Bill Of Exchange - A Modern And Efficient Instrument Of Payment Within The Commercial Relations

Gabriel Mihai

MPRA Paper from University Library of Munich, Germany

Abstract: The mechanism of payment and compensation is an important component of the monetary system and financial infrastructure of the economy, ensuring the cash flow and the transfer of monetary assets. Due to the development of the trade and the economic modernization the payment in scriptural money (currency account) was imposed in the internal and international transactions, the circuit of payment instruments and credit (bills of exchange, checks, promissory notes) amplified and, recently, the electronic payment became functional by using bank cards and computerization of settlement systems, which have contributed to ensuring payment in real time, reducing the risks and costs of funds transfer.

Keywords: instruments of payment; monetary assets; bill of exchange; international commerce; fiduciary currency; transaction settlement (search for similar items in EconPapers)
JEL-codes: F33 G23 K22 (search for similar items in EconPapers)
Date: 2016-05-15
New Economics Papers: this item is included in nep-mon and nep-pay
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Published in Journal of euro and competitiveness 7.3(2016): pp. 15-21

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