The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Payment Systems

  • William Roberds
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_2519

Abstract

Payment systems are arrangements that allow for the discharging of debts by the transfer of specialized claims. This article illustrates how payment systems can facilitate exchange in economic environments where enforcement of obligations is limited, and collateral is scarce.

Keywords

Banking industry Banknotes Bills of exchange Central banking Fiat money Inside money Intermediate goods Net settlement Network effects Outside money Payment systems Settlement Wicksell triangle 
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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • William Roberds
    • 1
  1. 1.