Abstract
The payment system is a linchpin of a functioning market economy, but existing payment systems in many formerly centrally planned economies are in a primitive state, reflecting the legacy of the monobank system. The wholesale payment system can play a fundamental role in facilitating the efficient exchange of goods, services, and assets, and is particularly important in fostering the development of a money market — which in turn is a precondition for market-based implementation of monetary policy. In reforming the payment system, some important policy issues, especially the allocation of settlement risk, need to be addressed.
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