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首页> 外文期刊>The North American journal of economics and finance >Money, debit card, gross-settlement risk, and central banking
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Money, debit card, gross-settlement risk, and central banking

机译:金钱,借记卡,总结算风险和中央银行

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摘要

A monetary model is constructed to explore the effects of a new source of inefficiency of gross settlement with an operational risk on the choice of cash that is risky to hold and a debit card that is costly to use. During inflation, gross settlement would entail the deposit of a larger amount of money as payments and collaterals for the finality of the settlement process, thereby leading to a consumption loss. The endogenous adjustment between gross and net settlement may alleviate this distortion from inflation. Hence, the optimal monetary policy is to decrease the money supply so as to minimize the cost of theft and transaction costs of a debit card usage.
机译:构建了一种货币模型,以探索总清算效率低下的新来源带来的操作风险,该风险具有操作风险,对选择持有风险较高的现金和使用成本高昂的借记卡的影响。在通货膨胀期间,总结算将需要存入大量资金作为结算过程的结局所需的付款和抵押品,从而导致消费损失。总结算和净结算之间的内生性调整可能会缓解这种通货膨胀的扭曲。因此,最佳货币政策是减少货币供应量,以使盗窃成本和借记卡使用的交易成本最小化。

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