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.
Related Posts
- ECB, IMF, ICU and other exciting monetary acronyms
- Hike rates when you hear the creak of inflation at the door, not when you see the whites of its eyes
- Thoughts on Rogoff's 'Curse of Cash'
- The Fedwire recession
- More fiatsplainin': let's play fiat-or-not
- Deep money, the coexistence puzzle, and the legal restrictions hypothesis
Subscribe Our Newsletter