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.
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Roberds, W. (2018). Payment Systems. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_2519
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DOI: https://doi.org/10.1057/978-1-349-95189-5_2519
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