Forrest Capie is Professor of Economic History at Cass Business School, City University, London, where he was Head of the Department of Banking and Finance. After receiving a Ph.D. at the London School of Economics, he taught at the universities of Warwick and Leeds. Professor Capie has also been a Visiting Professor at the University of Aix-Marseille and at the London School of Economics and a Visiting Scholar at the International Monetary Fund. He is an Academician of the Academy of Social Sciences. He was editor of the Economic History Review and served on the editorial boards of other journals in the discipline. He is on the Academic Advisory Council of the Institute of Economic Affairs. Professor Capie has authored, co-authored, or edited more than 20 books and has written more than 100 journal articles for journals such as the Economic Journal, Economica, the Journal of Money, Credit, and Banking, the Economic History Review, European Economic History, and British History.
The results can be summarised in the following manner: First, by whatever mode of analysis used, it emerged that fiat CB money would not be wholly replaced by any form of electronic money currently envisaged. Most of the payment innovations are linked to CB money at some point. There is no evidence that they significantly reduce the ability of CBs to predict the demand for CB money in LVPS and the money market. Second, developments which have in the past, and may in the future, have improved or will improve the robustness or the efficiency of payments systems have not had and are not expected to have fundamentally damaging effects on the ability of central banks to control monetary conditions.