EMERGING ELECTRONIC MONEY:
POLICY ISSUES & RELEVANCE TO PAYMENT SYSTEMS IN EMERGING ECONOMIES

Forrest CAPIE (City University)
Yuksel GORMEZ (CBRT)
Aleksandar STOJANOVIC (Queen Anne Court Old Royal Naval College)

This study investigates electronic money developments and related policy issues which have been emerging rapidly in the last decade. It puts them in the context of emerging economies' payment systems. E-money has the potential to influence financial services provision, monetary policy, and policy instruments. E-money is a phenomenon that should be analysed carefully in order to understand its potential and its limits for the future of money and central banking. There is some confusion about the definition of e-money and no clear understanding of the demand for and supply of e-money. Furthermore, there are issues of e-money regulation and other implications for emerging economies that need to be studied in more detail. This study seeks to fill these gaps and explore some issues in greater depth and encourage debate and research on e-money in emerging economies.