Abstract
What are the benefits provided by a payment system" What are the trade-offs in public versus private payment systems and in restricted versus open payments arrangements" Modern payment systems encompass a variety of institutional designs with varying degrees of counterparty protection. We develop a framework that allows for an examination and comparison of payment systems, and specification of conditions leading to their adoption. We relate these conditions to the design of present large-value payment systems (Fedwire, CHIPS, TARGET, etc.).
| Original language | English (US) |
|---|---|
| Pages (from-to) | 855-884 |
| Number of pages | 30 |
| Journal | Journal of Money, Credit and Banking |
| Volume | 41 |
| Issue number | 5 |
| DOIs | |
| State | Published - Aug 2009 |
Keywords
- Limited enforcement
- Payment systems
- Settlement risk
- Tiering
ASJC Scopus subject areas
- Accounting
- Finance
- Economics and Econometrics
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