Working Paper
Payments settlement under limited enforcement: Private versus public systems
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.).
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File(s): File format is application/pdf https://www.atlantafed.org/-/media/documents/research/publications/wp/2002/wp0233.pdf
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Bibliographic Information
Provider: Federal Reserve Bank of Atlanta
Part of Series: FRB Atlanta Working Paper
Publication Date: 2002
Number: 2002-33