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The Payment System and Monetary Policy

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  • Mr. Omotunde E. G. Johnson

Abstract

Achieving the primary objective of price stability without unduly compromising the operational efficiency of the payment system constitutes a major problem for central banks. Routine monetary policy presumes a given institutional and technological framework, including aspects of the payment system. Such a monetary policy concerns itself with intraday and interday credit for payments settlements and with float. Liquidity shocks and panics sometimes pose an additional challenge. In recent years, major and rapid institutional and technological changes in the payment system (mainly to lower risks and augment operational efficiency) have affected the monetary policy decision-making process, particularly in the short run.

Suggested Citation

  • Mr. Omotunde E. G. Johnson, 1998. "The Payment System and Monetary Policy," IMF Policy Discussion Papers 1998/004, International Monetary Fund.
    • Handle: RePEc:imf:imfpdp:1998/004
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    Citations

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    Cited by:

    1. Walter Orellana Rocha & Gonzalo Forgues Puccio, 2001. "Algunas consideraciones sobre el Sistema de Pagos en Bolivia," Revista de Análisis del BCB, Banco Central de Bolivia, vol. 4(2), pages 57-98, December.
    2. Sonsoles Gallego & Alicia García Herrero & Jesús Saurina, 2002. "The Asian and European Banking Systems: The Case of Spain in the Quest for Develpoment and Stability," Working Papers 0217, Banco de España.
    3. Alexander Lubis & Constantinos Alexiou & Joseph G. Nellis, 2019. "Gauging the Impact of Payment System Innovations on Financial Intermediation: Novel Empirical Evidence from Indonesia," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 18(3), pages 290-338, December.
    4. Erik Devos & Thomas McInish & Michael McKenzie & James Upson, 2014. "Naked Short Selling and the Market Impact of Fails-to-Deliver: Evidence from the Trading of Real Estate Investment Trusts," The Journal of Real Estate Finance and Economics, Springer, vol. 49(4), pages 454-476, November.

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