Tiering occurs when an institution does not participate directly in the central payment system but instead settles its payments through an agent. A high level of tiering can be a significant issue for payment system regulators because of the increased credit and concentration risk. This paper...

Real-time gross settlement (RTGS) systems often incorporate features designed to economise on liquidity. Such 'hybrid features' have the potential to mitigate the systemic impact of operational disruptions of participants. This paper simulates operational disruptions of participants, using data...

Cover -- Contents -- Introduction -- Part I: What Is Humanism? -- Chapter 1: Introduction -- Chapter 2: What Is Humanism and Why Should I Care? -- Chapter 3: A Short History of Humanism -- Chapter 4: Gratuitous Name Dropping -- Chapter 5: Humanist Morality Explained -- Chapter 6: I Think,...

This paper examines the relationship between the inventory cycle and the business cycle. It uses both macro-economic data and data from surveys of individual firms’ actual and expected inventory accumulation. It is argued that over the past decade and a half, the amplitude of the inventory...

The payments industry, with support from the Reserve Bank, introduced major reforms to the ATM system in March 2009. The reforms were designed to increase competition and efficiency in the ATM system. They have, by and large, been meeting their objectives. Cardholders have responded to clearer...