Ebook: The U.S. Payment System: Efficiency, Risk and the Role of the Federal Reserve: Proceedings of a Symposium on the U.S. Payment System sponsored by the Federal Reserve Bank of Richmond
- Tags: Finance/Investment/Banking, Macroeconomics/Monetary Economics, Industrial Organization, Economic Policy
- Year: 1989
- Publisher: Springer Netherlands
- Edition: 1
- Language: English
- pdf
The U.S. payment system is in the midst of a significant transition. Some of the changes to our payment system, involving its efficiency, the risks inherent in the payment process, and the role of the private and public sectors in the payment mechanism, are the subject of considerable debate and controversy. In recent years, the Federal Reserve Bank of Richmond has played an active part in the development and implementation of policies to improve the payment process. The Bank's operations staff has represented the Federal Reserve System in work with the banking industry to help shape and implement programs to increase efficiency and reduce payment risk. Further, our Research Department has made payment system research an important part of its agenda. The mix of practical experience and research has resulted in a unique perspective on payment system issues that led us to organize a symposium on the U.S. payment system, held on May 25-26, 1988, in Williamsburg, Virginia. Reflecting our belief in the importance of combining both practical experience and theory in addressing payment issues, we invited practi tioners, scholars, and policymakers to share their ideas. The symposium provided an opportunity for those researchers who are studying p- xi PREFACE xii ment issues to present their ideas and to have these ideas evaluated by experienced practitioners.
Content:
Front Matter....Pages i-xiii
Conference Overview: Progress in Bringing about a More Efficient and Safer Payment System....Pages 1-7
Front Matter....Pages 9-12
The Electronic Payment Industry: Change Barriers and Success Requirements from a Market Segments Perspective....Pages 13-40
Commentary....Pages 41-44
Market Failure and Resource Use: Economic Incentives to Use Different Payment Instruments....Pages 45-86
Commentary....Pages 87-92
The Canadian Payment System: An Evolving Structure....Pages 93-121
Commentary....Pages 122-127
Luncheon Address: Perspectives on Payment System Risk Reduction....Pages 129-139
Front Matter....Pages 141-144
Legal and Regulatory Reform in Electronic Payments: An Evaluation of Payment Finality Rules....Pages 145-180
Commentary....Pages 181-195
Payment Risk, Network Risk, and the Role of the Fed....Pages 197-213
Commentary....Pages 214-218
Front Matter....Pages 219-221
The Conflicting Roles of the Federal Reserve as Regulator and Services Provider in the U.S. Payment System....Pages 223-231
Commentary....Pages 232-243
Commentary....Pages 244-246
Money, Credit, Banking, and Payment System Policy....Pages 247-277
Commentary....Pages 278-284
Conference Summary: An Overview of Payment System Issues: Where do We Go from Here?....Pages 285-291
Back Matter....Pages 293-301
Content:
Front Matter....Pages i-xiii
Conference Overview: Progress in Bringing about a More Efficient and Safer Payment System....Pages 1-7
Front Matter....Pages 9-12
The Electronic Payment Industry: Change Barriers and Success Requirements from a Market Segments Perspective....Pages 13-40
Commentary....Pages 41-44
Market Failure and Resource Use: Economic Incentives to Use Different Payment Instruments....Pages 45-86
Commentary....Pages 87-92
The Canadian Payment System: An Evolving Structure....Pages 93-121
Commentary....Pages 122-127
Luncheon Address: Perspectives on Payment System Risk Reduction....Pages 129-139
Front Matter....Pages 141-144
Legal and Regulatory Reform in Electronic Payments: An Evaluation of Payment Finality Rules....Pages 145-180
Commentary....Pages 181-195
Payment Risk, Network Risk, and the Role of the Fed....Pages 197-213
Commentary....Pages 214-218
Front Matter....Pages 219-221
The Conflicting Roles of the Federal Reserve as Regulator and Services Provider in the U.S. Payment System....Pages 223-231
Commentary....Pages 232-243
Commentary....Pages 244-246
Money, Credit, Banking, and Payment System Policy....Pages 247-277
Commentary....Pages 278-284
Conference Summary: An Overview of Payment System Issues: Where do We Go from Here?....Pages 285-291
Back Matter....Pages 293-301
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