We analyze empirically the household financial portfolio allocation decision using a variance decomposition technique that takes into account the constrained, non-normal nature of household portfolio allocation observations. We apply the technique to a relatively wide collection of financial...

The purpose of this paper is to make a comparative analysis of modern gross and net payment systems, emphasizing on the implications of the availability of intraday liquidity in the former and of credit limits in the latter. This allows for the comparison of both the effects on social welfare of...

This paper makes a study of payment systems in the countries of the enlargement of the European Union for the period 1996-2003 and its comparison with the members of the European and Monetary Union. The general tendency is of a movement from cash to alternative instruments of payment. However,...

We make a comparative study of payment systems for E.U. fifteen countries for the 1996-2002 period. Special attention is paid to the introduction of the new European single currency. The overall trend in payments is for a move from cash to non-cash payment instruments, although electronic...

As part of their duties, financial authorities do have to assure the smooth and correct functioning of payment systems: Both gross and net. In gross systems safety is achieved at the price of a greater reserve holding. Whereas, in net systems, the key point is to increase safety with maintaining...