Payment Systems Monetary Policy And The Role Of The Central Bank

Author : Mr.Richard K. Abrams,Mr.Omotunde E. G. Johnson,Mr.Tonny Lybek,Mr.Mark Swinburne,Mr.Jean-Marc Destresse,Mr.Nicholas Roberts
Publisher : International Monetary Fund
Page : 276 pages
File Size : 45,5 Mb
Release : 1998-03-18
Category : Business & Economics
ISBN : 1557756260

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Payment Systems, Monetary Policy and the Role of the Central Bank by Mr.Richard K. Abrams,Mr.Omotunde E. G. Johnson,Mr.Tonny Lybek,Mr.Mark Swinburne,Mr.Jean-Marc Destresse,Mr.Nicholas Roberts Pdf

A payment system encompasses a set of instruments and means generally acceptable in making payments; the institutional and organizational framework governing such payments, including prudential regulation; and the operating procedures and communications network used to initiate and transmit payment information from payer to payee and to settle payments. This book, by Omotunde E.G. Johnson, with Richard K. Abrams, Jean-Marc Destresse, Tony Lybek, Nicholas Roberts, and Mark Swinburne, identifies main policy and strategic issues in payment system reform, describes the structure of payment systems in selected countries, highlights areas of consensus, and suggests the direction for future policy analysis.

Author : Board of Governors of the Federal Reserve System
Publisher : Unknown
Page : 0 pages
File Size : 51,8 Mb
Release : 2002
Category : Banks and Banking
ISBN : 0894991965

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The Federal Reserve System Purposes and Functions by Board of Governors of the Federal Reserve System Pdf

Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.

Author : Mark Manning,Erlend Nier,Jochen Schanz
Publisher : OUP Oxford
Page : 256 pages
File Size : 47,7 Mb
Release : 2009-09-24
Category : Business & Economics
ISBN : 9780191610110

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The Economics of Large-value Payments and Settlement by Mark Manning,Erlend Nier,Jochen Schanz Pdf

Central banks have over the past few years devoted considerable resource to the study of the economics of payments. In parallel, this field has begun to establish itself as a new subject for scholarly research, drawing in academic students and researchers. To date, however, there has been little attempt to draw together the key insights gained from this growing body of research. This volume seeks to offer just such a synthesis. It charts the frontier of our knowledge to date and puts it in the context of a comprehensive overview of the policy issues faced by central banks in this sphere. In particular, it explores central banks' roles in payment systems; the risks on which central banks focus in their oversight activities; and the challenges central banks face as the payments and settlement landscape evolves. The economics of payments is a multi-disciplinary field, taking in branches of economics such as monetary theory, search theory, game theory and industrial organisation. It also draws on techniques from network theory and makes extensive use of simulation studies to model complex interactions between payment system members. For each of the topics covered, this volume highlights some of the most influential works in the literature. The volume also draws heavily on empirical insights, in particular offering an historical context to central banks' involvement in payment systems.

Author : Stephen Millard,Andrew Haldane,Victoria Saporta
Publisher : Routledge
Page : 287 pages
File Size : 50,8 Mb
Release : 2007-09-17
Category : Business & Economics
ISBN : 9781134071302

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The Future of Payment Systems by Stephen Millard,Andrew Haldane,Victoria Saporta Pdf

Drawing on wide-ranging contributions from prominent international experts and discussing some of the most pressing issues facing policy makers and practitioners in the field of payment systems today, this volume provides cutting-edge perspectives on the current issues surrounding payment systems and their future. It covers a range of continually important topics, including: the form payment systems might take in the future the risks associated with this evolution the techniques being deployed to assess these risks and the implications these risks have for the respective roles of the public and private sector. Produced in association with the Bank of England, this book is fascinating reading for practitioners and policy makers in the field of payment systems, as well as students and researchers engaged with the economics of payments and central banking policy.

Author : Stefan W. Schmitz,Geoffrey Wood
Publisher : Routledge
Page : 241 pages
File Size : 49,7 Mb
Release : 2007-01-24
Category : Business & Economics
ISBN : 9781134175109

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Institutional Change in the Payments System and Monetary Policy by Stefan W. Schmitz,Geoffrey Wood Pdf

"Central bankers worldwide welcome the recent increase of research on payment systems. This volume, providing an expert overview on this timely subject, should be required reading for us all". - Erkki Liikanen, Governor of the Bank of Finland Monetary policy has been at the centre of economic research from the early stages of economic thought, but payment system research has attracted increased academic attention only in the past decade. This book’s succeeds in merging these two so far largely separated fields. Innovative and groundbreaking, Schmitz and Woods initiate research on the interdependence of institutional change in the payments system and monetary policy, examining the different channels via which payment systems affect monetary policy. It explores important themes such as: conceptualization and methods of analysis of institutional change in the payments system determinants of institutional change in the payments system – political-economy versus technology empirics of institutional change in the retail and in the wholesale payments systems – policy initiatives and new technologies in the payments system implications of institutional change in the payments system for monetary policy and the instruments available to central banks to cope with it. The result is an accessible overview of conceptual and methodological approaches to institutional change in payment systems, and a comprehensive and yet thorough assessment of its implications for monetary policy. The insights this timely book provides will be invaluable for researchers and practitioners in the field of monetary economics.

