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Systemic Risks Control Aa a Determinant of Payment Systens Development in WB Countries

  • Aleksandra Bradic Martinovic

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    (Institute of Economic Sciences)

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    The payment systems have significant role in each economy. Large-value payment systems (LVPS) are essential part of financial market and represent its infrastructure. In this paper we tried to determine the impact of systemic risk in their functionality using the analysis of indicators for measuring the level of its development. As a basis for analysis we used methodology developed by Cirasino and Garcia (2008), representatives of Payment Systems Development Group (World Bank). In the first part each segment of LVPS indicator is analysed in order to establish connection between systemic risks and the level of LVPS development. The second part of paper contains empirical research for Serbia, Croatia, Bosnia and Herzegovina, Montenegro, Macedonia and Slovenia, because their payment systems share the same heritage. Cirasino and Garcia published their ranks, but we did detailed calculation within all criteria. This calculation provided deeper insight in the risk management of those countries. At the end of the paper the conclusion is given that there is a high dependence between LVPS development and systemic risk management. We also conclude that WB countries and Slovenia has solid systemic risk management in their LVPS.

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    This chapter was published in:
  • Stefan Bogdan Salej & Dejan Eric & Srdjan Redzepagic & Ivan Stosic (ed.), 2011. "Contemporary Issues in the Integration Processes of Western Balkan Countries in the European Union," Books, Institute of Economic Sciences, number conissue, Spring.
  • This item is provided by Institute of Economic Sciences in its series Book Chapters with number conissue-26.
    Handle: RePEc:ibg:chaptr:conissue-26
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    1. Rahul Dhumale, 1999. "Systemic Risk in International Settlements," ESRC Centre for Business Research - Working Papers wp152, ESRC Centre for Business Research.
    2. Galos, Peter & Soramäki, Kimmo, 2005. "Systemic risk in alternative payment system designs," Working Paper Series 0508, European Central Bank.
    3. Robert A. Eisenbeis, 1997. "International settlements: a new source of systemic risk?," Economic Review, Federal Reserve Bank of Atlanta, issue Q 2, pages 44-50.
    4. Morten L. Bech & Christine Preisig & Kimmo Soramäki, 2008. "Global trends in large-value payments," Economic Policy Review, Federal Reserve Bank of New York, issue Sep, pages 59-81.
    5. Dale, Richard, 1998. "Risk Management and Public Policy in Payment, Clearing and Settlement Systems," International Finance, Wiley Blackwell, vol. 1(2), pages 229-59, December.
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