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

By Stefan W. Schmitz, Geoffrey Wood

"Central bankers world wide welcome the new bring up of study on cost structures. This quantity, delivering a professional evaluation in this well timed topic, might be required interpreting for us all". - Erkki Liikanen, Governor of the financial institution of Finland

Monetary coverage has been on the centre of monetary learn from the early levels of monetary notion, yet check approach learn has attracted elevated educational recognition in basic terms long ago decade. This book’s succeeds in merging those to this point principally separated fields.

Innovative and groundbreaking, Schmitz and Woods begin examine at the interdependence of institutional switch within the funds process and financial coverage, studying different channels through which money structures have an effect on financial coverage. It explores very important topics such as:

  • conceptualization and techniques of research of institutional switch within the funds system
  • determinants of institutional swap within the funds method – political-economy as opposed to technology
  • empirics of institutional switch within the retail and within the wholesale funds structures – coverage tasks and new applied sciences within the funds system
  • implications of institutional switch within the funds method for financial coverage and the tools on hand to critical banks to deal with it.

The result's an available evaluation of conceptual and methodological techniques to institutional swap in check platforms, and a accomplished and but thorough evaluate of its implications for financial coverage. The insights this well timed e-book presents can be important for researchers and practitioners within the box of economic economics.

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Extra resources for Institutional Change in the Payments System and Monetary Policy (Routledge International Studies in Money and Banking)

Example text

The institutional and organisational structures of the economy-wide payments system differ across time and across economies. But they all have in common that CB money serves as the generally accepted medium of exchange and the unit of account and all economically relevant payment systems are eventually linked to CB money via the banking system. However spectacular recent innovations in payment systems are depicted, a world without CB money is not in sight. Nevertheless, it is important for policy makers as well as for researchers to investigate the implications of such an evolution, even though it is deemed unlikely at the moment.

Wood 37 Fry et al. 1999. 38 Arguments for the public interest motive go beyond the role of payment systems for monetary policy implementation. An efficient and stable payment system is a necessary part of the infrastructure for both an efficient economy of intra-temporal production and exchange as well as for a stable financial system of inter-temporal allocation. However, seigniorage provides a private interest motive for central banks’ involvement in large value payment systems. 39 See Goodhart and Schoenmaker (1995) and Wood (2000) for a discussion.

2001). 12 For a discussion, see Schmitz (2002b). 13 The Reserve Bank of Australia introduced exchange settlement accounts, which provide access to CB settlement services for non-banks. Payment service providers, which are in a position to maintain liquid even during seasonal peaks as well as during periods of stress, are eligible. The only service the accounts permit are settlement services related to a clearing process that the account holder participates in. 14 See inter alia Selgin and White 1994, Holthausen and Monnet 2003.

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