Research Bibliography 2002

PAYMENT SYSTEMS RESEARCH BIBLIOGRAPHY
Federal Reserve Bank of Chicago
January 2002
Payment Systems Research Bibliography

The Payment Systems Research Bibliography is published by the
Federal Reserve Bank of Chicago as a service to financial services
industry researchers and executives. The Federal Reserve Bank
of Chicago is one of twelve regional Reserve Banks across the
U.S. that, together with the Board of Governors in Washington,
D.C., serves as the nations central bank. The role of the Federal
Reserve System, since its establishment by an act of Congress
passed in 1913, has been to foster a strong economy, supported
by a stable financial system.
Michael H. Moskow
President, Federal Reserve Bank of Chicago
Gordon Werkema
First Vice President, Federal Reserve Bank of Chicago
Edward J. Green
Senior Vice President
Bobbie Berkowitz, Bibliography Manager
Librarian
Bob Chakravorti, Bibliography Co-Editor
Senior Economist, Emerging Payments Studies Department
Timothy McHugh, Bibliography Co-Editor

Analyst, Emerging Payments Studies Department
Ann Spiotto, Bibliography Co-Editor
Senior Counsel, Emerging Payments Studies Department
Kristin Stanton, Bibliography Co-Editor
Senior Analyst, Emerging Payments Studies Department
Victor Stango, Bibliography Co-Editor
Economist, Emerging Payments Studies Department
Emery Kobor, Bibliography Co-Editor
Senior Business-to-Business Analyst, Emerging Payments
Studies Department
Contact Information
Federal Reserve Bank of Chicago Library
230 South LaSalle Street, Chicago, Illinois 60604
(Phone) 312-322-5824
(E-mail) Library.Chi@Chi.Frb.Org
http://www.chicagofed.org/paymentsystems
Susan Chenoweth, Bibliography Co-Editor

Manager, Library
Brian Mantel, Bibliography Co-Editor
Manager, Emerging Payments Studies Department
Special thanks to Lee Barker and Marge Conry for developing the database. We would also like to thank several individuals who contributed significantly to both the paper
and online versions: Mark Wasiljew, (Intern, Emerging Payments Studies Department), Candace Conrad (Graphics and Typesetting Services), John Dixon (Graphics and
Typesetting Services), Lana Henderson (Corporate Communications), Mariann Rapp (Library), and Anita Worthington (Library).
Payment systems policy is a critical interest of the Federal Reserve Bank of Chicago. In the
process of monitoring payment developments, we have built a database, in bibliographic form,
on payment systems research that includes a broad range of topics, studies, and media. After
introducing this database in 1999, the Federal Reserve Bank of Chicago is now pleased to present
the 2002 edition of the Payment Systems Research Bibliography for use by industry researchers
and executives. The bibliography brings together key conceptual, empirical, and cross-disciplinary
research on payment systems. The research has been cataloged using over two dozen headings
that identify key areas of research to the financial services community. Although the bibliography
will no longer be published in a print format, the online bibliography, which includes abstracts of
research, links to full-text documents where available, and links to other payments information,
is updated regularly and can be found at the following web site: www.chicagofed.org.
Given the pace of change in the payments arena, it is not possible to identify every piece of
research or come to unanimous agreement on which headings best represent the topics covered
by the existing research. The Federal Reserve Bank of Chicago does not warrant the quality of
research included in this bibliography. The online database was developed to promote an open
and active dialogue on payments issues among members of the financial services industry. As
the payments industry continues to develop, we expect that researchers and practitioners will
evaluate current research and promote future quality research on this subject.
We are delighted to make this database available to the public. Strong efforts are made to assure
that the database is accurate and representative. Nonetheless, we look forward to any potential
corrections or additions that you suggest. Please do not hesitate to contact the Federal Reserve
Bank of Chicagos Library at 312-322-5824 or Library.Chi@chi.frb.org, or to visit the above web site.
Sincerely,
Edward J. Green
Senior Vice President, Federal Reserve Bank of Chicago
1.
Adam, Nabil R., Oktay Dogramaci, Aryya

Gangopadhyay, and Yelena Yesha, Electronic Commerce:
Technical, Business, and Legal Issues, Upper Saddle River,
NJ: Prentice Hall PTR, 1999.
13.
Allen, L., S. Pertistiani, and A. Saunders, Bank Size,

Collateral, and Net Purchase Behavior in the Federal Funds
Market: Empirical Evidence, Journal of Business, Vol. 62,
1989, pp. 501-515.
2.
Ahmed, Anwer, Richard Scheinble, and Douglas

Stevens, An Empirical Analysis of the Effects of Online
Trading on Investor Reactions to Earnings Announcements,
Syracuse University Working Paper Series, April 2001.
14.
Allsopp, P.W., Netting Schemes in the Foreign Exchange

Markets, speech presented at SWIFT SIBOS seminar,
Stockholm, September 1989.
15.
3.
Aiyagari, S. Rao, and Neil Wallace, Fiat Money in the

Kiyotaki-Wright Model, Economic Theory, Vol. 2, No. 4,
October 1992, pp. 447-464.
Allsopp, P.W., Payment Systems in the ECC, speech presented at EC Commissions Conference on EC Payment
Systems, Brussels, October 1990.
16.
4.
Aiyagari, S. Rao, Neil Wallace, and Randall Wright,

Coexistence of Money and Interest-Bearing Securities,
Journal of Monetary Economics, Vol. 37, no. 3, June 1996,
pp. 397-419.
Altig, David, and Owen Humpage, Dollarization and

Monetary Sovereignty: The Case of Argentina, Economic
Commentary, Federal Reserve Bank of Cleveland,
September 15, 1999.
17.
5.
Aiyagari, S. Rao, R. Anton Braun, and Zvi Eckstein,

