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Kahn, Charles M.
Roberds, William
Year of Publication: 
Series/Report no.: 
Working Paper, Federal Reserve Bank of Atlanta 2002-33
What are the benefits provided by a payment system? What are the tradeoffs in public versus private payment systems and in restricted versus open payments arrangements? Modern payment systems encompass a variety of institutional designs with varying degrees of counterparty protection. We develop a framework which allows for an examination and comparison of payment systems and specification of conditions leading to their adoption. We relate these conditions to the design of present large-value payment systems (Fedwire, CHIPS, Target, etc.).
Payment systems
Document Type: 
Working Paper

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