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Briefing
TARGET2: symptom, not cause, of eurozone woes
Rhodes, Karl; Lubik, Thomas A. (2012-08)
In recent years, large positive and negative balances have arisen in TARGET2, the interbank settlement and payments system of the Eurozone. These balances show that the Deutsche Bundesbank, the central bank of Germany, has become a large net creditor to the European Central Bank (ECB). Conversely, they show that central banks in the periphery nations of Portugal, Ireland, Italy, Greece, and Spain have become significant net debtors to the ECB. Critics of the Eurosystem have portrayed these balances as a "stealth bailout" of the periphery nations, but TARGET2 merely reflects persistent ...
Richmond Fed Economic Brief , Issue Aug

Journal Article
Central bank perspective on nonbanks in the payments system
Hoenig, Thomas M. (2007-07)
This is a transcript of a speech delivered May 4 in Santa Fe, N.M., at the Bank's conference "Nonbanks in the Payments System: Innovation, Competition and Risk"
TEN , Issue Sum , Pages 1-5

Journal Article
Changes in the use of electronic means of payment: 1995-2010
Mester, Loretta J. (2012-07)
This article updates the information published in an article by Loretta Mester in the March/April 2000 Business Review and last updated in the Third Quarter 2009 issue.
Business Review , Issue Q3 , Pages 25-36

Briefing
The role of interchange fees on debit and credit card transactions in the payments system
Mead, Tim; Haltom, Renee Courtois; Blackwell, Margaretta (2011-05)
When consumers use debit or credit cards to make purchases, merchants are assessed fees for processing the transactions, the largest of which is called an "interchange" fee. Rising interchange fees, along with the growing dominance of card transactions in the payments system, have brought increasing scrutiny from regulators on the appropriate level of interchange fees and the competitive aspects of card networks. A look at the trends, mechanics, and economic role of interchange fees indicates that the issue is more complicated than it may initially appear.
Richmond Fed Economic Brief , Issue May

Journal Article
Federal Reserve Board proposes new daylight overdraft measurement procedures
anonymous (1991-01)
Financial Update , Issue Win , Pages 1, 4-6

Discussion Paper
Who pays for credit cards?
Emmons, William R.; Chakravorti, Sujit (2001)
We model side payments in a competitive credit-card market. If competitive retailers charge a single (higher) price to cover the cost of accepting cards, banks must subsidize convenience users to prevent them from defecting to merchants who do not accept cards. The side payments will be financed by card users who roll over balances at interest if their subjective discount rates are high enough. Despite the feasibility of cross subsidies among cardholders, price discrimination without side payments is Pareto preferred because of the costliness of the card network--unless banks have other ...
Occasional Paper; Emerging Payments , Paper EPS-2001-1

Journal Article
Price stability and the efficiency of the retail payments system
Emmons, William R. (1996-09)
Review , Issue Sep , Pages 49-61

Discussion Paper
Payment cards and the unbanked: prospects and challenges.
Cheney, Julia S. (2005)
On July 13-14, 2005, the Payment Cards Center of the Federal Reserve Bank of Philadelphia hosted a conference to better understand the ways in which electronic payment tools are being adapted to meet the financial needs of underserved consumers. This event, ?Payment Cards and the Unbanked: Prospects and Challenges,? brought together a range of perspectives from the banking industry, community development arena, academic community, and regulatory groups, as well as providers of new and emerging payment technologies. These participants examined the opportunities and challenges in providing ...
Consumer Finance Institute discussion papers , Paper 05-17

Journal Article
Where has all the paper gone? Book-entry delivery-against-payment systems
McAndrews, James J. (1992-11)
Business Review , Issue Nov , Pages 19-30

Discussion Paper
Alternative measures of the Federal Reserve banks' cost of equity capital
Barnes, Michelle L.; Lopez, Jose A. (2005)
The Monetary Control Act of 1980 requires the Federal Reserve System to provide payment services to depository institutions through the twelve Federal Reserve Banks at prices that fully reflect the costs a private-sector provider would incur, including a cost of equity capital (COE). Although Fama and French (1997) conclude that COE estimates are ?woefully? and ?unavoidably? imprecise, the Reserve Banks require such an estimate every year. We examine several COE estimates based on the Capital Asset Pricing Model (CAPM) and compare them using econometric and materiality criteria. Our results ...
Public Policy Discussion Paper , Paper 05-2

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