Introduction and Overview : chapter 1 The Dark Side of Paper Currency : Tax and Regulatory Evasion, Crime, and Security Issues : part 1 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 Negative Interest Rates : part 2 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 and Digital Currencies : part 3 International Dimensions to Phasing Out Paper Currency Digital Currencies and Gold
The world is drowning in cash - and it’s making us poorer and less safe. "New York Times" bestselling author of "This Time Is Different" Kenneth Rogoff makes a persuasive and fascinating case for an idea that until recently would have seemed outlandish: getting rid of large-denomination currency. People in advanced economies are using less paper money, but there is more cash in circulation. Rogoff shows that all this extra cash is used to facilitate crime and support a massive global underground economy. It has also hindered monetary policy during times of economic uncertainty. "The Curse of Cash" offers a comprehensive plan to phase out large-denomination currency and addresses the issues the transition will pose. Provocative, engaging, and backed by compelling original arguments and evidence, "The Curse of Cash" is certain to spark widespread debate. Kenneth S. Rogoff, the Thomas D. Cabot Professor of Public Policy at Harvard University and former chief economist of the International Monetary Fund, is the coauthor of "This Time Is Different : Eight Centuries of Financial Folly".