© 1990

The U.S. Payment System: Efficiency, Risk and the Role of the Federal Reserve

Proceedings of a Symposium on the U.S. Payment System sponsored by the Federal Reserve Bank of Richmond

  • David B. Humphrey

Table of contents

  1. Front Matter
    Pages i-xiii
  2. Conference Overview: Progress in Bringing about a More Efficient and Safer Payment System

  3. Payment Market Efficiency

    1. Front Matter
      Pages 9-12
    2. Michael Urkowitz
      Pages 41-44
    3. Donald R. Hollis
      Pages 87-92
    4. James F. Dingle
      Pages 122-127
  4. Payment System Risk

    1. Front Matter
      Pages 141-144
    2. Hal S. Scott
      Pages 181-195
    3. Gerald R. Faulhaber, Almarin Phillips, Anthony M. Santomero
      Pages 197-213
    4. Robert E. Litan
      Pages 214-218
  5. Private and Public Roles in the Payment Mechanism

    1. Front Matter
      Pages 219-221
    2. Robert J. Listfield
      Pages 232-243
    3. Gerald R. Faulhaber
      Pages 244-246
    4. Marvin S. Goodfriend
      Pages 247-277

About this book


The U.S. payment system is in the midst of a significant transition. Some of the changes to our payment system, involving its efficiency, the risks inherent in the payment process, and the role of the private and public sectors in the payment mechanism, are the subject of considerable debate and controversy. In recent years, the Federal Reserve Bank of Richmond has played an active part in the development and implementation of policies to improve the payment process. The Bank's operations staff has represented the Federal Reserve System in work with the banking industry to help shape and implement programs to increase efficiency and reduce payment risk. Further, our Research Department has made payment system research an important part of its agenda. The mix of practical experience and research has resulted in a unique perspective on payment system issues that led us to organize a symposium on the U.S. payment system, held on May 25-26, 1988, in Williamsburg, Virginia. Reflecting our belief in the importance of combining both practical experience and theory in addressing payment issues, we invited practi­ tioners, scholars, and policymakers to share their ideas. The symposium provided an opportunity for those researchers who are studying p- xi PREFACE xii ment issues to present their ideas and to have these ideas evaluated by experienced practitioners.


Bank Banking Industry banking transition

Editors and affiliations

  • David B. Humphrey
    • 1
  1. 1.The Federal Reserve Bank of RichmondUSA

Bibliographic information

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