Payments Settlement: Tiering in Private and Public Systems
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.). Copyright (c) 2009 The Ohio State University No claim to original US government works.
Year of publication: |
2009
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Authors: | KAHN, CHARLES M. ; ROBERDS, WILLIAM |
Published in: |
Journal of Money, Credit and Banking. - Blackwell Publishing. - Vol. 41.2009, 5, p. 855-884
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Publisher: |
Blackwell Publishing |
Saved in:
freely available
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