Volume 28, Number 4, Part 2
November 1996
Payment Systems Research and Public
Policy Risk, Efficiency, and Innovation,
A Conference Sponsored by the
Board of Governors of the Federal Reserve System,
December 7-8, 1995
Alan Greenspan, "Remarks on Evolving Payment
System Issues," pp. 689-695
Allen Berger, Diana Hancock, and Jeffrey
Marquardt, "A Framework for Analyzing Efficiency, Risks, Costs, and
Innovations in the Payments System," pp. 696-732
Controlling Risks on Large-Value
Transfer Systems
Jean-Charles Rochet and Jean Tirole,
"Interbank Lending and Systemic Risk," pp. 733-762
Comment by Raghuram G. Rajan, pp.
763-765
Charles W. Calomiris and Charles M. Kahn,
"The Efficiency of Self-Regulated Payments Systems: Learning from
the Suffolk System," pp. 766-797
Comment by Randall S. Kroszner, pp.
798-803
Mark Flannery, "Financial Crises, Payment
System Problems, and Discount Window Lending," pp. 804-824
Comment by George G. Kaufman, pp.
825-831
Jean-Charles Rochet and Jean Tirole,
"Controlling Risk in Payment Systems," pp. 832-862
Comment by Bruce J. Summers, pp.
863-869
Diana Hancock and James A. Wilcox, "Intraday
Management of Bank Reserves: The Effects of Caps and Fees on
Daylight Overdrafts," pp. 870-908
Comment by David B. Humphrey, pp.
909-913
Payment Instrument Choice, Portfolio
Allocation, and Monetary Policy Concerns
David B. Humphrey, Lawrence B. Pulley, and
Jukka M. Vesala, "Cash, Paper, and Electronic Payments: A
Cross-Country Analysis," pp. 914-939
Comment by Robert B. Avery, pp.
940-941
Anthony Santomero and John Seater,
"Alternative Monies and the Demand for Media of Exchange," pp.
942-960
Comment by Edward J. Kane, pp.
961-964
Panel Discussion: Recent Topics in
Payment System Innovations
Mark Flannery, "Technology and Payments:
Déjà Vu All Over Again?" pp. 965-970
Paul M. Horvitz, "Preserving Competition in
Electronic Home Banking," pp. 971-974
Martin Mayer, "The Past Is a Lousy Prologue:
Payments Systems Innovations and the Fed," pp. 975-979
Edward J. Kane, "Reducing Taxpayer Exposure
to Loss from Innovations in Bank Risk Management," pp. 980-985
The Efficiency of Payment System
Intermediaries
Ian Giddy, Anthony Saunders, and Ingo
Walter, "Alternative Models for Clearance and Settlement: The Case
of the Single European Capital Market," pp. 986-1000
Comment by Gary Gorton, pp. 1001-1003
Paul W. Bauer and Gary D. Ferrier, "Scale
Economies, Cost Efficiencies, and Technological Change in Federal
Reserve Payments Processing," pp. 1004-1039
Comment by Robert DeYoung, pp.
1040-1044
Joseph P. Hughes, William Lang, Loretta J.
Mester, and Choon-Geol Moon, "Efficient Banking under Interstate
Branching," pp. 1045-1071
Comment by William C. Hunter, pp.
1072-1075
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