Payments Settlement: Tiering in Private and Public Systems

Charles M. Kahn · William T. Roberds

28 citations0/0 files storedJournal of money credit and banking

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Banking stability, regulation, efficiency Global Financial Crisis and Policies Economic theories and models

Abstract

What are the benefits provided by a payment system? What are the trade‐offs 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 that 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.).

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1984Financial Intermediation and Delegated Monitoring 1998Private and Public Supply of Liquidity 2000Systemic Risk, Interbank Relations, and Liquidity Provision by the Central Bank 1996Interbank Lending and Systemic Risk 2014Interbank tiering and money center banks 1990Public Debt as Private Liquidity 2000Understanding Intraday Credit in Large-Value Payment Systems 1998Measurement biases in the Canadian CPI: An update

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