The importance of Low-Value Payment Systems (LVPS) in economies is undeniable. Safe and efficient LVPS promote financial inclusion, economy formalization, and reduce transactional costs for agents. In this article, we study the role of cash and electronic payments in the payment ecosystems of…
Arango-Arango, Carlos Alberto
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- Publicación |In this paper, we study the coexistence of cash and electronic payments introducing some distortions in the payments markets to understand the widespread use of cash, specially in emerging countries.
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The opinions contained in this document are the sole responsibility of the authors and do not commit Banco de la República or its Board of Directors
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Even though international authorities encourage open and wide access to large value payment systems, the optimal level of access, or tiering, is still an open question. In the case of real-time gross settlement systems (RTGS), the level of access, or tiering, may be limited by the tradeoff…
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This paper presents a DSGE model with banks that face moral hazard in management. Banks receive demand deposits and fund investment projects. Banks are subject to potential withdrawals by depositors which may force them into early liquidation of their investments. The likelihood of this…
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