"... In PAGE 17: ... Nevertheless, foreign currency liquidity safeguards must be built into the banking system to ensure the payment system continues to operate even in the face of a run on bank deposits. This is why the Argentine convertibility plan imposed quite demanding requirements on banks ( Table8 ), such as requiring them to maintain deposits with foreign banks held abroad. The watering down of these prudential measures (for example allowing banks to deposit a smaller fraction of reserves abroad and to use government bonds to satisfy the requirement) in early 2001 undermined the credibility of the whole system.... In PAGE 17: ...Some purists, such as Friedman (1993), Hanke (2002) and Schwartz (1992), argue that currency boards should have no liabilities other than the currency, hold no domestic currency assets and take on no central banking functions. In practice, some currency boards impose reserve requirements on banks ( Table8 ) and others accept other deposits from them. Engaging in these sorts of operations and providing some limited lender of last resort facilities are not inconsistent with a currency board so long as the full backing of the currency is not brought into question (ie so long as loans only involve excess reserves and do not lead to any discretionary expansion of the monetary base without foreign currency backing).... ..."

"... In PAGE 67: ... Table9 (cont.) 1993 1994 1995 1996 1997 1998 Direct debits Australia 0.... ..."

"... In PAGE 31: ...7.2 Table of Systems Current on-board displays are shown in the Table8 . There is a more detailed description in the Annex G on those systems on which the information have been available (systems that are numbered in the table).... ..."

"... In PAGE 6: ... In the case that the payment is not authenticated the user can easily be detected at the exit toll gate according to properties 2and3. Table1 shows the notation which will be used in the following. 4.... ..."

"... In PAGE 28: ...Economical Clustering Table7 shows a possible economical clustering of digital payment systems. Payment size can vary from macro- #28major bills and above#29 to small #28coins or minor bills#29 and micropayments #28until subcent regions#29.... In PAGE 90: ... Cust. Date Amount Item Merchant - No Yes Yes Yes Customer No - Yes Yes Yes Bank Yes Yes Yes Yes No Observer No No Yes Yes Yes Table7 0: NetCash Visibility Pro#0Cle Table 70 shows the NetCash visibility pro#0Cle. NetCash transactions are validated online and claim to maintain customer anonymity.... In PAGE 91: ...a. HW Independence Yes Table7 1: NetCash Requirements Pro#0Cle Table 71 shows the requirements pro#0Cle of NetCash. Whether the ACID properties hold with NetCash cannot be resolved with the information available on the system, as the main NetCash issues are anonymity and security.... In PAGE 92: ... Remark Their web site does not contain any recent material. Table7 2: NetCheque Feature Pro#0Cle NetCheque by G.... In PAGE 93: ... Cust. Date Amount Item Merchant - Yes Yes Yes Yes Customer Yes - Yes Yes Yes Bank Yes Yes Yes Yes No Observer Yes Yes Yes Yes No Table7 3: NetCheque Visibility Pro#0Cle Table 73 shows the NetCheque visibility pro#0Cle. The NetCheque system is fully identi#0Ced.... In PAGE 94: ...a. HW Independence Yes Table7 4: NetCheque Requirements Pro#0Cle... In PAGE 95: ....a. Remark Very simple system. Table7 5: NetFare Feature Pro#0Cle NetFare server. Customers can check their balance online with their card number and PIN.... In PAGE 95: ...47#29 compliant pay- ment facilities. Table7 6: Open Market Feature Pro#0Cle Open Market Inc. was founded in February 1994 and aims to provide electronic commerce solutions.... In PAGE 96: ...16#29 and NetCash #28see section 4.34#29 Table7 7: PayMe Feature Pro#0Cle The PayMe system tries to combine the best features of Ecash #28see section 4.16#29 and NetCash #28#28see section 4.... In PAGE 97: ... Security Mechanism Integrated into CyberCash wallet. Table7 8: PayNowFeature Pro#0Cle Electronic cheque scheme by CyberCash, integrated into their wallet. Behaves just like the secure credit card presentation, only it is going to be bidirectional.... In PAGE 98: ... Security Mechanism Chained Hashes, signatures. Table7 9: PayWord Feature Pro#0Cle commitment to a merchant the customer generates and signs a commitment to a new customer#2Fmerchant speci#0Cc chain of paywords. All paywords of a chain have the same value.... ..."

