The Curse of Cash

Synopsis

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.--amazon.com. Introduction And Overview -- The Early Development Of Coins And Paper Currency -- Size And Composition Of Global Currency Supplies, And The Share Held Abroad -- Holdings Of Currency In The Domestic Legal, Tax-paying Economy -- Currency Demand In The Underground Economy -- Seigniorage -- A Plan For Phasing Out Most Paper Currency -- The Cost Of The Zero Bound Constraint -- Higher Inflation Targets, Nominal Gdp, Escape Clauses And Fiscal Policy -- Other Paths To Negative Interest Rates -- Other Possible Downsides To Negative Nominal Policy Rates -- Negative Interest Rates As A Violation Of Trust And A Step Away From Rule-based Systems -- International Dimensions To Phasing Out Paper Currency -- Digital Currencies And Gold -- Final Thoughts. Kenneth S. Rogoff. Includes Bibliographical References (pages 233-272) And Index.