Transforming Payment Systems: Meeting the Needs of Emerging Market Economies

摘要

The primary issues associated with transforming and improving payment systems ifformerly centrally planned and emerging market economies are discussed in this paper. The essential differences in payment systems between centrally-planned and market economies are outlined and both short-term and longer-term methods to improve these payment systems are noted. Market needs in an evolving payment system are outlined by illustrating the different paths taken in Europe and the U.S. in the evolution of their payment systems. The benefits and costs of paper versus electronic payments, the role played payment pricing and float, and the interplay between commercial banks and the central bank in this process are also discussed. The paper ends with a survey of the many issues needing to be raised -