Transaction Services, Inflation, and Welfare, Journal of
Political Economy, Vol. 106, No. 6, Dec. 1998, pp. 1274-1301.
Amel, Dean F., and J. Nellie Liang, Determinants of Entry

and Profits in Local Banking Markets, Review of Industrial
Organization, February 1997, Vol. 12, No. 1, pp. 59-78.
18.
6.
Akerlof, George A., and Ross D. Milbourne, Irving

Fisher on His Head II: The Consequences of the Timing of
Payments for the Demand for Money, Quarterly Journal of
Economics, Vol. 95, No. 1, August 1980, pp. 145-157.
American Bankers Association, Electronic Check

Presentment: An Introduction, Washington, D.C.: American
Bankers Association, 1995.
19.
American Bankers Association, Installment Credit 96,

Washington, D.C.: American Bankers Association, 1996.
20.
American Bankers Association, and Dove Associates,

Study of Consumer Payment Preferences Focusing on
Online and Offline Debit, Washington, DC: American
Bankers Association, 1999.
21.
American Bar Association, A Commercial Lawyers

Take on the Electronic Purse: An Analysis of Commercial
Law Issues Associated with Stored-Value Cards and
Electronic Currency, Business Lawyer, 52 Bus. Law. 653,
February 1997.
7.
8.
Akhand, Hafiz, and Ross D. Milbourne, Credit Cards

and the Transactions Demands for Money, Queens
University, discussion paper, No. 549, February 1984.
Aksin, Zeynep, and Patrick Harker, To Sell or Not To
Sell: Determining the Tradeoffs between Service and Sales
in Retail Banking Phone Centers, Wharton Working Paper
96-07-B, 1996.
9.
Alchian, Armen A., Why Money?, Journal of Money,

Credit, and Banking, Vol. 9, pp. 133-140, 1977.
10.
Alejano, A., and J. M. Penalosa, Implications for

Central Bank Conduct of the Development of Electronic
Money, Banco de Espana Economic Bulletin, July 1998,
pp. 63-72.
22.
Andersen Consulting, Bank Administration Institute,

and Arthur Andersen, Vision 2000: The Transformation of
Banking, Chicago: Andersen Consulting, Bank Administration
Institute, and Arthur Andersen, 1991.
11.
Ali, Paul Usman, e-Credit Derivatives: Buying and

Selling Credit Risk Over the Internet, TC Beirne School of
Law, May 2001.
23.
Anderson, Christopher, Electronic Commerce: In Search

of the Perfect Market, The Economist, May 10, 1997, p. 3.
24.
12.
Allen, Catherine, and William J. Barr, Smart Cards:

Seizing Strategic Business Opportunities, New York:
McGraw-Hill, 1997.
Anderson, Milton, The Electronic Check Architecture,

Version 1.0.2, Financial Services Technology Consortium,
Available on the Internet at:
http://www.echeck.org/library/wp/index.html [Accessed:
November 25, 1999] September 29, 1998.
WWW.CHICAGOFED.ORG/PAYMENTSYSTEMS/
p . a . g . e
25.
Anderson, Richard, and Robert Rasche, Retail Sweep

Programs and Bank Reserves, 1994-1999, Review, Federal
Reserve Bank of St. Louis, January/February 2001, pp. 51-72.
26.
Andreeff, Alexandria, Lisa C. Binmoeller, Eve M. Boboch,

Oscar Cerda, Sujit Chakravorti, Thomas Ciesielski,
and Edward Green, Electronic Bill Presentment and
PaymentIs it Just a Click Away, Federal Reserve Bank
of Chicago Economic Perspectives, 4Q/2001, pp. 2-16.
27.
Angelini, Paolo, A Simple Model of the Interbank

Payment System, working paper, Bank of Italy, 1996.
28.
Angelini, Paolo, About the Level of Daylight Credit, Speed

of Settlement and Reserve in Electronic Payment Systems,
Banca D Italia, working paper, No. 229, August 1994.
29.
Angelini, Paolo, An Analysis of Competitive Externalities

in Gross Settlement Systems, Journal of Banking and
Finance, Vol. 22, No. 1, January 1998, pp. 1-18.
37.
Arminger, G., D. Enache, and T. Bonne, Analyzing Credit

Risk Data: A Comparison of Logistic Discrimination,
Classification Tree Analysis, and Feedforward Networks,
Computational Statistics, No. 12, 1997, pp. 293-310.
38.
Armstrong, Arthur, and John Hagel III, The Real Value

of On-Line Communities, Harvard Business Review, Vol. 74,
No. 3, May/June 1996, pp. 134-141.
39.
Arthur D. Little, Inc., An Assessment of Movement Toward

a Less Cash/Less Check Society: A First Phase Report to the
National Science Foundation, Cambridge, MA: Arthur D.
Little, Inc., 1974.
40.
Arthur D. Little, Inc., The Consequence of Electronic Funds

Transfer: A Technology Assessment of Movement Toward a
Less Cash/Less Check Society, Cambridge, MA: Arthur D.
Little, Inc., 1975.
41.
Arthur D. Little, Inc., The Pricing of Check Collection

Services By Commercial Banks and Federal Reserve Banks,
3rd and 8th Districts: A Pilot Study, Cambridge, MA: Arthur
D. Little, Inc., 1978.
30.
Angelini, Paolo, and Curzio Giannini, On the Economics

of Interbank Payment Systems, Banca D Italia, working
paper, No. 193, May 1993.
42.
31.
Angelini, Paolo, and Franco Passacantando, Central

Banks Role in the Payment System and Its Relationship with
Banking Supervision, Rome: Banca D Italia, Research
Department, August 1993.
Arthur, W. Brian, Competing Technologies, Increasing

Returns, and Lock-In by Historical Events, The Economic
Journal, Vol. 99, No. 394, March 1989, pp. 116-131.
43.
Angelini, Paolo, G. Maresca, and D. Russo, Systemic

Risk in the Netting System, Journal of Banking and Finance,
Vol. 20, No. 5, June 1996, pp. 853-868.
Association of Reserve City Bankers, Risks in the

Electronic Payments Systems, Washington, D.C.: Association
of Reserve City Bankers, 1983.
44.
Angell, Wayne, Cooperative Approaches to Reduce Risks

in Global Financial Markets, speech presented at
Conference on Regulating International Financial Markets;
Issues and Policies, New York, May 1990.
Association of Reserve City Bankers, and Arthur D.

