From the end of cash to the rise of cryptocurrencies, how financial innovation will transform the world economy.
The financial world is at the dawn of an era of disruptive change that will affect companies, bankers, governments, and even all of us. The shift in money will rewrite the way ordinary people live, and smartphones, which allow us to conduct banking and financial transactions anytime and anywhere, seem to be only a small feature of a rapidly changing financial landscape.
In the book, the author foresees the end of physical cash being driven not by mobile phones or credit cards, but by central banks that will need to develop more stable digital currencies after the advent of cryptocurrencies. It also explores what unpredictable changes will happen to cryptocurrencies themselves as companies like Facebook and Amazon join in. These innovations and changes are snowballing the world of finance, revolutionizing how we invest, trade, insure, and manage. In addition, the book also discusses "when will paper money disappear", "the pros and cons of financial change", "global financial integration" and other topics.
It shows how these changes will redefine the concept of money, breaking down its traditional functions into units of account, medium of exchange, and store of value. The Future of Money is a clear, visionary work that shows how to make the most of things and prevent the worst from happening.
About the author
Eswar S.Prasad is a global authority on monetary studies, a professor at Cornell University, a senior fellow at the Brookings Institution, and a fellow at the National Bureau of Economic Research. He has been invited by the People's Bank of China, the National School of Development of Peking University, and the Chinese Academy of Social Sciences to attend and deliver speeches at international conferences or forums. Active in the Federal Reserve, the International Monetary Fund (IMF), the World Bank, the US National Bureau of Economic Research and other authoritative institutions, contributing to policy makers. His articles are frequently published in mainstream media such as the American Economic Review, the American Economic Journal, The Economist, the Financial Times, The New York Times, Newsweek, The Wall Street Journal, and The Washington Post, and his works include Winning the Currency War and the Coming Currency War.