The Role and Future of Local Currency and IT

The Role and Future of Local Currency and IT

Yutaka Kurihara (Aichi University, Japan) and Akio Fukushima (Seijo University, Japan)
Copyright: © 2006 |Pages: 11
DOI: 10.4018/978-1-59140-881-9.ch015
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The use of local currency has been spreading gradually since the 1990s. It has been introduced by nonprofit organizations (NPOs) and similar groups in some countries around the world. Welfare, nursing and nonpaying work, such as childrearing, are among the most popular reasons for introducing local currency. Recently, one local currency has appeared related to preventing environmental problems and protective and nursing industries. In some countries, local currencies have supported expectations for economic recovery. Promoting the spread of local currency is thought to be important. Information technology (IT) has contributed to the spread of local currency and may create new areas of usage and value. Various problems accompany the spreading use of local currencies. Local currency will not create major obstacles to economic activity as long as the sizes of transactions do not increase greatly, so governments and financial authorities have little reason to prohibit its use unless the currency issue authority in the country is seriously threatened. The exchange of digital value through IT (e.g., IC cards and the diffusion of the local currency) has significant value but also increases risks. To promote efficiency and convenience in local currency by introducing IT, governments, public administrations and municipalities should cooperate with a strategy for the information and communication technology (ICT) development. Alliances among many institutions should be considered.

Complete Chapter List

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Table of Contents
Yutaka Kurihara , Sadayoshi Takaya , Nobuyoshi Yamori
Chapter 1
Irene Henriques, Perry Sadorsky
Global information technology and competitive financial alliances are helping to reshape the business landscape. Information technology (IT) and... Sample PDF
Investment in IT and the Business Performance of Financial Companies
Chapter 2
Nobuyoshi Yamori, Kozo Harimaya, Yoshihiro Asai
Although Japanese banks have suffered from huge, non-performing loans since the burst of the bubble, they have invested as much as possible in... Sample PDF
Recent Development of Information Technology in Japanese Banks
Chapter 3
Yutaka Kurihara, Shigeaki Ohtsuka
Economic activity is always accompanied by payment. Payment systems, which are the subject of much recent discussion, are an indispensable part of... Sample PDF
Payment Systems of Financial Institutions: Current State and Future Prospects
Chapter 4
Anita Ghatak
In this chapter, we assess the contribution of financial development to saving and economic growth in the UK in the 20th century. Financial... Sample PDF
Financial Innovation and Economic Growth: Some Further Evidence from the UK, 1900-2003
Chapter 5
Ahmed Abutaleb, Michael Papaioannou
The tendency of exchange rates to fluctuate markedly and regularly is often referred as currency market volatility. The extent of currency market... Sample PDF
Malliavin Calculus for the Estimation of the U.S. Dollar/Euro Exchange Rate When the Volatility is Stochastic
Chapter 6
Sadayoshi Takaya
This chapter focuses on the function of international currencies as foreign exchange vehicles, which has a character of the network externality. On... Sample PDF
Evolution of the Euro and Currency Competition in the Global ICT Age
Chapter 7
Argyrios Volis
The purpose of this study is to explore the “revolution” that was caused by the rapid spread of information technology towards the development and... Sample PDF
Co-Integration of the International Capital Markets with the Use of Information Technology: The Case of Europe
Chapter 8
Sadayoshi Takaya
This chapter investigates the effects generated by the currency crisis. The countries experienced the currency turmoil confronted financial crisis... Sample PDF
International Capital Movements, Currency Crisis, and ICT Innovation
Chapter 9
Masayuki Susai
Highly developed IT technology can be the source of volatility spillover between markets located in other countries. In this chapter, we investigate... Sample PDF
Volatility Spillover Structure of Stock and Foreign Exchange Market between Korea, Japan, and Hong Kong
Chapter 10
Andrew Marks
Trade liberalization has played a pivotal role in improving the export orientation of the various Australian manufacturing industries (at the... Sample PDF
Trade Liberalization and International Performance of Australian Manufacturing Industries and Its
Chapter 11
Nobuyoshi Yamori, Nobuyoshi Nishigaki
Most discussions and analyses regarding Japanese financial institutions during the 1990s have focused on the lingering effects of the collapse of... Sample PDF
Recent Developments of Digital Cash Projects in Japan
Chapter 12
Mariusz K. Krawczyk
Despite of amazing progress in information technology that has taken place in recent years, the electronic money failed to live to the expectations... Sample PDF
Money is What Money Does: Prospects for an Electronic Money Payment System in Japan
Chapter 13
Takeshi Kobayashi
This chapter examined the relationship between Japanese life insurers’ investment in IT stocks and conventional financial statistics, such as ROE... Sample PDF
Investment in IT Stocks by Japanese Life Insurers
Chapter 14
Waranya Atchariyachanvanich, Kanokwan Atchariyachanvanich
This chapter reviews the roles of information technology (IT) from two perspectives. First, from the macroeconomic perspective, the IT revolution... Sample PDF
The Roles of IT in the Conduct of Modern Monetary Policy
Chapter 15
Yutaka Kurihara, Akio Fukushima
The use of local currency has been spreading gradually since the 1990s. It has been introduced by nonprofit organizations (NPOs) and similar groups... Sample PDF
The Role and Future of Local Currency and IT
Chapter 16
Carolyn Currie
E-commerce offers an enormous range of solutions to payment and settlements problems. However it also poses a myriad of regulatory issues.... Sample PDF
Integrity and Security in the E-Century
Chapter 17
Takashi Kubota
This chapter introduces the two newly emerging issues in the C2C and B2B area in the Japanese IT laws: (a) anti-fraud measures in Internet auctions... Sample PDF
Legal Concerns Against Auctions and Securities Conventions: A Japanese Perspective
Glossary of Terms
About the Authors