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Payment Systems

3 papers tracked 0 forthcoming 2 classics

11 concepts covered in this topic

Acceptability and liquidity (vs. velocity) as moneyness measures bilateral netting in HVPS Fundamental vs. speculative strategies gridlock game gridlock in high-value payment systems Incentive-feasible allocation Medium of exchange Memory Money is memory (the main equivalence) No-commitment trading mechanism Tenuousness of fiat money

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Online First Journal of Money, Credit and Banking Online 16 Dec 2025

How Banks Create Gridlock in Payment Systems to Save Liquidity: The Case of Canada

Rodney J. Garratt · Zhentong Lu · Phoebe Tian

This paper uses detailed transaction-level data from Canada's new high-value payment system (HVPS) to show how participants save liquidity by strategically exploiting the gridlock resolution …

Money Markets Liquidity Payment Systems Banking Credit

Published Classic Journal of Economic Theory Published Aug 1998

Money Is Memory

Narayana R. Kocherlakota

This 1998 *Journal of Economic Theory* paper by Narayana Kocherlakota asks what money technologically does by comparing it against an alternative record-keeping technology the paper calls memory: …

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Published Classic Journal of Political Economy Published Aug 1989

On Money as a Medium of Exchange

Nobuhiro Kiyotaki · Randall Wright

This 1989 *Journal of Political Economy* paper by Nobuhiro Kiyotaki and Randall Wright builds a general-equilibrium random-matching model in which the identity of "money" is determined endogenously, …

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