Payments Settlement under Limited Enforcement: Private versus Public Systems

William Roberds and Charles Kahn

No 13, Econometric Society 2004 North American Winter Meetings from Econometric Society

Abstract: What are the benefits provided by a payment system? What are the tradeoffs in public versus private payment systems and in restricted versus open payments arrangements? Modern payment systems encompass a variety of institutional designs with varying degrees of counterparty protection. We develop a framework which allows for an examination and comparison of payment systems, and specification of conditions leading to their adoption. We relate these conditions to the design of present large-value payment systems (Fedwire, CHIPS, Target, etc.)

Keywords: Payment systems; limited enforcement; settlement risk (search for similar items in EconPapers)
JEL-codes: E40 G21 (search for similar items in EconPapers)
Date: 2004-08-11
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Citations: View citations in EconPapers (2)

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Working Paper: Payments settlement under limited enforcement: Private versus public systems (2002)
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