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The Curse of Cash
By:Kenneth S. Rogoff
Published on 2017-06-27 by Princeton University Press
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. Kenneth Rogoff, New York Times bestselling author of This Time Is Different, 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.
This Book was ranked at 13 by Google Books for keyword Coinage.
Book ID of The Curse of Cash's Books is 6Yi9DgAAQBAJ, Book which was written byKenneth S. Rogoffhave ETAG "Y/RYX9JBMgg"
Book which was published by Princeton University Press since 2017-06-27 have ISBNs, ISBN 13 Code is 9781400888726 and ISBN 10 Code is 1400888727
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Book which have "320 Pages" is Printed at BOOK under CategoryBusiness and Economics
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