The Future of Money

=== Eswar S. Prasad, 2021 BVT lib 332.4 PRA ===

Acronyms

ACH

.46

Automated Clearing House Network

ATM

.61

Automated Teller Machine, 1967?

BoJ

.10

Bank of Japan

CBDC

..4

Central Bank Digital Currencies

CDS

.42

Credit Default Swap

.68

Challenger banks

CHAPS

.43

Clearing House Automated Payment System, Bank of England

CHIPS

.47

Clearing House Interbank Payment System

Diem

.10

A cryptocurrency, renamed from Libra

|| ECB || .14 || European Central Bank

e-CNY

.13

electronic Chinese yuan

EME

.11

Emerging Market Economy

Fed

.13

United States Federal Reserve

|| Fedwire || .47 || RTGS for 5500+ participants in the United States

Fintech

..6

Financial technologies

.71

Funding Circle

G-3

.14

Group of 3 ( BoJ, ECB, Fed )

GDP

.13

Gross Domestic Product

.70

Lending Club

Libra

.09

A cryptocurrency, renamed Diem

M0

.28

Currency (banknotes and coins) in circulation

M1

.28

M0 plus demand deposits and checking deposits

M2

.28

broad money: M1, small deposits, savings, travellers checks, retail money market mutual funds

M3

.31

Sweden, India term

M-PESA

.65

Kenya Safaricom mobile phone money (Swahili "pesa" )

NINJA

.43

loans; No Income, No Job, No Assets

P2P

.69

Peer-to-peer (lending for example)

RTGS

.46

Real-Time Gross Settlement system

S&P 500

.37

Standard & Poors stock market index

SEC

.70

United States Securities and Exchange Commision

SMS

.65

Short Message Service for mobile phones

SWIFT

.48

Society for Worldwide Interbank Financial Telecommunication 1973

TARGET2

.47

Trans-European Automated Real-time Gross settlement Express Transfer System 2