The Political Economy Of Institutional Change In The Payment System And Monetary Policy
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| Author | : Stefan W. Schmitz |
| Publisher | : Routledge |
| Total Pages | : 190 |
| Release | : 2007-01-24 |
| Genre | : Business & Economics |
| ISBN | : 1134175116 |
"Central bankers worldwide welcome the recent increase of research on payment systems. This volume, providing an expert overview on this timely subject, should be required reading for us all". - Erkki Liikanen, Governor of the Bank of Finland Monetary policy has been at the centre of economic research from the early stages of economic thought, but payment system research has attracted increased academic attention only in the past decade. This book’s succeeds in merging these two so far largely separated fields. Innovative and groundbreaking, Schmitz and Woods initiate research on the interdependence of institutional change in the payments system and monetary policy, examining the different channels via which payment systems affect monetary policy. It explores important themes such as: conceptualization and methods of analysis of institutional change in the payments system determinants of institutional change in the payments system – political-economy versus technology empirics of institutional change in the retail and in the wholesale payments systems – policy initiatives and new technologies in the payments system implications of institutional change in the payments system for monetary policy and the instruments available to central banks to cope with it. The result is an accessible overview of conceptual and methodological approaches to institutional change in payment systems, and a comprehensive and yet thorough assessment of its implications for monetary policy. The insights this timely book provides will be invaluable for researchers and practitioners in the field of monetary economics.
| Author | : Stefan W. Schmitz |
| Publisher | : |
| Total Pages | : 36 |
| Release | : 2006 |
| Genre | : |
| ISBN | : |
Innovations in payment systems are often framed as technological innovations that are exogenous to the institutions and dynamics of the payment system. This paper suggests that the main drivers of institutional change in the payment system are politico-economic factors and the demand of commercial banks and final customers rather than technological innovations. The development and adoption of specific payments technologies are endogenous to the politico-economic tensions that drive institutional change in the payments system. Based on this politico-economic conceptual framework, I investigate the impact of recent innovations in payment systems on monetary policy. The main results of the paper are the following: first, central banks will retain their monopoly to issue the generally accepted medium of exchange with its incidental functions as the uniform unit of account and the medium of final settlement at zero marginal cost. Monetary policy will remain effective, in principle. Second, the question whether central banks will survive innovations is one of political economy rather than one of technology diffusion, that is, it is one of the ability to present their case to the respective legislature relative to the respective capabilities of banks and their final customers.
| Author | : Stefan W. Schmitz |
| Publisher | : Taylor & Francis |
| Total Pages | : 177 |
| Release | : 2006 |
| Genre | : Business & Economics |
| ISBN | : 9780415384025 |
"Central bankers worldwide welcome the recent increase of research on payment systems. This volume, providing an expert overview on this timely subject, should be required reading for us all". - Erkki Liikanen, Governor of the Bank of Finland Monetary policy has been at the centre of economic research from the early stages of economic thought, but payment system research has attracted increased academic attention only in the past decade. This book's succeeds in merging these two so far largely separated fields. Innovative and groundbreaking, Schmitz and Woods initiate research on the interdependence of institutional change in the payments system and monetary policy, examining the different channels via which payment systems affect monetary policy. It explores important themes such as: conceptualization and methods of analysis of institutional change in the payments system determinants of institutional change in the payments system – political-economy versus technology empirics of institutional change in the retail and in the wholesale payments systems – policy initiatives and new technologies in the payments system implications of institutional change in the payments system for monetary policy and the instruments available to central banks to cope with it. The result is an accessible overview of conceptual and methodological approaches to institutional change in payment systems, and a comprehensive and yet thorough assessment of its implications for monetary policy. The insights this timely book provides will be invaluable for researchers and practitioners in the field of monetary economics.
| Author | : Douglass C. North |
| Publisher | : Cambridge University Press |
| Total Pages | : 164 |
| Release | : 1990-10-26 |
| Genre | : Political Science |
| ISBN | : 9780521397346 |
An analytical framework for explaining the ways in which institutions and institutional change affect the performance of economies is developed in this analysis of economic structures.
| Author | : Osvaldo Santin Quiroz |
| Publisher | : Routledge |
| Total Pages | : 265 |
| Release | : 2017-11-01 |
| Genre | : Social Science |
| ISBN | : 1351786768 |
This title was first published in 2001. An analysis of the political economy of Mexico's financial reform. It is organized in three parts. The first part - chapters one to four - develops the framework, both historical and institutional. The first chapter outlines the theoretical discussion on state autonomy and develops a simple analytical framework to study public policy decisions. The subsequent three chapters address three main themes: external dependency of domestic states on international capital, political change under President Carlos Salinas and financial policy in Mexico. The second part presents the analysis of three main institutional changes to the financial system - development banking reform, commercial banking privatisation and autonomy of the central bank. Each specific case study shows how the reforms conformed to the ideas of the dominant consensus on economic policy and how they delivered an inefficient incentive structure. The third part - chapter eight - brings together all the elements to explain Mexico's 1994 financial crisis.