Little, Inc., Issues and Needs in the Nations Payment
System: A Perspective for Bankings Policy-Makers,
Washington, D.C.: Association of Reserve City Bankers, 1982.
45.
Atkins, Derek, Paul Buis, Chris Hare, Robert Kelley,

Carey Nachenberg, Anthony B. Nelson, Paul Phillips,
Tim Ritchey, Tom Sheldon, and Joel Snyder, Internet
Security: Professional Reference, second edition,
Indianapolis: New Riders Publishing, 1997.
46.
Australian Payments System Council, Annual Report

1996/97, Publishing Section, Reserve Bank of Australia, 1997.
47.
Ausubel, Lawrence M., Credit Card Defaults, Credit Card

Profits, and Bankruptcy, American Bankruptcy Law Journal,
Volume 71, Number 2, 1997, pp. 249-270.
48.
Ausubel, Lawrence M., The Failure of Competition in the

Credit Card Market, American Economic Review, Vol. 81,
No. 1, March 1991, pp. 50-81.
32.
33.
34.
Angell, Wayne, Payment System Policy in a World

Economy, speech presented at National Corporate Cash
Managment Association, Washington, D.C., October 1990.
35.
Angell, Wayne, Policy Response to Issues in Central Bank

Payment Services, speech presented at International
Symposium on Banking and Payment Services, Washington,
D.C., 1989.
36.
Anonymous, How Banks Will Price Daylight Overdrafts,

Corporate Cashflow, Vol. 12, No. 12, November 1993.
p . a . g . e
49.
Avery, Robert B., Deregulation and the Location of

Financial Institution Offices, Economic Review, Federal
Reserve Bank of Cleveland, Vol. 27, No. 3, Third Quarter
1991, pp. 30-42.
60.
Baer, Herbert L., Douglas D. Evanoff, and Christine

Pavel, Payment System Issues in a 24 Hour Global
Economy, in Research in Financial Services: Private and
Public Policy, George Kaufman (editor), Vol. 3, JAI Press, 1991.
50.
Avery, Robert B., Gregory E. Elliehausen, and Arthur

B. Kennickell, Changes in Consumer Installment Debt:
Evidence from the 1983 and 1986 Surveys of Consumer
Finances, Federal Reserve Bulletin, Vol. 73, No. 10,
October 1987, pp. 761-778.
61.
Baer, Herbert L., Douglas D. Evanoff, Diana Fortier,

and Larry Mote, Geographic Deregulation in Banking and
the Public Interest, Issues in Bank Regulation, Volume 11,
Spring 1988.
62.
51.
Avery, Robert B., Gregory E. Elliehausen, Arthur B.

Kennickell, and Paul A. Spindt, The Use of Cash and
Transaction Accounts by American Families, Federal
Reserve Bulletin, Vol. 72, No. 2, February 1986, pp. 87-108.
Baer, Herbert L., Virginia Grace France, and James T.

Moser, Opportunity Cost and Prudentiality: A
Representative-Agent Model of Futures Clearinghouse
Behavior, Faculty working paper, No. 93-1042, August 1993.
63.
52.
Avery, Robert, Gregory Elliehausen, Arthur Kennickell,

and Paul Spindt, Changes in the Use of Transaction
Accounts and Cash from 1984 to 1986, Federal Reserve
Bulletin, Vol. 73, pp. 179-96.
Baer, Herbert.L., Virginia Grace France, and James T.

Moser, Determination of Collateral Deposits by Bilateral Parties
and Clearinghouses, 31st annual conference on bank structure
and competition, Federal Reserve Bank of Chicago, 1995.
64.
53.
Awh, R.Y., and D. Waters, A Discriminant Analysis of

Economic, Demographic, and Attitudinal Characteristics of
Bank Charge Card Holders: A Case Study, American
Economic Review, Vol. 29, No. 3, 1974, pp. 973-980.
Bailey, Joseph, Erik Byrnjolfsson, and M.D. Smith,

In Search of Friction-Free Markets: An Exploratory Analysis
of Prices for Books, CDs, and Software Sold on the Internet,
Massachusetts Institute of Technology, Technology,
Management, and Policy working paper series, 1997.
54.
Ayadi, O. Felix, Adverse Selection, Search Costs and

Sticky Credit Card Rates, Financial Services Review,
Vol. 6, No. 1, 1997, pp. 53-67.
65.
55.
Bacchetta, P., Consumption and Credit Constraints:

International Evidence, Journal of Monetary Economics,
Volume 40, No. 2, 1997, pp. 207-238.
Bain, Scott E., Examining Traditional Legal Paradigms in

a Non-Physical Environment: Need We Invent New Rules
of the Road for the Information Superhighway?, Berkeley
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66.
Baker, Donald I., Shared ATM NetworksThe Antitrust

Dimension, Federal Reserve Bank of St. Louis Review,
November/December 1995, pp. 5-17.
67.
Baker, Donald I., and R.E. Brandel, The Law of Electronic

