Payment Systems: Central Bank Roles Vary, but Goals Are the Same.

摘要

This report responds to your request that we study the roles of central banks in payment systems to provide perspective on the roles played by the Federal Reserve System in the United States' payment system. Payment systems play an important role in the financial and economic health of nations. The smooth functioning of payment systems that handle very high-value, institution-to-institution payments-or wholesale payment systems-is important in ensuring the stability of financial markets and systems. Well-functioning payment systems that handle the low-value payments that constitute the bulk of payment transactions-or retail payment systems-are important in helping to maintain public confidence in financial systems. The degree to which a central bank should be involved in the payment system has been the subject of controversy. Views on this issue have evolved over time and therefore are likely to remain open to debate. We discuss the involvement of foreign central banks in their payment systems to provide perspective on the roles and functions of the Federal Reserve System in the U.S. payment system. We describe the roles of the Federal Reserve System in the Background section of this report. Although unique country characteristics make it difficult to conduct direct comparisons of the roles that central banks play in payment systems difficult, we reviewed these roles to illustrate the factors that influence the involvement of central banks in payment systems. The objectives of this report are to (1) identify internationally recognized objectives for payment systems and central bank involvement in those systems, (2) describe the roles of central banks in the wholesale payment systems of other major industrialized countries and the key factors that influence those roles, and (3) describe the roles of central banks in the retail payment systems of other major industrialized countries and the key factors that influence those roles. We reviewed literature provided by central banks and central bank organizations, foreign law commentaries, central bank Web sites, and academic studies. Our information on foreign laws is based on secondary sources and does not reflect our independent legal analysis. We also interviewed Federal Reserve System officials, members of trade associations, and academics. In analyzing the roles of other central banks in payment systems, we focused on countries with relatively modern, industrialized economies. Appendix I presents a detailed discussion of the scope and methodology of our work.