Stephen Williamson talks about clearing and settlement systems, in particular Fedwire. I learn that the Fed offers daylight overdrafts on an uncollateralized basis, but believes itself to be covered by charging a fee and by putting caps on the the amount of credit they are willing to extend.
George Selgin pops up again, because he wrote an excellent article called Wholesale payments: questioning the market-failure hypothesis. Available on demand if you email me.
George Selgin pops up again, because he wrote an excellent article called Wholesale payments: questioning the market-failure hypothesis. Available on demand if you email me.
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