Fund Transfer Systems, New York: Warren, Gorham &
Lamont, 1988.
68.
Baer, Herbert L., and Douglas D. Evanoff, Payments

System Issues in Financial Markets that Never Sleep,
Economic Perspectives, Federal Reserve Bank of Chicago,
Vol. 14, No. 6, November 1990, pp. 2-15.
Baker, Stewart A., and Michael D. Hintze, Government

Regulation of Encryption: Domestic and International
Developments, Coping with U.S. Export Controls 1997,
Practicing Law Institutes Commercial Law and Practice Course
Handbook Series, No. 760 PLI/Comm 445, December 1997.
69.
Baer, Herbert L., and Douglas D. Evanoff, Payments

System Risk Issues in a Global Economy, Federal Reserve
Bank of Chicago, working paper, No. WP-90-12, 1990.
Bakos, J.Y., A Strategic Analysis of Electronic

Marketplaces, MIS Quarterly, Vol. 15, No. 3, September
1991, pp. 295-310.
70.
Bakos, J.Y., Reducing Buyer Search Costs: Implications

for Electronic Marketplaces, Management Science, Vol. 43,
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56.
57.
58.
59.
Bachmann Task Force, Report of the Bachmann Task

Force on Clearance and Settlement Reform in the U.S.
Securities Markets, Maryland Heights, MO: Bachmann
Task Force, 1992.
Baer, Herbert L., and Douglas D. Evanoff, Financial
Globalization: Payment System Issues and Alternatives,
Global Finance Journal, Vol. 2, Fall 1992.
p . a . g . e
71.
Baldwin, Carliss Y., and Kim B. Clark, Managing in an

Age of Modularity, Harvard Business Review, Vol. 75, No. 5,
September/October 1997, pp. 84-93.
84.
Bank Administration Institute, 1995 Benchmarks for

Check Processing: National Standards for Measuring
Performance, Chicago: Bank Administration Institute, 1995.
72.
Ballen, Robert G., and Thomas A. Fox, Electronic

Banking Products and Services: The New Legal Issues, The
Banking Law Journal, Vol. 115, No. 4, April 1998, pp. 334-345.
85.
Bank Administration Institute, Check Processing Survey

1994: Benchmarks for Performance and Productivity, Chicago,
IL: Bank Administration Institute, 1995.
73.
Ballen, Robert G., Tony M. Davis, Joseph P. Savage,

and Stephen C. Veltri, Commercial Paper, Bank Deposits
and Collection, and Other Payment Systems, The Business
Lawyer, Vol. 46, No. 4, August 1991.
86.
Bank Administration Institute, Check Truncation, Rolling

Meadows, IL: Bank Administration Institute, 1980.
87.
Bank Administration Institute, Plastic Card Float, Rolling

Meadows, IL: Bank Administration Institute, 1986.
Balmforth, Derek, BACS Goes for the Future, Banking

World, Vol. 3, No. 5, March 1987.
88.
Baltensperger, E., Economies of Scale, Firm Size, and

Concentration in Banking, Journal of Money, Credit, and
Banking, Vol. 4, August 1972, pp. 467-488.
Bank Administration Institute, The National Payments

System: A Strategic Symposium, Chicago: Bank
Administration Institute, 1996.
89.
Bank Administration Institute, The Payments System

Capitalizing on Emerging Opportunities in Information Technology:
Proceedings of the 1996 National Payments System
Symposium, Chicago: Bank Administration Institute, 1997.
74.
75.
76.
Baltensperger, E., The Demand for Reserves, American

Economic Review, Vol. 64, March 1974, pp. 205-210.
77.
Balto, David A., Access Demands to Payment Systems

Joint Ventures, The Harvard Journal of Law and Public
Policy, Summer 1995, Vol. 18, No. 3, pp. 623-669.
90.
Bank Administration Institute, and PSI Global, Profiting

from Change in the U.S. Payments System, Chicago: Bank
Administration Institute, 1998.
78.
Balto, David A., ATM Surcharges: Panacea or Pandoras

Box?, The Review of Banking and Financial Services, Vol.
12, No. 17, October 1996, pp. 169-177.
91.
79.
Balto, David A., Networks and Exclusivity: Antitrust

Analysis to Promote Network Competition, George Mason
Law Review, Vol. 7, 1999, p. 523-576.
Bank Administration Institute, and Robert Morris

Associates, The Final Report of the Risk Control Task Force
Payments System Committee, Association of Reserve City
Bankers, Washington, D.C.: Association of Reserve City
Bankers, 1984.
92.
Balto, David A., Payment Systems and Antitrust: Can the

Opportunities for Network Competition Be Recognized?,
Review, Federal Reserve Bank of St. Louis, Vol. 77,
December 1995, pp. 19-40.
Bank for International Settlements, Central Bank

Payment and Settlement Services with Respect to CrossBorder and Multi-Currency Transactions, Basle: Bank for
International Settlements, 1993.
93.
Balto, David A., The Problem of Interchange Fees: Costs

Without Benefits, European Competition Law Review, Vol.
21, No. 4, 2000, pp. 215-224.
Bank for International Settlements, Central Bank Survey

of Foreign Exchange Derivatives Market Activity 1995, Basle:
Bank for International Settlements, 1996.
94.
Bank for International Settlements, Clearing

Arrangements for Exchange-Traded Derivatives, Basle: Bank
for International Settlements, 1997.
95.
Bank for International Settlements, 9.2, in Core

Principles for Systemically Important Payment Systems,
Basle: Bank for International Settlements, 2001.
96.
Bank for International Settlements, Cross-Border

Securities Settlements, Basle: Bank for International
Settlements, 1995.
80.
81.
82.
83.
Balto, David A., and James J. McAndrews, Joint Venture

