Payment Systems in the Financial Markets

By: Marco Rossi

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Hardcover | 8 April 1998 | Edition Number 3

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172 Pages

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23.5 x 15.5 x 1.12

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'Elegantly analyses the key questions of cost, efficiency and risk. Mandatory reading for anyone with responsibilities in an RTGS system.' - Alfred Steinherr The payment system is one of the mechanisms essential to the working of an exchange economy. Over the last decade, central banks have been determined to improve their payment systems to harmonise and reduce risk, and in Europe to anticipate their future interconnection in the TARGET system. This book provides the analytic framework for an informed policy debate on the implications for monetary policy.

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'Elegantly analyses the key questions of cost, efficiency and risk. Mandatory reading for anyone with responsibilities in an RTGS system.' - Alfred Steinherr

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Non-Fiction Accounting & Finance Accounting Industry & Industrial Studies Distributive Industries Retail Sector Finance Banking Economics Macroeconomics Monetary Economics

List of Figures	p. ix
List of Tables	p. x
Foreword	p. xi
Preface and Acknowledgements	p. xiii
List of Abbreviations	p. xviii
Introduction	p. 1
The evolution of payment systems	p. 1
Description of a payment system	p. 3
Central banks' microfunctions in net payment systems	p. 6
RTGS systems and the provision of intraday liquidity	p. 8
The Analytics of Real-Time Gross-Settlement Systems
The Analytics of Real-time Gross-settlement Systems	p. 17
Some notation and preliminary results	p. 18
The analytics of an RTGS system	p. 22
A simulation	p. 28
Conclusions	p. 31
Appendix	p. 33
Extensions to the Basic Framework	p. 39
A model with an arbitrary processing-time distribution	p. 39
Priority rules	p. 45
Conclusions	p. 51
The Provision of Intraday Liquidity in Real-Time Gross-Settlement Systems
Priced Unsecured Intraday Overdraft Facilities	p. 57
Pricing unsecured intraday credit in RTGS systems	p. 61
Some simulations	p. 66
Conclusions	p. 72
The Cost of Secured Intraday Overdraft Facilities	p. 77
Benefits of collateral	p. 77
Costs of collateral	p. 79
An estimation of the cost of collateral	p. 81
An alternative way of computing the cost of collateral	p. 86
Conclusions	p. 88
Banks' attitude toward risk and their probability of default	p. 88
Statistical Annexe: A statistical analysis of the cost of collateral	p. 92
Monetary Policy Implications of Real-Time Gross-Settlement Systems
An Intraday Liquidity Market	p. 107
The relationship between intraday, overnight and 1-day interest rates	p. 109
The cost of intraday liquidity and the bank's reserve management problem	p. 113
Efficiency in an RTGS system	p. 118
Conclusions	p. 121
Summary and Final Considerations	p. 125
The analytics of RTGS systems	p. 126
The provision of intraday liquidity in RTGS systems	p. 129
Monetary policy implications of RTGS systems	p. 132
Conclusions	p. 135
Further research	p. 136
References	p. 139
Index	p. 145
Table of Contents provided by Syndetics. All Rights Reserved.

Payment Systems in the Financial Markets

At a Glance

Hardcover

Industry Reviews

Shipping

How to return your order

Defective items

You Can Find This Book In

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