CCBS
Publications
Payment Systems in Global Perspective
By Maxwell J. Fry, Isaack Kilato, Sandra Roger, Krzysztof Senderowicz,
David Sheppard, Francisco Solis and John Trundle
Using information collected from central banks in 70 countries, this book, published in association with the Bank of England's Centre for Central Banking Studies, examines the development of payment instruments and payment systems in industrial, transitional and developing economies.
The book starts by examining the availability and use of alternative payment instruments before analysing the development of payment systems and comparing relevant features of alternative systems; the recent adoption of real-time gross settlement systems in industrial, transitional and developing countries raises many interesting questions of design
The book then considers the relative importance of different types of payment risks during this development process and how payment system design affects these risks. Because failure in the payment system can produce a domino effect, these and other externalities provide the main justification for central ban intervention. Payment systems are also important from the central bank's perspective in that they impinge in various ways on monetary policy and financial stability. So the book then analyses the linkages between payment system policies, on the one hand, and monetary policy and financial stability, on the other.