Payment Networks and Public Policy, speech presented at
Payments Systems in the Global Economy: Risks and Opportunity:
Proceedings of the 34th Annual Conference on Bank Structure
and Competition, Federal Reserve Bank of Chicago, 1998.
Banca DItalia, White Paper on Payment System
Oversight: Objectives, Methods, Areas of Interest, Banca
DItalia, November 1999.
p . a . g . e
97.
Bank for International Settlements, Delivery Versus

Payment in Securities Settlement Systems, Basle: Bank for
112. Bank for International Settlements, Payment Systems

in the Czech Republic, Basle: Bank for International
Settlements, 1997.
98.
Bank for International Settlements, Disclosure

Framework for Securities Settlement Systems, Basle: Bank
113. Bank for International Settlements, Payment Systems

n the Group of Ten Countries, Basle: Bank for International
Settlements, 1993.
99.
Bank for International Settlements, Electronic Money:

Consumer Protection, Law Enforcement, Supervisory and
Cross Border Issues, Basle: Bank for International
Settlements, 1997.
114. Bank for International Settlements, Payment Systems i

n the Southern African Development Community, Basle:
100. Bank for International Settlements, Guide to Producing

a Red Book, Basle: Bank for International Settlements, 1999.
115. Bank for International Settlements, Possible Seignorage

Implications of the Development of Electronic Money, Basle:
101. Bank for International Settlements, Implications for

Central Banks of the Development of Electronic Money,
Basle: Bank for International Settlements, 1996.
116. Bank for International Settlements, Real-Time Gross

Settlement Systems, Basle: Bank for International
Settlements, 1997.
102. Bank for International Settlements, Large-Value Funds

Transfer Systems in the Group of Ten Countries, Basle: Bank
117. Bank for International Settlements, Reducing Foreign

Exchange Settlement Risk: A Progress Report, Basle: Bank
103. Bank for International Settlements, Managing Change

in Payment Systems, Bank for International Settlements,
Monetary and Economic Development, Basle, May 1998.
118. Bank for International Settlements, Report of the

Committee on Interbank Netting Schemes of the Central
Banks of the Group of Ten Countries, Basle: Bank for
104. Bank for International Settlements, Payment Systems in

Australia, Basle: Bank for International Settlements, 1999.
Eleven Developed Countries, Basle: Bank for International
Settlements, 1989.
Finland, Basle: Bank for International Settlements, 1994.
Iceland, Basle: Bank for International Settlements, 1995.
119. Bank for International Settlements, Report on Netting

Schemes, Basle: Bank for International Settlements, 1989.
120. Bank for International Settlements, Report on OTC
Derivatives: Settlement Procedures and Counterparty Risk
Management, Basle: Bank for International Settlements, 1998.
121. Bank for International Settlements, Retail Payments in
Selected Countries: A Comparative Study, Basle: Bank for

Korea, Basle: Bank for International Settlements, 1997.
122. Bank for International Settlements, Securities Lending

Transactions: Market Development and Implications, Basle:

Lebanon, Basle: Bank for International Settlements, 1998.
123. Bank for International Settlements, Security of Electronic

Money, Basle: Bank for International Settlements, 1996.

Norway, Basle: Bank for International Settlements, 1995.
124. Bank for International Settlements, Settlement Risk in

Foreign Exchange Transactions, Basle: Bank for International
Settlements, 1996.

Saudi Arabia, Basle: Bank for International Settlements, 1996.
p . a . g . e
125. Bank for International Settlements, Statistics on

Payment Systems in Eleven Developed Countries, Basle:
138. Barron, John M., Michael E. Staten, and John Umbeck,

Discounts for Cash in Retail Gasoline Marketing, Contemporary
Policy Issues, Vol. 10, No. 4, October 1992, pp. 89-102.
126. Bank for International Settlements, Statistics on

Payment Systems in the Group of Ten Countries, Basle: Bank
139. Bartel, Henry, and Gavin Arbuckle, Electronic Banking in

Canada and the United States, Montreal, Quebec: Gamma
Institute Press, 1987.
127. Bank of England, Recent Developments in UK Payment

Clearing Systems, Bank of England Quarterly Bulletin,
August 1987.
140. Barth, James, Gerard Caprio, and Ross Levine, The

Regulation and Supervision of Banks Around the World,
University of Minnesota Financial Studies Working Paper No.
0006, February 2001.
128. Bank of England, Settlement of Transactions in the GiltEdged Securities Market, Bank of England Quarterly
Bulletin, February 1987.
129. Bank of Japan, A Legal Study of Bilateral Netting in
Japan, Kinkyu Kenkyu, February 1987, pp. 135-167.
130. Bankers Roundtable, Subcommittee and Working
Group on Retail Electronic Payments Systems, The Role
of the Federal Reserve and the Banking Industry in the Retail
Electronic Payments Systems of the Future, Washington,
D.C.: Bankers Roundtable, 1998.
131. Bankers Clearing House, Payment Clearing Systems:
Review of Organization Membership, & Control, Members of
the Bankers Clearing House, December 1984.
132. Barassi, Theodore S., The CyberNotary: A New U.S. Legal
Specialization for Facilitating Electronic Commerce, A.B.A
Bulletin of Law, Science & Technology, April 1995.
133. Barnett, Nick, Stephen Hodges, and Michael Wilshire,
M-Commerce: An Operators Manual, The McKinsey
Quarterly, No. 3, 2000, pp. 163-173.
134. Barnett, William A., and Ge Zhou, Financial Firms
Production and Supply-Side Monetary Aggregation Under
Dynamic Uncertainty, Federal Reserve Bank of St. Louis,
March 1994.
135. Barnett, William A., D. Fisher, and A. Serletis,
Consumer Theory and the Demand for Money, Journal of
Economic Literature, Vol. 30, 1992, pp. 2086-2119.
136. Barouski, William A., and Margaret M. Beutel,
Supervisory Impact of Technology on South East Asian
Banking, Kuala Lumpur, Malaysia: The SEACEN Centre, 1999.
137. Barro, Robert, and Anthony Santomero, Household
Money Holdings and the Demand Deposit Rate, Journal of
Money, Credit, and Banking, Vol. 4, May 1972, pp. 397-413.
141. Bartholomew, Philip, Larry Mote, and Gary Whalen,

