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Introduction

In: Payment Systems in the Financial Markets

Author

Listed:
  • Marco Rossi

    (International Monetary Fund)

Abstract

According to the Bank for International Settlements (1992), a payment system consists of a ‘defined group of institutions and of a set of instruments and procedures, used to ensure the circulation of money within a geographic area’. The purpose of any payment system is to organise, as efficiently as possible, the transfers of resources necessitated by real and financial transactions. Effecting these transactions is a costly procedure. At first agents have to identify the counterpart willing to make the deal (research cost) and, then, they have to transfer resources physically (transaction cost). The more economically these exchanges are carried out, the greater the amount of resources available for alternative uses. It is the search for efficiency that characterises the evolution of the payment system.

Suggested Citation

  • Marco Rossi, 1998. "Introduction," Palgrave Macmillan Books, in: Payment Systems in the Financial Markets, chapter 1, pages 1-13, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-26374-5_1
    DOI: 10.1007/978-1-349-26374-5_1
    as

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