دانلود کتاب The Economics of Large-value Payments and Settlement: Theory and Policy Issues for Central Banks

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Contents......Page 10
List of Figures......Page 13
List of Tables......Page 15
List of Boxes......Page 16
List of Contributors......Page 18
Introduction......Page 22
1 Money, banking and payments: historical evolution and the role of the central bank......Page 23
2 Sources of systemic risk in payments and settlement......Page 26
3 Governance and regulation of payment and settlement systems......Page 30
4 Future policy challenges for central banks......Page 32
Part I: Money, banking and payments: historical evolution and the role of the central bank......Page 36
1.1 The origins of money and payments......Page 38
1.2 The emergence of banks, including the early central banks......Page 43
2 Payments and monetary and financial stability......Page 51
2.1 Central-bank money as the ultimate settlement asset......Page 52
2.2 Payments and monetary stability......Page 53
2.3 Payments and financial stability......Page 55
2.4 The value of payment systems to the real economy......Page 57
2.5 The broadening and deepening of financial market infrastructure and implications for central banks’ financial stability objectives......Page 62
Part II: Sources of systemic risk in payment and settlement systems......Page 68
3.1 Deferred net settlement in large-value payment systems......Page 72
3.2 Managing credit risk in DNS systems......Page 79
3.3 Real-time gross settlement in large-value payment systems......Page 83
3.4 The choice of settlement model: drivers of the widespread adoption of RTGS in large-value payment systems......Page 85
4 Liquidity risk in large-value payment systems......Page 89
4.1 Liquidity and the incentive to delay payments......Page 90
4.2 Central banks’ provision of liquidity in payment systems: the theory......Page 100
4.3 Central banks’ intraday credit policies in practice......Page 105
4.4 Reducing the opportunity cost of collateralized intraday credit......Page 109
4.5 Mechanisms to promote efficient recycling of liquidity......Page 111
4.6 Hybrid payment-system design......Page 112
4.7 Optimal channelling of payments......Page 119
5 Managing systemic risk in the clearance and settlement of foreign-exchange, securities and derivatives transactions......Page 123
5.1 Foreign-exchange settlement risk......Page 124
5.2 Settlement risk in securities settlement systems......Page 129
5.3 Management of replacement risk in clearinghouses......Page 134
6.1 Operational risk......Page 143
6.2 Business risk......Page 155
Part III: Public-policy intervention in payment and settlement systems......Page 158
7.1 Market failures: implications for systemic risk......Page 160
7.2 Market failures: implications for efficiency......Page 162
8 Ownership, governance and regulation of payment systems......Page 164
8.1 Public ownership and subsidization of payment systems......Page 165
8.2 Targeted intervention (‘oversight’)......Page 168
8.3 Mutual ownership and integration of external stakeholders......Page 170
8.4 Which authority should intervene?......Page 176
9.1 Oversight objectives......Page 179
9.2 Implementation of oversight......Page 182
Part IV: Future policy challenges for central banks......Page 188
10 Banks providing infrastructure services......Page 190
10.1 The provision of wholesale payments services......Page 191
10.2 Risks in tiered structures......Page 199
10.3 Other firms providing payment and settlement infrastructure......Page 205
11.1 Forces for change in the infrastructure landscape......Page 208
11.2 Implications for financial stability and central bank oversight......Page 217
11.3 Implications for the implementation of monetary policy......Page 220
11.4 Directions for future research in large-value payment systems......Page 222
Glossary......Page 225
References......Page 226
C......Page 240
I......Page 241
R......Page 242
W......Page 243