The Definition of Systematic Risk, paper read at 70th
Annual Western Economic Association International
Conference, July 5-9, 1995.
142. Basle Committee on Banking Supervision, Risk
Management for Electronic Banking and Electronic Money
Activities, Basle, Switzerland: Bank for International
Settlements, 1998.
143. Basle Committee on Banking Supervision, The Security
of Electronic Money, Basle: Bank for International
Settlements, 1996.
144. Bauer, Paul W., A Beginners Guide to the U.S. Payments
System, Economic Commentary, Federal Reserve Bank of
Cleveland, July 1, 1994.
145. Bauer, Paul W., Currency: Time for Change?, Economic
Commentary, Federal Reserve Bank of Cleveland, October 1, 1998.
146. Bauer, Paul W., Efficiency and Technical Progress in Check
Processing, Economic Review, Federal Reserve Bank of
Cleveland, September 1993, pp. 24-38.
147. Bauer, Paul W., Making Payments in Cyberspace,
Economic Commentary, Federal Reserve Bank of Cleveland,
October 1, 1995.
148. Bauer, Paul W., Allen N. Berger, Gary D. Ferrier, and
David B. Humphrey, Consistency Conditions for
Regulatory Analysis of Financial Institutions: A Comparison
of Frontier Efficiency Methods, Federal Reserve Bank of
Cleveland, Financial Services Research Group, working
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1605. Zilberfarb, Ben-Zion, The Effect of Automated Teller

