Payment Systems in Global Perspective

, by Fry,Maxwell J.; Fry,Maxwell J.

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ISBN: 9780415207645 | 0415207649
Cover: Hardcover
Copyright: 5/5/1999

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Summary

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This volume provides an authoritative overview by central bankers from both developed and developing countries of the complex practical and policy implications of international payments systems.

List of Figures	p. viii
List of Tables	p. x
Authors	p. xi
Foreword	p. xiii
Acknowledgements	p. xv
Acronyms	p. xvii
Introduction	p. 1
Central Bank Objectives	p. 3
Risks in Payment Systems	p. 5
Payment System Design	p. 6
The Environment	p. 7
Payment and Settlement Trends	p. 8
Managing Change	p. 10
Overview	p. 11
Payment Instruments	p. 14
Introduction	p. 14
Cash Transactions	p. 14
Noncash Transactions	p. 17
Noncash Payment Instruments	p. 22
Welfare and Cost Considerations	p. 24
Conclusion	p. 26
Payment Systems	p. 27
Introduction	p. 27
Stages of Payment System Development	p. 28
Risk Recognition and Protection in Payment Systems	p. 30
Choice of Payment System	p. 33
Risks at Different Stages of Payment System Development	p. 35
Major Factors Affecting Payment Systems Risks: The Design	p. 38
Length of Settlement Cycles	p. 40
Some Development Issues	p. 42
Conclusion	p. 43
Deferred Net Settlement versus Real-Term Gross Settlement for Large-Value Transfer Systems	p. 44
Introduction	p. 44
An Analytical Framework	p. 45
Deferred Net Settlement versus Real-Time Gross Settlement	p. 48
Conclusion	p. 56
Schoenmaker's Model	p. 58
Reserve Requirements, Liquidity and Risk	p. 60
Introduction	p. 60
Basic Intermediate Monetary Policy Targets	p. 61
Reserves and the Payment System	p. 63
Reserve requirements	p. 63
Frequent intervention by the central bank	p. 64
Paying interest on reserves	p. 65
Intraday Credit	p. 69
The central bank as provider of intraday credit	p. 69
Haircuts on eligible assets	p. 70
Limits on uncollateralised central bank intraday credit	p. 71
Costs of intraday credit facilities	p. 71
Liquid Asset Requirements	p. 72
Centralised Queue Management	p. 73
Conclusion	p. 74
Central Bank Roles in Payment Systems	p. 76
Introduction	p. 76
Central Bank Ownership and Oversight of Payment Systems	p. 77
Increasing Central Bank Involvement in Payment Systems	p. 78
Central Bank Roles in Transitional Economies	p. 83
The Case of Poland	p. 85
Some Specific Payment Issues in Russia and China	p. 91
Conclusion	p. 93
Some Links between Payment Systems, Monetary Policy, Fixed Exchange Rates and Financial Stability	p. 96
Introduction	p. 96
Payment System Linkages with Monetary Policy	p. 97
Payment Systems and Fixed Exchange Rates	p. 100
Payment System Linkages with Financial Stability and Surveillance	p. 102
Conclusion	p. 105
Payment and Settlement Systems Questionnaire	p. 107
Deferred Net Settlement Systems	p. 112
Real-Time Gross Settlement Systems	p. 115
Central Bank Risk Exposure	p. 118
Central Bank Settlement Failure Guarantee	p. 121
Payment System Development Strategies	p. 123
Separate Accounts for Required Reserves	p. 127
Reserve Maintenance Periods	p. 129
Use of Required Reserves for Payment Purposes	p. 132
Interest Paid on Reserves	p. 135
Formal Central Bank Supervision of Payment Systems	p. 137
Informal Central Bank Supervision of Payment Systems	p. 140
Commercial Bank Involvement in Payment Systems	p. 142
Exchange Rate Regimes and Monetary Policy	p. 145
Bibliography	p. 149
Index	p. 155
Table of Contents provided by Syndetics. All Rights Reserved.

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Payment Systems in Global Perspective

Summary

Author Biography

Table of Contents

Supplemental Materials

FREE SHIPPING

Rent More, Save More! Use code: BBRENTAL

5% off 1 book, 7% off 2 books, 10% off 3+ books

Payment Systems in Global Perspective

Summary

Author Biography

Table of Contents

Supplemental Materials

Digital License