Institutional Change in the Payments System and Monetary Policy

ISBN-13: 9780415384025 / Angielski / Twarda / 2006 / 208 str.

Stefan W. Schmitz; Geoffrey Wood

Opis

Monetary policy has been at the center of economic research from the early stages of economic thought, but payment system research has attracted increased academic attention only in the past decade.

Institutional Change in the Payments System and Monetary Policy initiates research on the interdependence of institutional change in the payments system and monetary policy, examining the different channels via which payment systems affect monetary policy. This volume explores important themes such as:

· conceptualization and methods of analysis of institutional change in the payments system,

· determinants of institutional change in the payments system - political-economy versus technology

· empirics of institutional change in the retail and in the wholesale payments systems - policy initiatives and new technologies in the payments system

· implications of institutional change in the payments system for monetary policy and the instruments available to central banks to cope with it

The result is an accessible overview of conceptual and methodological approaches to institutional change in payment systems and a comprehensive and yet thorough assessment of its implications for monetary policy.

Spis treści

1. Introduction and Overview 2. The Organization of Interbank Settlement Systems 3. Institutional Change in the US Payments System 4. Main Influences on Monetary Policy Implementation Over Time 5. eMoney and Monetary Policy 6. Money and Payments: A Modern Perspective 7. Modelling Institutional Change in the Payments System 8. Modelling Payments Systems 9. Monetary Policy in a World without Central Bank Money

O autorze

Stefan W. Schmitz is an Economist with the Austrian National Bank. Geoffrey Wood is Professor of Economics at London's City University.