Machines on Demand Deposits: An Empirical Analysis,
Journal of Financial Services Research, Vol. 2, No. 1,
1606. Zimmerman, Gary C., Implementing the Single Banking
Market in Europe, Economic Review, Federal Reserve Bank
of San Francisco, No. 3, 1995, pp. 35-51.
1607. Zimmerman, Gary C., The Pricing of Federal Reserve
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Bank of San Francisco, Winter 1981, pp. 22-40.
1608. Zobel, Rosalie, Business Transformation Through
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1609. Zywicki, Todd, The Economics of Credit Cards, George
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Access to Payments: 77, 131, 167, 196, 213, 233, 289, 303, 304, 305, 358, 434, 532, 564, 674, 764, 765,
795, 833, 838, 852, 928, 983, 1078, 1225, 1321, 1411, 1476
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Automated Clearing House (ACH): 149, 151, 214, 222, 223, 272, 540, 541, 542, 553, 560, 614, 722, 725,
727, 761, 779, 790, 792, 834, 904, 1005, 1044, 1103, 1114, 1115, 1118, 1120, 1121, 1124, 1125, 1126, 1127,
1128, 1130, 1206, 1256, 1393, 1413, 1418, 1419, 1420, 1440, 1454, 1557
Banking and Monetary Theory: 4, 6, 9, 62, 74, 76, 134, 135, 172, 204, 264, 283, 293, 308, 326, 329, 347,
368, 404, 421, 430, 472, 498, 506, 527, 530, 548, 550, 563, 600, 602, 611, 649, 700, 721, 762, 773, 821, 822,
840, 853, 902, 911, 937, 958, 963, 979, 992, 1018, 1067, 1083, 1091, 1106, 1144, 1200, 1214, 1219, 1242,
1263, 1266, 1269, 1291, 1293, 1295, 1297, 1302, 1303, 1310, 1313, 1324, 1348, 1365, 1385, 1441, 1447,
1460, 1461, 1462, 1509, 1518, 1523, 1526, 1536, 1538, 1539, 1564, 1567, 1593, 1602, 1603, 1605
Business to Business: 1, 88, 89, 90, 200, 541, 591, 593, 640, 694, 871, 1026, 1063, 1158, 1203, 1221,
1344, 1347, 1456, 1457, 1459, 1482, 1558
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N
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Business to Consumer: 12, 38, 240, 274, 428, 449, 483, 525, 541, 643, 691, 748, 765, 886, 887, 1081,
1221, 1232, 1390, 1452, 1456, 1457, 1458, 1550
Business to Government: 12, 147, 216, 525, 541, 1456, 1457, 1482
Cards: ATM, Credit, Debit, Smart, and Stored Value: 12, 19, 20, 48, 51, 54, 66, 67, 78, 81, 82, 87, 90,
138, 153, 187, 195, 206, 207, 208, 213, 216, 217, 219, 221, 255, 256, 257, 274, 280, 285, 295, 298, 302, 306,
313, 318, 319, 320, 321, 322, 334, 342, 354, 362, 386, 392, 394, 428, 429, 437, 442, 443, 449, 486, 522, 523,
524, 525, 535, 536, 537, 538, 546, 551, 561, 564, 565, 566, 588, 589, 590, 591, 606, 628, 634, 635, 636, 637,
641, 651, 660, 661, 665, 671, 693, 725, 730, 731, 732, 735, 741, 752, 753, 754, 757, 768, 770, 775, 782, 788,
824, 836, 838, 845, 849, 878, 888, 889, 890, 892, 893, 897, 901, 903, 920, 930, 936, 965, 970, 978, 997, 998,
999, 1000, 1003, 1004, 1009, 1020, 1022, 1023, 1027, 1031, 1033, 1039, 1042, 1043, 1045, 1048, 1052,
1064, 1066, 1076, 1078, 1081, 1107, 1108, 1110, 1123, 1135, 1140, 1143, 1163, 1166, 1167, 1169, 1170,
1174, 1176, 1177, 1179, 1182, 1183, 1193, 1201, 1202, 1204, 1215, 1216, 1240, 1255, 1275, 1283, 1285,
1286, 1306, 1309, 1327, 1335, 1346, 1350, 1358, 1379, 1380, 1381, 1382, 1384, 1387, 1388, 1391, 1414,
1426, 1453, 1454, 1455, 1457, 1459, 1469, 1470, 1474, 1480, 1481, 1487, 1488, 1489, 1490, 1498, 1507,
1512, 1515, 1517, 1554, 1565, 1572, 1582, 1588, 1592, 1593, 1605, 1609
Cash: 3, 4, 52, 152, 190, 226, 228, 241, 264, 270, 276, 283, 308, 346, 375, 377, 385, 389, 425, 426, 427,
433, 498, 611, 616, 663, 672, 751, 762, 788, 895, 896, 911, 956, 957, 959, 979, 992, 1025, 1050, 1079, 1083,
1091, 1097, 1146, 1292, 1307, 1313, 1355, 1378, 1432, 1439, 1442, 1449, 1450, 1494, 1518, 1522, 1529,
1537, 1540, 1547, 1601
Central Banks Role: 6, 10, 13, 27, 31, 35, 41, 83, 88, 92, 101, 103, 130, 142, 149, 150, 159, 164, 182, 214,
215, 218, 222, 223, 225, 251, 253, 262, 292, 309, 311, 312, 316, 326, 331, 333, 343, 350, 364, 373, 374, 409,
410, 415, 436, 444, 488, 496, 504, 510, 512, 534, 540, 542, 543, 544, 546, 548, 551, 555, 556, 563, 573, 578,
579, 601, 603, 607, 608, 620, 627, 638, 641, 654, 673, 680, 681, 682, 683, 684, 696, 698, 720, 726, 736, 739,
773, 780, 783, 784, 785, 786, 790, 798, 809, 827, 828, 830, 831, 839, 850, 882, 921, 922, 924, 927, 929, 933,
935, 953, 955, 962, 972, 1029, 1040, 1054, 1057, 1060, 1068, 1074, 1082, 1084, 1092, 1093, 1095, 1131,
1153, 1160, 1172, 1187, 1201, 1212, 1238, 1245, 1250, 1251, 1253, 1256, 1308, 1322, 1330, 1331, 1349,
1363, 1369, 1370, 1405, 1408, 1413, 1415, 1417, 1422, 1424, 1440, 1443, 1477, 1508, 1510, 1517, 1543,
1559, 1560, 1566, 1573, 1574, 1585, 1589, 1598, 1600
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Check: 18, 41, 44, 51, 52, 84, 85, 90, 146, 150, 151, 162, 222, 223, 225, 241, 263, 301, 333, 356, 374, 397,
417, 444, 487, 541, 543, 546, 551, 560, 588, 589, 591, 597, 616, 655, 667, 685, 694, 698, 702, 719, 725, 751,
763, 778, 779, 783, 790, 791, 802, 806, 808, 856, 883, 904, 931, 935, 944, 947, 1005, 1046, 1055, 1073,
1077, 1082, 1086, 1087, 1109, 1111, 1117, 1120, 1130, 1143, 1184, 1201, 1203, 1206, 1250, 1294, 1324,
