By Maxwell J. Fry
This quantity offers an authoritative review through principal bankers from either built and constructing nations of the complicated functional and coverage implications of overseas funds structures.
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Additional resources for Payment Systems in Global Perspective
The central bank’s objectives are to reduce risk and promote efficiency, whose components are speed, cost and reliability. Here we focus on the role of central banks in transitional and developing countries, using Poland as the main case study. Payment systems are also important from the central bank’s perspective in that they impinge in various ways on monetary policy and financial stability. Promoting sound and secure payment systems constitutes one of the Bank of England’s core purposes because this activity promotes financial stability and facilitates implementation of monetary policy.
And, most important, payment and settlement system designs are constantly changing and becoming increasingly complex. 10 The longer the settlement cycle, the longer the period of exposure. 3 showing the average length of settlement cycles in days illustrates the fact that cycles are longer and so risks are greater in poorer countries than they are in richer ones. Using both parametric and nonparametric tests, Aleksandar Stojanovic (1998, pp. 6–8) finds significant differences in lengths of settlement cycles between industrial, transitional and developing countries.
The key feature of each payment system is the way payments are effected. , legal tender or central bank money) so no clearing function is needed. Because all other payment instruments involve at least one third party, the payment process is necessarily more complicated. Processing of cheques, for example, involves some means of clearing; settlement takes place through correspondent balances or by transferring balances of “good funds” in accounts held at the central bank. The same is true for all noncash payment instruments.