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The Reform of Wholesale Payment Systems and its Impacton Financial Markets

Author

Listed:
  • Dirk Schoenmaker
  • Mr. Peter M. Garber
  • Mr. D. F. I. Folkerts-Landau

Abstract

This paper reviews the ongoing efforts to reduce the risks inherent in the world’s principal wholesale payment systems. The paper assesses the major policy proposals to contain the growth in intraday credit exposures that arises in net settlement wholesale payment systems and in the real-time gross systems in which the central bank provides daylight overdrafts. It also discusses the benefits of these risk-management policies, and we assess the adverse impact of applying interest charges for intraday central-bank credit or of collateralizing such credit on liquidity in financial markets.

Suggested Citation

  • Dirk Schoenmaker & Mr. Peter M. Garber & Mr. D. F. I. Folkerts-Landau, 1996. "The Reform of Wholesale Payment Systems and its Impacton Financial Markets," IMF Working Papers 1996/037, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1996/037
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    Citations

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    Cited by:

    1. De Bandt, Olivier & Hartmann, Philipp, 2000. "Systemic risk: A survey," Working Paper Series 35, European Central Bank.
    2. Sujit Chakravorti, 1997. "Payments-related intraday credit differentials and the emergence of a vehicle currency," Financial Industry Studies Working Paper 97-3, Federal Reserve Bank of Dallas.
    3. Pu Shen, 1997. "Settlement risk in large-value payments systems," Economic Review, Federal Reserve Bank of Kansas City, vol. 82(Q II), pages 45-62.
    4. Kahn, Charles M. & Roberds, William, 2001. "Real-time gross settlement and the costs of immediacy," Journal of Monetary Economics, Elsevier, vol. 47(2), pages 299-319, April.
    5. Curzio Giannini & Carlo Monticelli, 1997. "Which TARGET for monetary policy in stage three? Issues in the shaping of the European payment system," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 133(4), pages 657-682, December.
    6. Kahn, Charles M & McAndrews, James & Roberds, William, 2003. "Settlement Risk under Gross and Net Settlement," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 35(4), pages 591-608, August.
    7. Gros, Daniel, 1998. "EMU and capital markets: The institutional framework," CFS Working Paper Series 1998/04, Center for Financial Studies (CFS).
    8. Lacker, Jeffrey M., 1997. "Clearing, settlement and monetary policy," Journal of Monetary Economics, Elsevier, vol. 40(2), pages 347-381, October.
    9. Chakravorti, Sujit, 2000. "Analysis of systemic risk in multilateral net settlement systems," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 10(1), pages 9-30, January.
    10. Francisco J. Callado†Muñoz & Fernando Restoy, 2011. "Collateral in Monetary Policy Operations," European Financial Management, European Financial Management Association, vol. 17(2), pages 286-304, March.
    11. Ball, Alan & Denbee, Edward & Manning, Mark & Wetherilt, Anne, 2011. "Financial Stability Paper No 11: Intraday Liquidity - Risk and Regulation," Bank of England Financial Stability Papers 11, Bank of England.
    12. 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.

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