| Author | : Gundbert Scherf |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 273 |
| Release | : 2013-06-17 |
| Genre | : Business & Economics |
| ISBN | : 3658009837 |
Due to the lack of political salience that financial stability policy enjoys in tranquil economic times, this policy field lends itself particularly well to capture – the more so the more important the role of banks is in the financial system. Gundbert Scherf’s research focuses on this nexus between integrated banking, supranational monetary policy and national banking regulation. He finds that national level differences in financial systems and related institutions explain and drive variation in regulatory financial stability policy across countries.
| Author | : Stephen Bell |
| Publisher | : Harvard University Press |
| Total Pages | : 360 |
| Release | : 2013-06-10 |
| Genre | : Business & Economics |
| ISBN | : 0674073614 |
With $4.5 trillion in total assets, the People’s Bank of China now surpasses the U.S. Federal Reserve as the world’s biggest central bank. The Rise of the People’s Bank of China investigates how this increasingly authoritative institution grew from a Leninist party-state that once jealously guarded control of banking and macroeconomic policy. Relying on interviews with key players, this book is the first comprehensive and up-to-date account of the evolution of the central banking and monetary policy system in reform China. Stephen Bell and Hui Feng trace the bank’s ascent to Beijing’s policy circle, and explore the political and institutional dynamics behind its rise. In the early 1990s, the PBC—benefitting from political patronage and perceptions of its unique professional competency—found itself positioned to help steer the Chinese economy toward a more liberal, market-oriented system. Over the following decades, the PBC has assumed a prominent role in policy deliberations and financial reforms, such as fighting inflation, relaxing China’s exchange rate regime, managing reserves, reforming banking, and internationalizing the renminbi. Today, the People’s Bank of China confronts significant challenges in controlling inflation on the back of runaway growth, but it has established a strong track record in setting policy for both domestic reform and integration into the global economy.
| Author | : Kevin Dowd |
| Publisher | : Routledge |
| Total Pages | : 651 |
| Release | : 2020-04-03 |
| Genre | : Business & Economics |
| ISBN | : 1351291629 |
Monetary and banking problems in the world today arise not so much from the failure of specific policies as from more deep-seated problems in institutional structures. Individuals clearly make mistakes and legislatures make bad laws, but the institutions from which decisions and laws emanate determine the effectiveness of social operations and the value of social decisions. Unless we change the present institutional structure, we are not likely to get stable solutions to today's most serious problems—ongoing and often erratic inflation and serious banking instability. Money and the Nation State examines the history of modern monetary and banking arrangements, some of the major monetary and banking problems, and options for meaningful reform. The common theme of all the essays is that current arrangements result less from the accomplishments of great men than man-made institutions that society has inherited—central banks and "the legal and regulatory frameworks that accompany them. The contributors emphasize the impact of political interference on the workings of monetary and financial institutions. Not surprisingly, they find many problems arise because politically generated structures are inappropriate to the real needs of the individuals and groups they are meant to serve. Money and the Nation State provides an essential framework for those willing to return to first principles in thinking about the role of monetary institutions in economic life. Economists, financial theorists, and the interested citizen will find it stimulating reading.
| Author | : Mr.Omotunde E. G. Johnson |
| Publisher | : International Monetary Fund |
| Total Pages | : 30 |
| Release | : 1998-05-01 |
| Genre | : Business & Economics |
| ISBN | : 1451973381 |
Achieving the primary objective of price stability without unduly compromising the operational efficiency of the payment system constitutes a major problem for central banks. Routine monetary policy presumes a given institutional and technological framework, including aspects of the payment system. Such a monetary policy concerns itself with intraday and interday credit for payments settlements and with float. Liquidity shocks and panics sometimes pose an additional challenge. In recent years, major and rapid institutional and technological changes in the payment system (mainly to lower risks and augment operational efficiency) have affected the monetary policy decision-making process, particularly in the short run.
| Author | : Wolfgang Streeck |
| Publisher | : Oxford University Press |
| Total Pages | : 309 |
| Release | : 2005 |
| Genre | : Business & Economics |
| ISBN | : 0199280452 |
"This book examines current theories of institutional change. The chapters highlight the limitations of these theories. Instead a model emerges of contemporary political economies developing in incremental but cumulatively transformative processes"--Provided by publisher.
