance of its role in the practice of monetary policy and the settlement of obligations arising from taxes or transactions between institutions exporting electronic money.

The third hypothesis In order to have effective management of the central bank on monetary policy there must be controls for the issuance of electronic money. This hypothesis is very true. The use of electronic money may encourage the increase of some electronic crimes, the phenomenon of money laundering, forgery and counterfeiting of money and it can also result in a lot of risks. Therefore, it is paramount to find some restraints to control the issuance and circulation of electronic money for an effective monetary policy.

When examining the relationship between the volume of electronic money traded and the effectiveness of implementing the monetary policies planned by the Central Bank as a case study on the Arab Republic of Egypt during the period as one of the largest Arab economies in the field of electronic commerce, there is a strong inverse relationship between the volume of electronic money traded in the market And the discount rate determined by the Central Bank during the period of study.

In other words, increasing the volume of electronic money leads to a reduction in the effectiveness of the monetary policy of the Central Bank in terms of the discount rate. The volume of open market operations carried out by the Central Bank of Egypt during the study period. This means that increasing the volume of electronic money leads to a decrease in the effectiveness of the monetary policy of the Central Bank in terms of open market operations.

In the Egyptian market and the size of the legal reserves determined by the Central Bank of Egypt for commercial banks during the period of study. This means that increasing the volume of electronic money leads to a decrease in the effectiveness of the monetary policy of the Central Bank in terms of the size of the legal reserve.

The state must require giving development in the field of electronic money the right of interest and study, the economy of cash and paper, and not bank based on electronic transactions in financial institutions and banking, so requires The need to provide the infrastructure to deal with electronic money, such as ATMs and the final points of electronic payment " TPE "; Home banks, Stimulate merchants and places of service such as restaurants, hotels and institutions to accept electronic money in their dealings by giving them some advantages, To develop the culture of society with regard to the use of money and electronic means of payment; to provide adequate publicity for electronic money and the privileges it gives to its holder, International cooperation against electronic money frauds, Innovation of financial regulations in a way that coincide with monetary payment systems and money transfer via electronic means.

The need to draft a law clarifying a set of conditions that ensure the issuer of electronic money to manage the various risks arising from this money in the future, The State should develop training and training programs for workers in banks to acquire the expertise necessary to detect attempts to manipulate and limit electronic money, Circulation of the use of debit cards, cash and postal cash payment; and social security cards, Development and modernization of electronic payment systems in line with global economic and technological developments, Adopting defense, regulatory, legal and regulatory lines that make it possible to deal with financial and electronic banking products to serve the national economy.

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Abdul, G. Money and banking. University Lourdes Foundation, Bahrain. Adly, S. Introduction to monetary and banking economics. Ahmed, M. Economics of electronic banks.