O.shore Settlement, Collateral, and Interest Rates
Recent developments in private payments arrangements, particularly at the wholesale level, challenge central banks’ longstanding monopoly on the provision of the ultimate means of settlement for financial transactions. This paper examines competition between public payments arrangements and private intermediaries, and the effect on central banks’ role in monetary policy. Central to the issue is the role of collateral both as a requirement for participation in central bank sponsored payments arrangements and as the backing for private intermediary arrangements. The presence of private systems serves as a check on the ability of a monetary authority to tighten monetary policy.
Charles M. Kahn
Department of Finance University of Illinois at Urbana-Champaign
国际会议
广州
英文
1-27
2009-07-07（万方平台首次上网日期，不代表论文的发表时间）