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O.shore Settlement, Collateral, and Interest Rates

机译:岸上结算,抵押和利率

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Recent developments in private payments arrangements, particularly at the wholesale level, challenge central banks’ longstanding monopoly on the provision of the ultimate means of settlement for financial transactions. This paper examines competition between public payments arrangements and private intermediaries, and the effect on central banks’ role in monetary policy. Central to the issue is the role of collateral both as a requirement for participation in central bank sponsored payments arrangements and as the backing for private intermediary arrangements. The presence of private systems serves as a check on the ability of a monetary authority to tighten monetary policy.
机译:私人支付安排的最新发展,特别是批发方面的发展,挑战了中央银行在提供金融交易最终结算手段方面的长期垄断。本文研究了公共支付安排与私人中介机构之间的竞争,以及对央行在货币政策中的作用的影响。该问题的核心是抵押品的作用,它既是参与中央银行发起的付款安排的要求,又是私人中介安排的后盾。私人系统的存在是对货币当局收紧货币政策能力的一种检验。

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