FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W3122282868> ?p ?o ?g. }

• W3122282868 endingPage "25" @default.
• W3122282868 startingPage "1" @default.
• W3122282868 abstract "We live in a time of rapid technological change, in which the arrival of new ways of conducting business has become a commonplace occurrence. One segment of the economy where these changes are having a particularly significant effect is the payment system, the web of banks and other institutions through which payments for goods and services are cleared and settled. New mechanisms such as smart cards and internet-based electronic money have the imagination of many payment system observers and participants. While earlier predictions of the death of paper money have proven premature, the unprecedented pace of technological advance in the last decade has given new hope to the prophets of the electronic age. The Federal Reserve (the Fed) plays a prominent role in the payment system, both as a provider of payment services and as a regulator. The public interest in an economically efficient payment system has been at the core of Fed payment system policy since the Fed's founding in 1914. With new electronic payment mechanisms apparently within grasp, there has been renewed attention to the role of the Fed in the innovative process. A committee headed by Federal Reserve Board Vice Chair Alice Rivlin recently completed a study of the Fed's role in the payment system, which gave special attention to how active a role the Fed should play in guiding payment system innovation.1 Within the Federal Reserve System, electronic check presentment (ECP) is seen as a potentially promising step in the evolution toward electronic payments. With ECP, consumers and businesses continue to make payments with paper checks, but banks and clearinghouses that clear and settle payments use electronic information captured from the checks shortly after they are first deposited in the banking system. (See Appendix.) While some ECP services are now available, many important aspects of full-scale implementation are still under discussion. The Fed's role in developing and promoting ECP is clearly aimed at the public interest objective of enhancing payment system efficiency. In what follows, we ask whether the Fed can be a payment system innovator while remaining loyal to its fundamental public interest objective. In particular, how can we ensure that the Fed's payment system leadership contributes to economic efficiency? Our approach to this policy question is founded on the notion that the payment system is a communications industry. Such industries involve substantial common costs-costs that cannot be uniquely attributed to any one user. This cost characteristic has important implications for industry behavior. The critical issue in such industries is how common costs are allocated across users. Markets for communication services (including payment services) tend to be heavily regulated and, in some instances, served by government-owned enterprises, such as the U.S. Postal Service. Concerns about often motivate government intervention. Here, universal access is usually interpreted as a concern about the cost of services to a particular class of users: residential phone customers, rural postal patrons, or small and remote depository institutions. Access has been provided through price regulation, as in telecommunications, and by direct government provision, as in the U.S. Postal Service. We show that government involvement in other communications industries offers lessons for the role of the Federal Reserve in the payment system. In both the telecommunications and postal services industries, legal barriers to competition historically have helped sustain the provision of universal access. Barriers to competition allow the shifting of common costs to be pushed to the point where some users are subsidized, in a sense that we will make precise later. Such subsidization is inconsistent with economic efficiency, and would be impossible without barriers to competition. We point out that the Federal Reserve Banks still benefit from some barriers to competition-privileged treatment under current check presentment regulations-that would allow them to subsidize should they choose to do so. …" @default.
• W3122282868 created "2021-02-01" @default.
• W3122282868 creator A5025435154 @default.
• W3122282868 creator A5053906879 @default.
• W3122282868 date "1998-04-01" @default.
• W3122282868 modified "2023-09-26" @default.
• W3122282868 title "Can the Fed Be a Payment System Innovator" @default.
• W3122282868 cites W1482299682 @default.
• W3122282868 cites W1541760847 @default.
• W3122282868 cites W156894272 @default.
• W3122282868 cites W1587117555 @default.
• W3122282868 cites W1588163064 @default.
• W3122282868 cites W1608051842 @default.
• W3122282868 cites W1965254863 @default.
• W3122282868 cites W1992777245 @default.
• W3122282868 cites W2003750580 @default.
• W3122282868 cites W2004933348 @default.
• W3122282868 cites W2014509740 @default.
• W3122282868 cites W2019459021 @default.
• W3122282868 cites W2025483505 @default.
• W3122282868 cites W2029317597 @default.
• W3122282868 cites W2032646347 @default.