Author : Mr.Omotunde E. G. Johnson
Publisher : International Monetary Fund
Page : 30 pages
File Size : 46,8 Mb
Release : 1998-05-01
Category : Business & Economics
ISBN : 9781451973389

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The Payment System and Monetary Policy by Mr.Omotunde E. G. Johnson Pdf

Achieving the primary objective of price stability without unduly compromising the operational efficiency of the payment system constitutes a major problem for central banks. Routine monetary policy presumes a given institutional and technological framework, including aspects of the payment system. Such a monetary policy concerns itself with intraday and interday credit for payments settlements and with float. Liquidity shocks and panics sometimes pose an additional challenge. In recent years, major and rapid institutional and technological changes in the payment system (mainly to lower risks and augment operational efficiency) have affected the monetary policy decision-making process, particularly in the short run.

Author : Charles Albert Eric Goodhart
Publisher : MIT Press
Page : 560 pages
File Size : 43,8 Mb
Release : 1995
Category : Business & Economics
ISBN : 0262071673

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The Central Bank and the Financial System by Charles Albert Eric Goodhart Pdf

As economic advisor to the Bank of England for many years, C. A. E. Goodhart is uniquely positioned to assess the role of the central bank in the modern financial system. This book brings together twenty-one of his previously published articles dealing with the changing functions of central banks over time, recent efforts to maintain price stability, and debates over specific financial regulation proposals in the UK. Although the current day-to-day operations of central banks are subject to continuous comment and frequent criticism, their structural role within the economic system as a whole has generally been accepted without much question, despite several attempts by economists in recent decades to challenge the value of the institution. C. A. E. Goodhart brings his knowledge of both the theoretical arguments and the actual working of central banks to bear in these essays. Part I looks at the general purposes and functions of central banks within the financial system and their evolution over time. Part II concentrates on the current objectives and operations of central banks, and the maintenance of price stability in particular. Part III analyzes the broader issues of financial regulation.

Author : David B. Humphrey
Publisher : Springer Science & Business Media
Page : 301 pages
File Size : 47,9 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9789400925106

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The U.S. Payment System: Efficiency, Risk and the Role of the Federal Reserve by David B. Humphrey Pdf

The U.S. payment system is in the midst of a significant transition. Some of the changes to our payment system, involving its efficiency, the risks inherent in the payment process, and the role of the private and public sectors in the payment mechanism, are the subject of considerable debate and controversy. In recent years, the Federal Reserve Bank of Richmond has played an active part in the development and implementation of policies to improve the payment process. The Bank's operations staff has represented the Federal Reserve System in work with the banking industry to help shape and implement programs to increase efficiency and reduce payment risk. Further, our Research Department has made payment system research an important part of its agenda. The mix of practical experience and research has resulted in a unique perspective on payment system issues that led us to organize a symposium on the U.S. payment system, held on May 25-26, 1988, in Williamsburg, Virginia. Reflecting our belief in the importance of combining both practical experience and theory in addressing payment issues, we invited practi tioners, scholars, and policymakers to share their ideas. The symposium provided an opportunity for those researchers who are studying p- xi PREFACE xii ment issues to present their ideas and to have these ideas evaluated by experienced practitioners.

Author : Mr.Patrick Downes,Reza Vaez-Zadeh
Publisher : International Monetary Fund
Page : 476 pages
File Size : 45,5 Mb
Release : 1991-06-15
Category : Business & Economics
ISBN : 1557751854

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The Evolving Role of Central Banks by Mr.Patrick Downes,Reza Vaez-Zadeh Pdf

Central Banks should enjoy a fair degree of autonomy in pursuing price stability to promote long-run growth and prosperity. This volume, edited by Patrick Downes and Reza Vaez-Zadeh, contains the papers presented at the fifth IMF seminar on central banking issues in November 1990. The theme was the interdependence of central bank functions and the role of central bank autonomy.

