Articles
Moneyness of the Cyber Money ‘Dotori' and a Perspective on Its Monetary Development
-
AuthorYun-Ho Lee
-
Year2009
-
VolumeVol.57
-
NumberNo.1
-
This paper analyses empirically whether the experience of using the cyber
money ‘Dotori’ may have an effect on the positive awareness of its moneyness,
and argues the theoretical implications of the analysis in the perspective on a
cyber money’s development to a future money. The moneyness of Dotori is for
now recognized significantly negatively. It is also found, however, that the
more a group of people uses Dotori, the more it recognizes Dotori as a cash
and the possibility of this cyber money evolving into a next generation
currency. Provided the unit of account of a cyber money follows the same of
a base money, the uncertainty of measuring its par value may vanish and the
institutional foundation of obtaining interest of floating money consequently be
abated. It results that the monetary system in the future may have the same
frame as today, where the base money of a central bank and its unit of
account is dominantly used. As for now, cyber money should be rather
regarded as a marketing tool which helps the issuer obtain floating earnings
than as a money competing with a base money. Cyber money uses its own
unit of account but for obtaining interest of floating money not for enhancing
its moneyness. -
File