CONTENTS
Foreword = ⅴ
Preface = ⅶ
Acknowledgments = ⅸ
List of Abbreviations = xvii
Part Ⅰ Overview
1 Recent Initiatives in Payment System Policy = 3
Industrial Countries = 3
Middle-and Low-Income Countries = 7
Economies in Transition = 8
2 International Aspects of Reform = 11
Characteristics of Cross-Border Arrangements = 12
Risks, Risk Control, and Reducing Settlement Risk in Foreign Exchange Transactions = 14
Cooperative Approach in Cross-Border Payments: Industrial Countries = 16
Other Cooperative Structures = 20
Role of the IMF = 30
Part Ⅱ Major Policy Issues
3 Payment Systems and Monetary Policy = 35
Central Banking and the Payment System = 35
Monetary Policy, Liquidity Management, and the Payment System = 38
Monetary Management and the Problem of Float = 39
4 Large-Value Transfer Systems: Risk and Credit = 41
Systemic Risks, Settlement Finality, and the Central Bank = 41
Risk Management in Funds Transfer Clearing and Settlement = 43
LVTSs: Net Versus Gross = 45
Central Bank Credit Policy for RTGS Systems = 47
Interday and Intraday Liquidity = 50
Potential Effect of Intraday Credit on Financial Markets = 51
Regulation of Private LVTSs = 51
Varieties of LVTSs = 52
5 Critical Issues in the Design and Management of Payment Systems = 60
Payment System and Social Efficiency = 60
Cost-Benefit Analysis and Rational Choice = 61
Path Dependence = 62
Domestic Organizational Aspects of Reform = 63
Other Public Policy Issues = 65
6 Some Aspects of Debit and Credit Transfers = 69
Credit and Debit Transfer Systems Contrasted = 69
Debit Transfers = 70
Credit Transfers = 74
Part Ⅲ Selected Countries
7 Australia = 81
Overview of the Economic and Financial System = 82
Institutional and Organizational Framework = 83
Payment Instruments = 86
Clearing and Settlement Systems = 88
Role of the Central Bank = 92
Major Ongoing and Planned Payment System Projects = 94
8 France = 96
Overview of the Econon-iic and Financial System = 96
Institutional and Organizational Framework = 97
Payment Instruments = 99
Clearing and Settlement Systems = 101
Role of the Central Bank = 101
Major Ongoing and Planned Payment System Projects = 107
9 Poland = 110
Overview of the Economic and Financial System = 110
Institutional and Organizational Framework = 111
Payment Instruments = 112
Clearing and Settlement Systems = 113
Role of the Central Bank = 116
Major Ongoing and Planned Payment System Projects = 117
10 Russia = 119
Overview of the Economic -and Financial System = 119
Institutional and Organizational Framework = 122
Payment Instruments = 124
Clearing and Settlement Systems = 126
Role of the Central Bank = 128
Major Ongoing ind Planned Payment System Projects = 130
11 Thailand = 131
Overview of the Economic and Financial System = 131
Institutional and Organizational Framework = 134
Payment Instruments = 135
Clearing and Settlement Systems = 135
Role of the Central Bank = 138
Major Ongoing and Planned Payment System Projects = 139
12 United States = 141
Overview of the Economic and Financial System = 141
Institutional and Organizational Framework = 143
Payment Instruments = 145
Clearing and Settlement Systems = 147
Role of the Central Bank = 150
Major Ongoing and Planned Payment System Projects = 153
13 Zambia = 155
Overview of the Economic and Financial System = 155
Institutional and Organizational Framework = 156
Payment Instruments = 157
Clearing and Settlement Systems = 158
Role of the Central Bank = 159
Major Ongoing and Planned Payment System Projects = 160
Part Ⅳ Conclusions
14 Consensus and Direction for Future Policy Analysis = 163
Appendix Varieties of Large-Value Transfer Systems = 169
Glossary = 235
References = 249
