Payment Systems in Global Perspective

Payment Systems in Global Perspective

Payment Systems in Global Perspective

Payment Systems in Global Perspective

Synopsis

This volume provides an authoritative overview by central bankers from both developed and developing countries of the complex practical and policy implications of international payments systems.

Excerpt

In June 1998 the Bank of England hosted its fifth Central Bank Governors’ Symposium. As an innovation for this fifth Symposium, I asked the Bank’s Centre for Central Banking Studies to prepare a report based on a workshop on payment and settlement systems held in January 1998 that was attended by staff from 22 central banks. This workshop was followed up by a three-month project involving specialist staff from the central banks of Mexico, Poland and Tanzania, as well as from the Bank of England—the authors of this book. in addition, as part of this project, survey data on payment systems were collected from 70 central banks representing a wide range of developed, transitional and developing economies—a first I believe.

The Bank’s first Symposium was held in 1994, when more than 130 central bank governors and former governors gathered to mark the Bank of England’s tercentenary. in keeping with the occasion, the papers concentrated primarily on the history and circumstances of central banks in the industrialised countries (Capie, Goodhart, Fischer and Schnadt 1994). To complement that book, a report on central banking in developing countries was produced for the second Symposium held during the 1995 meeting of governors (Fry, Goodhart and Almeida 1996).

Among other things, the analysis presented at the second Symposium found that inflation was positively related to the proportion of government borrowing from the central bank and in total domestic credit; and that inflation was negatively related to growth. the findings raised the questions: how should a government best meet its borrowing requirements and what roles might central banks usefully play? These were the issues addressed at our 1996 Symposium when concentrating on specific central banking issues enabled us to share experiences in considerably greater depth (Fry 1997). Following this practice, the 1997

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