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Removing the hazard of Fedwire daylight overdrafts

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  • Edward J. Stevens

Abstract

An analysis of the potential effects of three recent proposals for pricing Federal Reserve daylight overdrafts, demonstrating that reducing the attendant moral hazard in daylight overdraft credit depends on how, rather than on how much, pricing affects overdrafts, and that this should be a criterion for choosing among the pricing proposals.

Suggested Citation

  • Edward J. Stevens, 1989. "Removing the hazard of Fedwire daylight overdrafts," Economic Review, Federal Reserve Bank of Cleveland, vol. 25(Q II), pages 2-10.
    • Handle: RePEc:fip:fedcer:y:1989:i:qii:p:2-10:n:v.25no.2
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    File URL: http://www.clevelandfed.org/research/review/1989/89-q2-stevens.pdf
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    Cited by:

    1. Edward J. Stevens, 1992. "Comparing central banks' rulebooks," Economic Commentary, Federal Reserve Bank of Cleveland, vol. 28(Q), pages 2-15.
    2. David Vanhoose, 2000. "Central bank policy making in competing payment systems," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 28(2), pages 117-139, June.
    3. Edward J. Stevens, 1993. "Required clearing balances," Economic Review, Federal Reserve Bank of Cleveland, vol. 29(Q IV), pages 2-14.
    4. Angelini, Paolo, 1998. "An analysis of competitive externalities in gross settlement systems," Journal of Banking & Finance, Elsevier, vol. 22(1), pages 1-18, January.

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