"... In PAGE 25: ... 3.1 Technological Clustering Table6 shows a possible technological clustering of digital payment systems. Money models are token and notational.... In PAGE 82: ...iCent #28see section 4.27#29 and iKP #28see section 4.22#29. Table6 0: MPTP Feature Pro#0Cle Web Resource #5BHSW96#5D Name Mykro-iKP Origin Waidner, M.... In PAGE 82: ...22#29. Table6 1: Mykro-iKP Feature Pro#0Cle ofachained system is given for NetCard #28see section 4.33#29.... In PAGE 83: ...a. Table6 2: NetBill Feature Pro#0Cle An account server, called NetBill server, maintains accounts for both customers and merchants. NetBill acts as an aggregator to combine many small transactions into larger conventional transactions, thus amortizing conventional overhead fees.... In PAGE 84: ... Cust. Date Amount Item Merchant - Yes Yes Yes Yes Customer Yes - Yes Yes Yes Bank Yes Yes Yes Yes Partial Observer Partial Partial Yes No No Table6 3: NetBill Visibility Pro#0Cle Table 63 shows the NetBill visibility pro#0Cle. NetBill is no anonymous system, as is notational and cheque-based.... In PAGE 84: ... Cust. Date Amount Item Merchant - No Yes Yes Yes Customer No - Yes Yes Yes Bank Yes Yes Yes Yes Partial Observer No No Yes No No Table6 4: Mediated NetBill Visibility Pro#0Cle Table 64 shows the mediated NetBill visibility pro#0Cle. When using a trusted mix and encryption, amount, goods, merchant and customer are hidden from observation.... In PAGE 85: ...a. HW Independence Yes Table6 5: NetBill Requirements Pro#0Cle... In PAGE 86: ...47#29. Table6 6: NetCard Feature Pro#0Cle of protocols and smartcard based mechanism to manage the necessary functions of authentication, delegation, authorization, accounting and revocation. The Net- Card group has developed and implemented a micropayment protocol set involv- ing signed chained hashes and smart cards for signing and and accidental double spending protection.... In PAGE 87: ... Cust. Date Amount Item Merchant - Partly#2FYes Yes Yes Yes Customer Yes - Yes Yes Yes Bank Yes Yes Yes Yes No Observer Yes Partly#2FYes Yes Yes Yes Table6 7: Mediated NetCard Visibility Pro#0Cle Table 67 shows the mediated NetCard visibility pro#0Cle. The extent on which the identity of the customer involved is revealed depends on the customer using a pseudonym.... In PAGE 88: ...a. HW Independence No, smart card for signing and double spending check Table6 8: NetCard Requirements Pro#0Cle... In PAGE 89: ...35#29. Table6 9: NetCash Feature Pro#0Cle NetCash by G.... ..."

"... In PAGE 11: ... Their currency crisis index reflects a combination of a sharp depreciation and/or a sharp drop in foreign exchange reserves. Their data consists of 80 episodes, essentially the currency crisis cases summarized in Table3 . After taking account of the fundamentals in each country, it turns out that a crisis in a neighboring country only modestly raises the probability of a currency crisis in Europe or Latin America, but significantly raises the... ..."

"... In PAGE 16: ...nchor currency. 5 Prior to February 2002, the US dollar was the anchor currency. Sources: Hawkins (2003b); IMF; World Bank. Under a broad definition encompassing both orthodox currency boards and what writers such as Schuler (1999) have termed currency board-like systems, there are about 20 currency boards in operation today (see Table7 ). Many of these are like the traditional colonial currency boards, operating in very small economies with limited financial systems (eg Faroe Islands, St Helena).... ..."

"... In PAGE 35: ...Table2 lists some of the known payment systems. They are categorized by credit card-based schemes, customer accounts, and digital cash (electronic money).... ..."