LEADER 05231nam 2200673 a 450 001 9910817354203321 005 20230721023419.0 010 $a1-383-04657-3 010 $a0-19-161011-9 010 $a1-282-34933-3 010 $a9786612349331 010 $a0-19-157100-8 035 $a(CKB)2420000000000863 035 $a(EBL)737306 035 $a(OCoLC)503605607 035 $a(SSID)ssj0000294632 035 $a(PQKBManifestationID)12064935 035 $a(PQKBTitleCode)TC0000294632 035 $a(PQKBWorkID)10312300 035 $a(PQKB)11459293 035 $a(Au-PeEL)EBL737306 035 $a(CaPaEBR)ebr10351334 035 $a(CaONFJC)MIL234933 035 $a(MiAaPQ)EBC737306 035 $a(EXLCZ)992420000000000863 100 $a20091103d2009 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 04$aThe economics of large-value payments and settlement$b[electronic resource] $etheory and policy issues for central banks /$fedited by Mark Manning, Erlend Nier, and Jochen Schanz 210 $aOxford ;$aNew York $cOxford University Press$d2009 215 $a1 online resource (243 p.) 300 $aDescription based upon print version of record. 311 $a0-19-957111-2 320 $aIncludes bibliographical references (p. 205-217) and index. 327 $aContents; List of Figures; List of Tables; List of Boxes; List of Contributors; Introduction; 1 Money, banking and payments: historical evolution and the role of the central bank; 2 Sources of systemic risk in payments and settlement; 3 Governance and regulation of payment and settlement systems; 4 Future policy challenges for central banks; Part I: Money, banking and payments: historical evolution and the role of the central bank; 1 The foundations of money and payments; 1.1 The origins of money and payments; 1.2 The emergence of banks, including the early central banks 327 $a2 Payments and monetary and financial stability2.1 Central-bank money as the ultimate settlement asset; 2.2 Payments and monetary stability; 2.3 Payments and financial stability; 2.4 The value of payment systems to the real economy; 2.5 The broadening and deepening of financial market infrastructure and implications for central banks' financial stability objectives; Part II: Sources of systemic risk in payment and settlement systems; 3 System design and sources of credit risk in large-value payment and settlement systems; 3.1 Deferred net settlement in large-value payment systems 327 $a3.2 Managing credit risk in DNS systems3.3 Real-time gross settlement in large-value payment systems; 3.4 The choice of settlement model: drivers of the widespread adoption of RTGS in large-value payment systems; 4 Liquidity risk in large-value payment systems; 4.1 Liquidity and the incentive to delay payments; 4.2 Central banks' provision of liquidity in payment systems: the theory; 4.3 Central banks' intraday credit policies in practice; 4.4 Reducing the opportunity cost of collateralized intraday credit; 4.5 Mechanisms to promote efficient recycling of liquidity 327 $a4.6 Hybrid payment-system design4.7 Optimal channelling of payments; 5 Managing systemic risk in the clearance and settlement of foreign-exchange, securities and derivatives transactions; 5.1 Foreign-exchange settlement risk; 5.2 Settlement risk in securities settlement systems; 5.3 Management of replacement risk in clearinghouses; 6 Other sources of systemic risk: operational and business risk; 6.1 Operational risk; 6.2 Business risk; Part III: Public-policy intervention in payment and settlement systems; 7 Market failures in payment and settlement systems 327 $a7.1 Market failures: implications for systemic risk7.2 Market failures: implications for efficiency; 8 Ownership, governance and regulation of payment systems; 8.1 Public ownership and subsidization of payment systems; 8.2 Targeted intervention ('oversight'); 8.3 Mutual ownership and integration of external stakeholders; 8.4 Which authority should intervene?; 9 Central-bank oversight of payment and settlement systems in practice; 9.1 Oversight objectives; 9.2 Implementation of oversight; Part IV: Future policy challenges for central banks; 10 Banks providing infrastructure services 327 $a10.1 The provision of wholesale payments services 330 $aA comprehensive account of the theory and practice of large-value payment systems in the banking sector. In particular it explores central banks' roles in payment systems, the risks on which central banks focus in their oversight activities, and the challenges central banks face as the payments and settlement landscape evolves. 606 $aBanks and banking, Central 606 $aPayment 615 0$aBanks and banking, Central. 615 0$aPayment. 676 $a332.11 701 $aManning$b Mark J$01671442 701 $aNier$b Erlend$01610210 701 $aSchanz$b Jochen$01671443 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910817354203321 996 $aThe economics of large-value payments and settlement$94033996 997 $aUNINA