Acceso usuarios
Edgardo Barandiarán
In the next 25 years, the ongoing transformation of payments systems will press Chile and other countries to abandon their national currencies as means of payment and to choose the US dollar as their unit of account. That transformation is already well advanced and can be seen as the final success of accounting systems of payments and the abandonment of monetary systems of payments. The transition to the new economy ¿without the peso or any other money as means of payment and the dollar as the unit of account¿ will demand important legal reforms, including a framework for an efficient banking industry with low systemic risk and appropriate government schemes to deal with macroeconomic shocks. The paper identifies the main legal reforms and assesses the theoretical and empirical knowledge about some of the underlying issues.
Since the research is relatively new, the assessment is tentative but suggestive of what needs to be done.
