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 been little 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....