• W3122282868 cites W2035500649 @default.
• W3122282868 cites W2036957908 @default.
• W3122282868 cites W2037408452 @default.
• W3122282868 cites W2049892195 @default.
• W3122282868 cites W2053411404 @default.
• W3122282868 cites W2057678256 @default.
• W3122282868 cites W2067790650 @default.
• W3122282868 cites W2085916232 @default.
• W3122282868 cites W2088563154 @default.
• W3122282868 cites W2110603299 @default.
• W3122282868 cites W2132348947 @default.
• W3122282868 cites W2134853802 @default.
• W3122282868 cites W2137873244 @default.
• W3122282868 cites W2157354639 @default.
• W3122282868 cites W2325566492 @default.
• W3122282868 cites W2891894278 @default.
• W3122282868 cites W3021750248 @default.
• W3122282868 cites W3121343633 @default.
• W3122282868 cites W3122245991 @default.
• W3122282868 cites W3122568378 @default.
• W3122282868 cites W3122701803 @default.
• W3122282868 cites W3122878486 @default.
• W3122282868 cites W3123326180 @default.
• W3122282868 cites W3123602763 @default.
• W3122282868 cites W3123743827 @default.
• W3122282868 cites W3123850666 @default.
• W3122282868 cites W3124204571 @default.
• W3122282868 cites W3124473590 @default.
• W3122282868 cites W3125032643 @default.
• W3122282868 cites W3125109414 @default.
• W3122282868 cites W3125844116 @default.
• W3122282868 cites W3146166473 @default.
• W3122282868 cites W37943351 @default.
• W3122282868 cites W599491196 @default.
• W3122282868 cites W612286348 @default.
• W3122282868 hasPublicationYear "1998" @default.
• W3122282868 type Work @default.
• W3122282868 sameAs 3122282868 @default.
• W3122282868 citedByCount "9" @default.
• W3122282868 countsByYear W31222828682012 @default.
• W3122282868 crossrefType "posted-content" @default.
• W3122282868 hasAuthorship W3122282868A5025435154 @default.
• W3122282868 hasAuthorship W3122282868A5053906879 @default.
• W3122282868 hasConcept C10138342 @default.
• W3122282868 hasConcept C110875604 @default.
• W3122282868 hasConcept C122941539 @default.
• W3122282868 hasConcept C13280743 @default.
• W3122282868 hasConcept C136764020 @default.
• W3122282868 hasConcept C144133560 @default.
• W3122282868 hasConcept C145097563 @default.
• W3122282868 hasConcept C185822510 @default.
• W3122282868 hasConcept C190978112 @default.
• W3122282868 hasConcept C205649164 @default.
• W3122282868 hasConcept C2776983043 @default.
• W3122282868 hasConcept C2777526511 @default.
• W3122282868 hasConcept C41008148 @default.
• W3122282868 hasConcept C54750564 @default.
• W3122282868 hasConceptScore W3122282868C10138342 @default.
• W3122282868 hasConceptScore W3122282868C110875604 @default.
• W3122282868 hasConceptScore W3122282868C122941539 @default.
• W3122282868 hasConceptScore W3122282868C13280743 @default.
• W3122282868 hasConceptScore W3122282868C136764020 @default.
• W3122282868 hasConceptScore W3122282868C144133560 @default.
• W3122282868 hasConceptScore W3122282868C145097563 @default.
• W3122282868 hasConceptScore W3122282868C185822510 @default.
• W3122282868 hasConceptScore W3122282868C190978112 @default.
• W3122282868 hasConceptScore W3122282868C205649164 @default.
• W3122282868 hasConceptScore W3122282868C2776983043 @default.
• W3122282868 hasConceptScore W3122282868C2777526511 @default.
• W3122282868 hasConceptScore W3122282868C41008148 @default.
• W3122282868 hasConceptScore W3122282868C54750564 @default.
• W3122282868 hasIssue "2" @default.
• W3122282868 hasLocation W31222828681 @default.
• W3122282868 hasOpenAccess W3122282868 @default.
• W3122282868 hasPrimaryLocation W31222828681 @default.
• W3122282868 hasRelatedWork W1146073307 @default.

• next