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Payment Systems in Global Perspective : Routledge International Studies in Money and Banking - Fry

Payment Systems in Global Perspective

Routledge International Studies in Money and Banking

By: Fry (Editor)

Hardcover

Published: 25th March 1999
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This book provides an authoritative overview of the complex practical and policy implications of international payments systems by central bankers from both developed and developing countries, Payments Systems in Global Perspective presents the results of a survey of international central bank practice conducted by the Bank of England.

""Wielding data collected from central banks in 70 countries contributers examine the development of payment instruments in industrial, transitional, and developing economies.."" -Business Horizons

List of Figuresp. viii
List of Tablesp. x
Authorsp. xi
Forewordp. xiii
Acknowledgementsp. xv
Acronymsp. xvii
Introductionp. 1
Central Bank Objectivesp. 3
Risks in Payment Systemsp. 5
Payment System Designp. 6
The Environmentp. 7
Payment and Settlement Trendsp. 8
Managing Changep. 10
Overviewp. 11
Payment Instrumentsp. 14
Introductionp. 14
Cash Transactionsp. 14
Noncash Transactionsp. 17
Noncash Payment Instrumentsp. 22
Welfare and Cost Considerationsp. 24
Conclusionp. 26
Payment Systemsp. 27
Introductionp. 27
Stages of Payment System Developmentp. 28
Risk Recognition and Protection in Payment Systemsp. 30
Choice of Payment Systemp. 33
Risks at Different Stages of Payment System Developmentp. 35
Major Factors Affecting Payment Systems Risks: The Designp. 38
Length of Settlement Cyclesp. 40
Some Development Issuesp. 42
Conclusionp. 43
Deferred Net Settlement versus Real-Term Gross Settlement for Large-Value Transfer Systemsp. 44
Introductionp. 44
An Analytical Frameworkp. 45
Deferred Net Settlement versus Real-Time Gross Settlementp. 48
Conclusionp. 56
Schoenmaker's Modelp. 58
Reserve Requirements, Liquidity and Riskp. 60
Introductionp. 60
Basic Intermediate Monetary Policy Targetsp. 61
Reserves and the Payment Systemp. 63
Reserve requirementsp. 63
Frequent intervention by the central bankp. 64
Paying interest on reservesp. 65
Intraday Creditp. 69
The central bank as provider of intraday creditp. 69
Haircuts on eligible assetsp. 70
Limits on uncollateralised central bank intraday creditp. 71
Costs of intraday credit facilitiesp. 71
Liquid Asset Requirementsp. 72
Centralised Queue Managementp. 73
Conclusionp. 74
Central Bank Roles in Payment Systemsp. 76
Introductionp. 76
Central Bank Ownership and Oversight of Payment Systemsp. 77
Increasing Central Bank Involvement in Payment Systemsp. 78
Central Bank Roles in Transitional Economiesp. 83
The Case of Polandp. 85
Some Specific Payment Issues in Russia and Chinap. 91
Conclusionp. 93
Some Links between Payment Systems, Monetary Policy, Fixed Exchange Rates and Financial Stabilityp. 96
Introductionp. 96
Payment System Linkages with Monetary Policyp. 97
Payment Systems and Fixed Exchange Ratesp. 100
Payment System Linkages with Financial Stability and Surveillancep. 102
Conclusionp. 105
Payment and Settlement Systems Questionnairep. 107
Deferred Net Settlement Systemsp. 112
Real-Time Gross Settlement Systemsp. 115
Central Bank Risk Exposurep. 118
Central Bank Settlement Failure Guaranteep. 121
Payment System Development Strategiesp. 123
Separate Accounts for Required Reservesp. 127
Reserve Maintenance Periodsp. 129
Use of Required Reserves for Payment Purposesp. 132
Interest Paid on Reservesp. 135
Formal Central Bank Supervision of Payment Systemsp. 137
Informal Central Bank Supervision of Payment Systemsp. 140
Commercial Bank Involvement in Payment Systemsp. 142
Exchange Rate Regimes and Monetary Policyp. 145
Bibliographyp. 149
Indexp. 155
Table of Contents provided by Syndetics. All Rights Reserved.

ISBN: 9780415207645
ISBN-10: 0415207649
Series: Routledge International Studies in Money and Banking
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 196
Published: 25th March 1999
Country of Publication: GB
Dimensions (cm): 22.05 x 14.07  x 1.52
Weight (kg): 0.31
Edition Number: 1