Curse of Cash
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Banknote
Bitcoin
Black market
Breakup
Bribery
Cash
Cash management
Cash register
Category1=Non-Fiction
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Category=KFFD
Central bank
Commodity currency
Consumer debt
COP=United States
Corruption
Counterfeit
Credit card fraud
Culture of Corruption
Currency
Debit card
Debt
Debt Issue
Debtor
Deflation
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Deregulation
Devaluation
Dividend
Downside risk
Economic inequality
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Escape clause
Exchange rate
Expense
Fiat money
Financial crisis
Financial crisis of 2007-08
Financial distress
Financial regulation
Financial repression
Financial Services Authority
Fraud
Government debt
Government monopoly
Hard currency
Inflation
Inflation targeting
Inflation tax
Interest rate
Keynesian economics
Language_English
Leverage (finance)
Liquidity trap
Monetary policy
Monetary system
Money laundering
Negative income tax
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Payment
Phase Out
Poverty
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Purchasing power
Quantity theory of money
Real versus nominal value (economics)
Recession
Seigniorage
Shortage
softlaunch
Supply (economics)
Tariff
Tax
Tax evasion
Tax incidence
Theft
Unit of account
Zero lower bound
Product details
- ISBN 9780691178363
- Weight: 255g
- Dimensions: 127 x 203mm
- Publication Date: 27 Jun 2017
- Publisher: Princeton University Press
- Publication City/Country: US
- Product Form: Paperback
- Language: English
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From the New York Times bestselling author of This Time Is Different, "a fascinating and important book" (Ben Bernanke) about phasing out most paper money to fight crime and tax evasion--and to battle financial crises by tapping the power of negative interest rates The world is drowning in cash--and it's making us poorer and less safe. In The Curse of Cash, Kenneth Rogoff, one of the world's leading economists, makes a persuasive and fascinating case for an idea that until recently would have seemed outlandish: getting rid of most paper money. Even as people in advanced economies are using less paper money, there is more cash in circulation--a record $1.4 trillion in U.S. dollars alone, or $4,200 for every American, mostly in $100 bills. And the United States is hardly exceptional. So what is all that cash being used for? The answer is simple: a large part is feeding tax evasion, corruption, terrorism, the drug trade, human trafficking, and the rest of a massive global underground economy. As Rogoff shows, paper money can also cripple monetary policy.
In the aftermath of the recent financial crisis, central banks have been unable to stimulate growth and inflation by cutting interest rates significantly below zero for fear that it would drive investors to abandon treasury bills and stockpile cash. This constraint has paralyzed monetary policy in virtually every advanced economy, and is likely to be a recurring problem in the future. The Curse of Cash offers a plan for phasing out most paper money--while leaving small-denomination bills and coins in circulation indefinitely--and addresses the issues the transition will pose, ranging from fears about privacy and price stability to the need to provide subsidized debit cards for the poor. While phasing out the bulk of paper money will hardly solve the world's problems, it would be a significant step toward addressing a surprising number of very big ones. Provocative, engaging, and backed by compelling original arguments and evidence, The Curse of Cash is certain to spark widespread debate.
Kenneth S. Rogoff, the Thomas D. Cabot Professor of Public Policy at Harvard University and former chief economist of the International Monetary Fund, is the coauthor of the New York Times bestseller This Time Is Different: Eight Centuries of Financial Folly (Princeton).
