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studies
This page looks at major studies and some
overviews.
overviews
For a basic introduction to existing and proposed
electronic money systems - from interbank electronic
transactions and EFTPOS through to digital cash - we
recommend Elinor Solomon's Virtual Money: Understanding
The Power & Risks Of Money's High-speed Journey Into
Electronic Space (New York, Oxford Uni Press
97).
Trust & Risk In Internet Commerce (Cambridge, MIT
Press 00) by L Jean Camp is more rigorous: we found it of
particular value in complementing Bruce Schneier's
excellent Secrets & Lies: Digital Security In A
Networked World (New York, Wiley 00).
The Bank of International Settlements has recently
released a detailed survey
of electronic money developments. Because such
systems are generally being designed to operate
internationally and in multiple currencies, it will be
difficult to determine the applicability of jurisdictional
authority.
The BIS argues that as a result, "the apparent and
immediate erosion of international financial borders ...
mandates enhanced cooperation and efforts among
international entities to ensure that there are consistent
policies and standards", since if one country has
"extensive laws and regulations and another has none
the illicit money will merely move to the weakest
link".
Such issues were explored in Henry Perritt's paper
on Jurisdiction & the Internet, in the
collection Borders In Cyberspace (Cambridge, MIT
Press 97) edited by Brian Kahin & Charles Nesson and
in the landmark Global Business Regulation
(Cambridge, Cambridge University Press 00) by John
Braithwaite & Peter Drahos.
Locally there's a snappy
review in Andrea Beatty & Andrew Smith's 1997 paper
on Legal aspects of Internet banking & digital
cash.
An overview of electronic money Consumer
Protection, Law Enforcement, Supervisory & Cross
Border Issues is provided in the Group of Ten paper.
Other G10 and BIS papers include those on:
the Security
of Electronic Money
the Implications for Central
Banks of Electronic Money
Risk
Management for Electronic Banking
the 1989 Risks
in Computer & Telecommunications Systems
Among global initiatives
the Joint Electronic Payment Initiative (JEPI)
is a project involving the World Wide Web Consortium,
CommerceNet and individual industry partners in exploring
interoperability and user aspects of online shopping, in
particular protocols to accommodate different payment
systems such as credit cards, debit cards, electronic
cheques and electronic cash.
Contributors
to The Future of the Electronic Marketplace
(Cambridge, MIT Press, 98), edited by Derek Leebaert,
explore business-to-business connectivity, the revolution
in finance, payment systems, regulatory issues, retailing
and communications infrastructure developments.
Global Economic Commerce:
Theory & Case Studies (Cambridge, MIT Press 99) by
J Christopher Westland & Theodore Clark is an
excellent introduction to the economy as a whole and to
specific areas such as electronic auctions and digital
shopfronts. It's refreshingly free of hype and the case
studies are pertinent, unlike most of the dot com books.
We've noted Dan
Schiller's provocative Digital Capitalism: Networking
the Global Market System (Cambridge, MIT Press 99) in
writings about the future of the Web.
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