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I. Payment Systems 7 Risks in Payment Systems 8

by unknown authors
"... / This is a translation of a document originally written in Spanish. In case of discrepancy or difference in interpretation the Spanish original prevails. Both versions are available at www.bcentral.cl.Contents Management of High-value Payment System of the Central Bank of Chile 5 ..."
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/ This is a translation of a document originally written in Spanish. In case of discrepancy or difference in interpretation the Spanish original prevails. Both versions are available at www.bcentral.cl.Contents Management of High-value Payment System of the Central Bank of Chile 5

The Determinants of Credit Spread Changes.

by Pierre Collin-Dufresne , Robert S Goldstein , J Spencer Martin , Gurdip Bakshi , Greg Bauer , Dave Brown , Francesca Carrieri , Peter Christoffersen , Susan Christoffersen , Greg Duffee , Darrell Duffie , Vihang Errunza , Gifford Fong , Mike Gallmeyer , Laurent Gauthier , Rick Green , John Griffin , Jean Helwege , Kris Jacobs , Chris Jones , Andrew Karolyi , Dilip Madan , David Mauer , Erwan Morellec , Federico Nardari , N R Prabhala , Tony Sanders , Sergei Sarkissian , Bill Schwert , Ken Singleton , Chester Spatt , René Stulz - Journal of Finance , 2001
"... ABSTRACT Using dealer's quotes and transactions prices on straight industrial bonds, we investigate the determinants of credit spread changes. Variables that should in theory determine credit spread changes have rather limited explanatory power. Further, the residuals from this regression are ..."
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on the firm's equity. Assuming large negative jumps in firm value are highly correlated with market crashes, we hope to capture systematic changes in the market's expectation of such events with this proxy. We expect that a steepening in the slope of the smirk will trigger an increase in credit

Payment Systems In Australia

by Prepared By The
"... for-value systems that are increasingly used for settlement of securities transactions. Public interest in issues relating to both the economic efficiency and financial risks in all types of payment and settlement systems has continued to increase in recent years. Payment system reform and improvem ..."
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and improvement is necessarily an ongoing process in all countries. In Australia, there have been important changes to the payments system since the first "Red Book" for Australia was published in 1994. Of particular note, real-time gross settlement for high-value payments was introduced in June 1998

Systemic Risk and Liquidity in Payment Systems

by Gara M. Afonso, Hyun Song Shin , 2008
"... We study liquidity and systemic risk in high-value payment systems. Flows in high-value systems are characterized by high velocity, meaning that the total amount paid and received is high relative to the stock of reserves. In such systems, banks rely heavily on incoming funds to finance outgoing pay ..."
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We study liquidity and systemic risk in high-value payment systems. Flows in high-value systems are characterized by high velocity, meaning that the total amount paid and received is high relative to the stock of reserves. In such systems, banks rely heavily on incoming funds to finance outgoing

A simple micro-payment scheme

by Min-Shiang Hwang , Iuon-Chang Lin , Li-Hua Li - Journal of Systems & Software , 2001
"... Abstract The micro-payment system is an important technique in electronic commerce. The high-value payment system is not suitable for a micro-payment system because the requirements are dierent. To meet sucient security for all participants in electronic commerce, a micro-payment system makes it po ..."
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Abstract The micro-payment system is an important technique in electronic commerce. The high-value payment system is not suitable for a micro-payment system because the requirements are dierent. To meet sucient security for all participants in electronic commerce, a micro-payment system makes

New payment system designs: causes and consequences James McAndrews, Research and Market Analysis Group, Federal Reserve Bank of New York and

by unknown authors
"... Payment system design is changing. This article discusses these changes, the pros and cons of different designs and issues raised by the evolution of a variety of so-called ‘hybrid ’ systems. It suggests that there are many common elements in these developments and that outcomes combining lower sett ..."
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settlement risk with lower liquidity costs may be possible. But in the end some trade-off may still need to be made between different objectives. Over the past decade the most popular design for high-value payment systems has changed, reflecting market needs and the concerns of central banks for systemic

Using Behavioral Economics to Design Physician Incentives That Deliver High-Value Care

by Aditi P. Sen, Phd Paul Sherman
"... Behavioral economics provides insights about the development of effective incentives for physicians to deliver high-value care. It suggests that the structure and delivery of incentives can shape behavior, as can thoughtful design of the decision-making envi-ronment. This article discusses several p ..."
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Behavioral economics provides insights about the development of effective incentives for physicians to deliver high-value care. It suggests that the structure and delivery of incentives can shape behavior, as can thoughtful design of the decision-making envi-ronment. This article discusses several

How costly is financial (not economic) distress? Evidence from highly leveraged transactions that become distressed

by Gregor Andrade, Steven N. Kaplan, Mark Mitchell, Tim Opler, André Perold, Raghu Rajan, David Scharfstein, René Stulz ~the - Journal of Finance , 1998
"... This paper studies thirty-one highly leveraged transactions ~HLTs! that become financially, not economically, distressed. The net effect of the HLT and financial distress ~from pretransaction to distress resolution, market- or industry-adjusted! is to increase value slightly. This finding strongly s ..."
Abstract - Cited by 259 (5 self) - Add to MetaCart
This paper studies thirty-one highly leveraged transactions ~HLTs! that become financially, not economically, distressed. The net effect of the HLT and financial distress ~from pretransaction to distress resolution, market- or industry-adjusted! is to increase value slightly. This finding strongly

Payment Instruments and Collateral in the Interbank Payment System

by Hajime Tomura , 2015
"... This paper presents a three-period model to analyze why banks need bank reserves despite the presence of other liquid assets like Treasury securities. The model high-lights the fact that the interbank market is an over-the-counter market. It shows that the large value payment system operated by the ..."
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This paper presents a three-period model to analyze why banks need bank reserves despite the presence of other liquid assets like Treasury securities. The model high-lights the fact that the interbank market is an over-the-counter market. It shows that the large value payment system operated

E-payment Gateway Model

by Anuja P, Prof A. B. Deshmukh, Prof. M. D. Tambakhe
"... Abstract—The extraordinary growth of interconnected computer network & pervasive trends of using this network as new field for conducting Business process are stimulating the demand for new payment methods. These new methods attain high level of security, speed, privacy, decentralization & i ..."
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Abstract—The extraordinary growth of interconnected computer network & pervasive trends of using this network as new field for conducting Business process are stimulating the demand for new payment methods. These new methods attain high level of security, speed, privacy, decentralization &
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