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Technological Investments in Payment Systems: Key Lessons for Project Management


  • Bambang S. Wahyudi


As many developing countries in the world are moving towards a free market economy, the attainment of an efficient banking system becomes a top priority. A good working banking system allows private sector savings to be retained in the country, which further promotes investments needed for growth. In addition, an effective banking system helps price stabilisation and positive real interest rates make bank deposits more attractive than cash. One of the key factors in attaining an efficient banking system is to develop an efficient national payment and settlement systems - be it to establish a completely new payment system or to enhance the existing systems - that transfer money to meet the needs of economic agents. These needs include cost efficiency, timeliness and profitability, security and transparency. Another factor of the shift to these systems also reflects the concerns of central banks to reduce systemic and other risks involved in the payment systems, and thus to enhance financial stability. A good project management to develop the best national payment and settlement systems is therefore necessary.

Suggested Citation

  • Bambang S. Wahyudi, 2004. "Technological Investments in Payment Systems: Key Lessons for Project Management," Occasional Papers, South East Asian Central Banks (SEACEN) Research and Training Centre, number occ41.
  • Handle: RePEc:sea:opaper:occ41

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    References listed on IDEAS

    1. Cukierman, Alex & Webb, Steven B, 1995. "Political Influence on the Central Bank: International Evidence," World Bank Economic Review, World Bank Group, vol. 9(3), pages 397-423, September.
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    3. Aaron Drew & L Christopher Plantier, 2000. "Interest rate smoothing in New Zealand and other dollar bloc countries," Reserve Bank of New Zealand Discussion Paper Series DP2000/10, Reserve Bank of New Zealand.
    4. Robert McCauley, 1999. "The Euro and the Dollar, 1998," Open Economies Review, Springer, vol. 10(1), pages 91-133, February.
    5. Cukierman Alex, 1992. "Central Bank Strategy, Credibility, And Independance: Theory And Evidence," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 3(4), pages 1-10, December.
    6. Gerlach, Stefan, 1999. "Who targets inflation explicitly?," European Economic Review, Elsevier, vol. 43(7), pages 1257-1277, June.
    7. Stanley Fischer, 2001. "Exchange Rate Regimes: Is the Bipolar View Correct?," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 3-24, Spring.
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