The Laws and Economics of Payment Systems

Hiromi Yamaoka, Akihiko Watanabe and Chiharu Takeuchi
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Hiromi Yamaoka: Bank of Japan
Akihiko Watanabe: Bank of Japan
Chiharu Takeuchi: Bank of Japan

No 16-E-4, Bank of Japan Review Series from Bank of Japan

Abstract: In designing payment systems, it is necessary to address how legal and institutional frameworks incentivize economic entities, and how their payment activities influence the safety and efficiency of overall systems as well as financial stability and market developments. Such studies and analyses are becoming all the more important in line with progress in information technology and payment innovation. In particular, we need to design a framework that continuously moves payments forward without causing gridlock or unwinding, since smooth payment flows are critical especially when highly-frequent transactions are processed back-to-back. We should also pay careful attention to network externalities and systemic risks. Information security is also a key issue, regardless of whether payments are processed in a centralized or decentralized manner.

Date: 2016-05-27
New Economics Papers: this item is included in nep-ino, nep-law, nep-net and nep-pay
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