Collateral Policy in a World of Round-the-Clock Payment
AbstractThis paper examines competition between private and public payments settlement systems, and examines the consequences of round-the-clock private payments arrangements on the competitiveness of public systems. Central to the issue is the role of collateral both as a requirement for participation in central bank sponsored payments arrangements and as the backing for private intermediary arrangements. The presence of private systems serves as a check on the ability of a monetary authority to tighten monetary policy. Round-the-clock systems are an example of a collateral saving innovation that further pressures central bank pre-eminence in payments settlement.
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Bibliographic InfoPaper provided by University of Illinois at Urbana-Champaign, College of Business in its series Working Papers with number 10-0100.
Date of creation: Oct 2009
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-06-04 (All new papers)
- NEP-CBA-2010-06-04 (Central Banking)
- NEP-MON-2010-06-04 (Monetary Economics)
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