Author : Maxwell J. Fry
Publisher : Routledge
Page : 192 pages
File Size : 42,6 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781134621569

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Payment Systems in Global Perspective by Maxwell J. Fry Pdf

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.

Author : Ronald Heijmans,Ms.Froukelien Wendt
Publisher : International Monetary Fund
Page : 29 pages
File Size : 48,7 Mb
Release : 2020-06-05
Category : Business & Economics
ISBN : 9781513545080

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Measuring the Impact of a Failing Participant in Payment Systems by Ronald Heijmans,Ms.Froukelien Wendt Pdf

Banks and financial market infrastructures (FMIs) that are not able to fulfill their payment obligations can be a source of financial instability. This paper develops a composite risk indicator to evaluate the criticality of participants in a large value payment system network, combining liquidity risk and interconnections in one approach, and applying this to the TARGET2 payment system. Findings suggest that the most critical participants in TARGET2 are other payment systems, because of the size of underlying payment flows. Some banks may be critical, but this is mainly due to their interconnectedness with other TARGET2 participants. Central counterparties and central securities depositories are less critical. These findings can be used in financial stability analysis, and feed into central bank policies on payment system access, oversight, and crisis management.

Author : Tom Kokkola
Publisher : Unknown
Page : 369 pages
File Size : 44,9 Mb
Release : 2010
Category : Banks and banking, Central
ISBN : 9289906332

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The Payment System by Tom Kokkola Pdf

"This book is designed to provide the reader with an insight into the main concepts involved in the handling of payments, securities and derivatives and the organisation and functioning of the market infrastructure concerned. Emphasis is placed on the general principles governing the functioning of the relevant systems and processes and the presentation of the underlying economic, business, legal, institutional, organisational and policy issues. The book is aimed at decision-makers, practitioners, lawyers and academics wishing to acquire a deeper understanding of market infrastructure issues. It should also prove useful for students with an interest in monetary and financial issues."--Introduction (Pg. 20, para 8).

Author : Anonim
Publisher : Unknown
Page : 108 pages
File Size : 50,7 Mb
Release : 2003
Category : Banks and banking, Central
ISBN : 9291316547

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The Role of Central Bank Money in Payment Systems by Anonim Pdf

Author : David B. Humphrey
Publisher : Springer
Page : 301 pages
File Size : 46,5 Mb
Release : 2011-10-17
Category : Business & Economics
ISBN : 9400925115

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The U.S. Payment System: Efficiency, Risk and the Role of the Federal Reserve by David B. Humphrey Pdf

The U.S. payment system is in the midst of a significant transition. Some of the changes to our payment system, involving its efficiency, the risks inherent in the payment process, and the role of the private and public sectors in the payment mechanism, are the subject of considerable debate and controversy. In recent years, the Federal Reserve Bank of Richmond has played an active part in the development and implementation of policies to improve the payment process. The Bank's operations staff has represented the Federal Reserve System in work with the banking industry to help shape and implement programs to increase efficiency and reduce payment risk. Further, our Research Department has made payment system research an important part of its agenda. The mix of practical experience and research has resulted in a unique perspective on payment system issues that led us to organize a symposium on the U.S. payment system, held on May 25-26, 1988, in Williamsburg, Virginia. Reflecting our belief in the importance of combining both practical experience and theory in addressing payment issues, we invited practi tioners, scholars, and policymakers to share their ideas. The symposium provided an opportunity for those researchers who are studying p- xi PREFACE xii ment issues to present their ideas and to have these ideas evaluated by experienced practitioners.

Author : Mario I. Blejer,Marko Skreb
Publisher : Springer Science & Business Media
Page : 458 pages
File Size : 45,9 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461551935

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Central Banking, Monetary Policies, and the Implications for Transition Economies by Mario I. Blejer,Marko Skreb Pdf

the adaptation of the institutional settings of monetary policy to deal with an emerging market economy had to be carried out in the midst of an unprecedented stabilization effort and, therefore, was particularly urgent and complicated. In many of the transition countries, the transformation effort implied not just changes in procedures but the establishment of a central bank from scratch, a process that involved an important effort, precisely at a time when the whole system was in serious turmoil. While the process of reforms is not yet completed in all the transition countries, an immense amount of progress has been achieved, and many of the transition countries face today monetary and central banking conditions that are close to those of Western economies. In this volume, we collect a number of important contributions that discuss the most burning aspects of the current debates on central banking and monetary policy and draw implications for the postsocialist transition economies. The various papers included in the volume deal with a broad set of related issues, which are highly relevant not just for transition economies but for other emerging markets and for advanced economies as well. The subjects covered in the book are divided into seven major categories (Sections II to VIII), some of which overlap.