The Economics of Large-value Payment and Settlement: Theory and Policy Issues for Central Banks by Mark Manning

The Economics of Large-value Payment and Settlement: Theory and Policy Issues for Central Banks

EditorMark Manning, Erlend Nier, Jochen Schanz

Hardcover | October 10, 2009

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Central banks have over the past few years devoted considerable resource to the study of the economics of payments. In parallel, this field has begun to establish itself as a new subject for scholarly research, drawing in academic students and researchers. To date, however, there has beenlittle attempt to draw together the key insights gained from this growing body of research. This volume seeks to offer just such a synthesis. It charts the frontier of our knowledge to date and puts it in the context of a comprehensive overview of the policy issues faced by central banks in this sphere. In particular, it explores central banks' roles in payment systems; the risks on whichcentral banks focus in their oversight activities; and the challenges central banks face as the payments and settlement landscape evolves. The economics of payments is a multi-disciplinary field, taking in branches of economics such as monetary theory, search theory, game theory and industrial organisation. It also draws on techniques from network theory and makes extensive use of simulation studies to model complex interactionsbetween payment system members. For each of the topics covered, this volume highlights some of the most influential works in the literature. The volume also draws heavily on empirical insights, in particular offering an historical context to central banks' involvement in payment systems.

About The Author

Mark Manning joined the Financial Stability Directorate of the Bank of England in 2002, after several years working as a fund manager in the City of London. Since joining the Bank, Mark has specialised in policy and research in payments, clearing and settlement, co-authoring several research papers and articles in this area and partic...
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Title:The Economics of Large-value Payment and Settlement: Theory and Policy Issues for Central BanksFormat:HardcoverDimensions:216 pagesPublished:October 10, 2009Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199571112

ISBN - 13:9780199571116

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Table of Contents

Part I: Money, banking and payments: historical evolution and the role of the central bank1. The Foundations of Money and Payments2. Payments and monetary and financial stabilityPart II: Sources of systemic risk in payment and settlement systems3. System design and sources of credit risk in large-value payment and settlement systems4. Liquidity risk in large value payment systems5. Managing systemic risk in the clearance and settlement of foreign exchange, securities and derivatives transactions6. Other sources of systemic risk: operational and business riskPart III: Public policy intervention in payment and settlement systems7. Market failures in payment and settlement systems8. Ownership, governance and regulation of payment systems9. Central bank oversight of payment and settlement systems in practicePart IV: Future policy challenges for central banks10. Banks providing infrastructure services11. The evolving infrastructure landscape and challenges for central banks