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Conference Paper
Remarks on evolving payment system issues
Greenspan, Alan (1996)
Proceedings

Working Paper
Public benefits and public concerns: an economic analysis of regulatory standards for clearing facilities
McCann, Karen; Hanley, William J.; Moser, James T. (1995)
Working Paper Series, Issues in Financial Regulation , Paper 95-12

Report
The welfare effects of a liquidity-saving mechanism
McAndrews, James J.; Martin, Antoine; Atalay, Enghin (2008)
This paper considers the welfare effect of introducing a liquidity-saving mechanism (LSM) in a real-time gross settlement (RTGS) payment system. We study the planner's problem to get a better understanding of the economic role of an LSM and find that an LSM can achieve the planner's allocation for some parameter values. The planner's allocation cannot happen without an LSM, as long as some payments can be delayed without cost. We show that, in equilibrium with an LSM, there can be either too few or too many payments settled early compared with the planner's allocation, depending on the ...
Staff Reports , Paper 331

Journal Article
Recent evolution of large-value payment systems : balancing liquidity and risk
Martin, Antoine (2005-01)
Large-value payment systems have evolved rapidly in the last 20 years, continually striking a balance between providing liquidity and keeping settlement risk under control. Changes to the design or to the risk management policies of such systems were needed, in part, due to the growth in the value of transactions on these systems. For example, in the United States the value of transactions on Fedwire, the Federal Reserve?s large-value payment system, increased from about 50 times GDP in 1989 to over 62 times GDP in 2003. This value exceeded $704 trillion in 2003. This growth raised concerns ...
Economic Review , Volume 90 , Issue Q I , Pages 33-57

Journal Article
Central banking and the economics of information
Green, Edward J. (2001-04)
This article concerns the potential relevance of information technology to three aspects of central banking: setting the objectives of monetary policy, ensuring the integrity and security of financial system infrastructure, and maintaining the transparency of decision-making. Regarding integrity and security of infrastructure, a revised role for central banks may be appropriate. However, recent innovations in technology and advances in learning confirm the wisdom of central banks' efforts to control inflation and maintain their own transparency.
Economic Perspectives , Volume 25 , Issue Q II , Pages 28-37

Working Paper
Pricing and welfare implications of payment card network competition
Hayashi, Fumiko (2006)
This paper examines how competition among payment card networks three-party scheme networks and four-party scheme networks affects pricing as well as the welfare of various parties. A competing network has an incentive to provide rewards to its card users. By providing more generous rewards than its rival networks, the network can increase its own card transactions because multihoming cardholders who hold multiple networks cards choose to use its card instead of using its rivals. Although a monopoly network does not have such an incentive, in a monopoly four-party scheme network, competition ...
Payments System Research Working Paper , Paper PSR WP 06-03

Newsletter
How can payment reform improve the health care value chain?
Lavelle, Martin (2010-08)
On April 26?27, 2010, the Federal Reserve Bank of Chicago and the Detroit Regional Chamber co-sponsored their fourth annual forum on health care. This year?s program focused on how payment reform within the health care value chain can improve health care delivery. It also explored the role of employers in promoting better health among their employees.
Chicago Fed Letter , Issue Aug

Journal Article
Recent developments in consumer credit and payments
anonymous (2006-01)
The Federal Reserve Bank of Philadelphia?s Research Department and Payment Cards Center held a conference September 29-30, 2005 - the fourth in a series of conferences exploring new academic research on the topic of consumer credit and payments. Seven research papers covered topics such as the design of consumer bankruptcy law, predatory lending, consumers? choice of borrowing terms and indebtedness, the function of credit reporting agencies, and pricing in credit card and ATM networks. ; Also issued as Payment Cards Center Discussion Paper No. 06-02
Business Review , Issue Q1 , Pages 35-43

Briefing
The Puzzle of Payments Security: Fitting the Pieces Together to Protect the Retail Payments System
Bradford, Terri (2015-10)
This article offers highlights from the Federal Reserve Bank of Kansas City's fifth international payments conference, "The Puzzle of Retail Payments Security: Fitting the Pieces Together to Protect the Retail Payments System," hosted June 25-26, 2015.
Payments System Research Briefing , Issue Oct. , Pages 1-5

Working Paper
Will electronic money be adopted in the United States?
Good, Barbara A. (1998)
Although the cashless society that has been predicted for at least 20 years has not yet materialized, the new forms of card- and software-based electronic money may be a partial alternative to current forms of payments. This paper examines some of the factors that will influence the adoption of electronic money, primarily in the United States.
Working Papers (Old Series) , Paper 9822

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