The Future of Payment Systems

Drawing on wide-ranging contributions from prominent international experts and discussing some of the most pressing issues facing policy makers and practitioners in the field of payment systems today, this volume provides cutting-edge perspectives on the current issues surrounding payment systems and their future. It covers a range of continually important topics, including: the form payment systems might take in the future the risks associated with this evolution the techniques being deployed to assess these risks and the implications these risks have for the respective roles of the public and private sector. Produced in association with the Bank of England, this book is fascinating reading for practitioners and policy makers in the field of payment systems, as well as students and researchers engaged with the economics of payments and central banking policy.

List of figures	p. x
List of tables	p. xii
Notes on contributors	p. xiii
Foreword	p. xv
Acknowledgements	p. xvi
General introduction: the future of payment systems	p. 1
Payment systems and public policy	p. 13
Central banks and payment systems: past, present and future	p. 15
The role of a central bank in payment systems	p. 45
Some challenges for research in payments	p. 57
Payment economics and the role of central banks	p. 68
New approaches to modelling payments	p. 73
New models of old (?) payment questions	p. 75
Optimal settlement rules for payment systems	p. 87
The microstructure of money	p. 100
Current payment policy issues	p. 117
Wholesale payments: questioning the market-failure hypothesis	p. 119
Central bank intraday collateral policy and implications for tiering in RTGS payment systems	p. 138
Central banks' interest calculating conventions: deviating from the intraday/overnight status quo	p. 160
How should we regulate banks' liquidity?	p. 175
Policy perspectives on the future of payments	p. 187
The diffusion of real-time gross settlement	p. 189
E-settlement: soon a reality?	p. 206
Real-time liquidity management in a globally-connected market	p. 230
Will central banking survive electronic money?	p. 233
Payment systems and central banks: where are we now and where will e-payments take us?	p. 255
Index	p. 262
Table of Contents provided by Ingram. All Rights Reserved.

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The Future of Payment Systems

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