Payments systems design in deterministic and private information environments

• 成果类型: Article
• 署名作者: Temzelides, T; Williamson, SD
• 署名单位: University of Iowa
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1006/jeth.2000.2769
• 发表日期: 2001
• 页码: 297-326
• 关键词: payments systems; private information; Monetary theory; financial intermediation

摘要

The First setup we study is a deterministic model with spatial separation where we consider alternative payments systems institutions and their implications for allocation and welfare. A payments system with period-by-period settlement in outside money improves on decentralized exchange. An efficient allocation is supported by a payments system where settlement is not imposed. In the second model, there is random matching and unobserved productivity shocks and preference shocks, We explore how risk should be shared optimally in this economy and interpret the results in terms of how actual payments systems should operate. (C) 2001 Academic Press.