Music in electronic markets: an empirical study

Music plays an important, and sometimes overlooked part in the transformation of communication and distribution channels. With a global market volume exceeding US$40 billion, music is not only one of the primary entertainment goods in its own right. Since music is easily personalized and transmitted, it also permeates many other services across cultural borders, anticipating social and economic trends. This article presents one of the first detailed empirical studies on the impact of internet technologies on a specific industry. Drawing on more than 100 interviews conducted between 1996 and 2000 with multinational and independent music companies in 10 markets, strategies of the major players, current business models, future scenarios and regulatory responses to the online distribution of music files are identified and evaluated. The data suggest that changes in the music industry will indeed be far-reaching, but disintermediation is not the likely outcome

The Move toward a Cashless Society: A Closer Look at Payment Instrument Economics

Ever since the first general-purpose charge card debuted in the early 1950s, pundits have been predicting the "cashless society." Over fifty years later, we may finally be getting close to that vision. This study is the first to examine empirically the move toward a cashless society using a cost-benefit framework. We find that when all key parties to a transaction are considered and benefits are added, cash and checks are more costly than many earlier studies suggest. In general, the shift toward a cashless society appears to be a beneficial one.

Developing financial markets

Central banks have an interest in well-functioning money markets, foreign exchange markets, and secondary markets for government securities. Efficient financial markets support both the monetary stability and financial stability goals of the central bank; and more broadly should benefit economic development. Well-functioning money markets support the transmission of an interest-rate based monetary policy and can provide information to the central bank. Liquid foreign exchange markets can help to stabilise the exchange rate and reduce transaction costs in cross-border trade and transfers. The development of these markets will support the later introduction of related financial markets such as repo and derivatives, which should in turn lead to improved risk management and financial stability, thereby enhancing economic welfare. Liquidity and price stability in short-term interest rate markets can support market-making, and thus liquidity in the securities markets. This in turn should reduce the cost of issuance for the government and other fixed-interest issuers. Indeed the secondary market for government securities may act as a catalyst for wider fixed income securities markets development: its yield curve is the benchmark for the pricing of the private sector credit. The advancement of these markets should be accompanied by the development of the appropriate market infrastructure such as robust payment and settlement systems and supportive legal framework. Many developing economies are characterised by illiquidity in these core markets, and in most cases a surplus of central bank money, in the form of excess commercial bank balances with the central bank. This handbook will look at what the central bank, and the Ministry of Finance as issuer of government securities, could do (and in some cases should not do) in support of the development of these markets.Developing financial markets

The regulatory and supervisory framework for fixed income markets in Europe

look at the development and regulation of fixed income securities markets in Europe. Fixed income securities markets in Europe have historically been characterized by a number of national markets that were interconnected by way of foreign exchange markets. They are presently undergoing major changes in size, infrastructure, and regulation. The authors describe the current state of the ongoing European regulatory and supervisory reform and the main drivers behind it. They conclude that European fixed income securities market regulation and infrastructure are not (yet) homogeneous. In some countries fixed income market regulation has been developed after intense political reflections on ways and means of promoting safe and efficient capital markets. In other countries, fixed incomemarket regulation is a product of learning-by-doing (such as ad hoc reflections based on negative market experiences and financial scandals). To illustrate the heterogeneity in the European fixed income markets, the authors include two examples: France as an example of a country from the euro area, and Denmark as an example of a country outside the euro area.Environmental Economics&Policies,Payment Systems&Infrastructure,Financial Intermediation,International Terrorism&Counterterrorism,Fiscal&Monetary Policy,Environmental Economics&Policies,Financial Intermediation,Insurance&Risk Mitigation,Insurance Law,National Governance

Study Of Electronic Cash: Its Impact On The Economy And Society, And Its Future

Technological advancement has introduced an electronic method for the payment for goods and services. With these advancements and the growth of the internet, the market-place of the world has become one universe without borders. This paper examines the various methods of electronic payment for goods and services and the domestic and international laws that govern their operations. The paper explores concerns about money laundering, counterfeiting, internet security, cyber scams in electronic cash as well as proffered security solutions to these problems. The paper concludes with the proposition that electronic cash in the form of cards (ATM) are more accessible to the masses as compared to electronic cash based on PCs and the Internet