1363, 1386, 1389, 1390, 1400, 1408, 1454, 1455, 1457, 1463, 1487, 1499, 1517, 1557, 1598
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Competition/Antitrust: 17, 44, 48, 79, 80, 166, 172, 174, 185, 249, 252, 260, 281, 297, 309, 319, 320, 322,
411, 414, 420, 423, 451, 452, 455, 456, 457, 462, 463, 464, 465, 467, 469, 480, 481, 514, 516, 518, 522, 524,
546, 559, 573, 595, 631, 731, 733, 747, 781, 829, 859, 933, 946, 964, 973, 974, 983, 1009, 1032, 1033, 1035,
1048, 1050, 1052, 1123, 1165, 1208, 1209, 1214, 1231, 1262, 1266, 1273, 1335, 1337, 1348, 1361, 1379,
1400, 1480, 1484, 1488, 1495, 1544, 1549, 1551, 1590
Consumer: 5, 7, 19, 20, 22, 38, 48, 49, 50, 51, 90, 135, 137, 138, 166, 187, 192, 196, 206, 208, 209, 217,
219, 220, 222, 233, 234, 235, 240, 255, 256, 279, 280, 285, 286, 288, 289, 295, 300, 302, 303, 304, 307, 313,
318, 319, 320, 342, 351, 358, 360, 370, 386, 388, 390, 437, 442, 445, 482, 500, 507, 541, 549, 551, 560, 569,
634, 635, 636, 637, 641, 643, 674, 725, 729, 754, 755, 759, 761, 763, 764, 769, 770, 771, 778, 829, 833, 838,
852, 853, 880, 881, 884, 886, 887, 888, 889, 890, 920, 928, 931, 965, 974, 976, 983, 989, 1005, 1007, 1008,
1011, 1020, 1033, 1059, 1076, 1077, 1078, 1102, 1109, 1111, 1112, 1140, 1146, 1162, 1163, 1178, 1179,
1207, 1208, 1221, 1222, 1224, 1227, 1248, 1250, 1257, 1292, 1314, 1315, 1321, 1376, 1383, 1388, 1438,
1442, 1455, 1469, 1470, 1475, 1481, 1483, 1487, 1490, 1498, 1517, 1562, 1565, 1573
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Consumer Credit: 37, 47, 53, 55, 163, 203, 205, 209, 277, 278, 369, 380, 381, 382, 391, 402, 435, 438, 492,
515, 622, 623, 670, 703, 711, 712, 739, 762, 859, 888, 981, 982, 993, 1075, 1101, 1142, 1149, 1150, 1175,
1178, 1182, 1288, 1336, 1339, 1374, 1379, 1391, 1410, 1444, 1449, 1527, 1596, 1597
Consumer to Business: 19, 21, 38, 88, 89, 90, 138, 206, 233, 234, 235, 240, 289, 303, 428, 541, 590, 771,
795, 886, 887, 1153, 1221, 1371, 1457, 1482
Corporate: 12, 22, 39, 88, 379, 551, 560, 588, 589, 593, 725, 749, 904, 1063, 1088, 1115, 1126, 1128, 1129,
1152, 1169, 1185, 1187, 1221, 1225, 1247, 1434, 1435, 1454, 1455, 1456, 1457, 1482, 1498, 1547, 1548, 1549
Credit Card: 7, 47, 53, 203, 209, 212, 244, 249, 277, 278, 279, 287, 288, 299, 300, 325, 351, 438, 445, 610,
652, 711, 712, 718, 743, 996, 1011, 1064, 1175, 1188, 1236, 1262, 1319, 1336, 1340, 1374, 1379, 1444,
1586, 1592, 1593, 1596, 1597
Electronic Banking and Bill Payment: 2, 26, 72, 154, 198, 234, 235, 239, 240, 246, 275, 336, 366, 379,
400, 412, 475, 500, 545, 550, 551, 552, 560, 561, 568, 569, 570, 572, 575, 607, 624, 626, 630, 643, 679, 710,
759, 776, 778, 803, 805, 828, 847, 880, 881, 886, 891, 892, 904, 913, 1005, 1007, 1008, 1013, 1069, 1109,
1113, 1143, 1144, 1145, 1174, 1184, 1203, 1207, 1232, 1352, 1372, 1373, 1398, 1416, 1421, 1454, 1455,
1457, 1465, 1475, 1479, 1481, 1485, 1491, 1492, 1498, 1504, 1517
Electronic Benefits Transfer: 67, 196, 233, 450, 561, 588, 590, 641, 674, 765, 774, 795, 834, 835, 1143,
1219, 1315, 1321, 1369, 1411, 1436, 1454, 1487, 1517, 1533, 1534, 1584
Electronic Commerce: 1, 12, 21, 23, 38, 64, 69, 70, 132, 147, 157, 160, 200, 210, 237, 238, 242, 256, 266,
268, 271, 274, 302, 338, 339, 340, 363, 379, 422, 439, 447, 448, 528, 529, 551, 568, 570, 574, 582, 592, 593,
594, 606, 615, 625, 628, 630, 639, 640, 643, 644, 645, 687, 718, 733, 744, 829, 847, 869, 870, 890, 945, 949,
951, 980, 987, 989, 991, 1006, 1030, 1063, 1090, 1096, 1098, 1105, 1136, 1139, 1153, 1154, 1159, 1162,
1184, 1190, 1191, 1192, 1195, 1197, 1207, 1222, 1235, 1239, 1243, 1271, 1277, 1278, 1304, 1305, 1332,
1333, 1344, 1347, 1353, 1428, 1429, 1433, 1434, 1435, 1455, 1459, 1466, 1467, 1468, 1471, 1472, 1473,
1479, 1483, 1486, 1505, 1517, 1525, 1532, 1548, 1549, 1550, 1558, 1561, 1578, 1579, 1580, 1583
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Electronic Money and Micropayments: 10, 12, 39, 40, 99, 101, 115, 123, 142, 143, 167, 168, 169, 191,
228, 269, 274, 291, 318, 358, 374, 408, 424, 432, 474, 496, 502, 503, 561, 575, 609, 669, 675, 676, 678,
690, 705, 709, 757, 850, 855, 868, 889, 890, 910, 917, 927, 930, 948, 978, 985, 1006, 1009, 1012, 1024,
1037, 1038, 1143, 1160, 1186, 1193, 1205, 1223, 1246, 1247, 1311, 1312, 1317, 1342, 1357, 1358, 1359,
1360, 1362, 1366, 1412, 1414, 1426, 1430, 1454, 1455, 1472, 1485, 1502, 1511, 1513, 1514, 1515, 1517,
1546, 1550, 1554, 1562, 1563, 1569, 1585, 1588
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Future Payment Trends: 8, 12, 20, 22, 38, 40, 58, 65, 67, 88, 89, 133, 147, 154, 165, 175, 180, 183, 230,
240, 249, 257, 259, 275, 277, 292, 294, 309, 318, 374, 378, 396, 424, 428, 429, 440, 497, 511, 551, 555, 571,
576, 605, 619, 625, 630, 644, 685, 687, 723, 737, 749, 755, 756, 757, 758, 769, 850, 868, 918, 919, 920, 974,
985, 1008, 1011, 1013, 1021, 1029, 1040, 1051, 1081, 1088, 1110, 1154, 1163, 1166, 1199, 1222, 1241,
1278, 1285, 1318, 1338, 1342, 1352, 1357, 1359, 1362, 1411, 1425, 1434, 1472, 1479, 1481, 1502, 1516,
1549, 1561, 1570
Government: 21, 41, 56, 67, 72, 99, 145, 156, 175, 182, 196, 247, 251, 260, 271, 307, 314, 315, 316, 328,
339, 354, 356, 359, 365, 387, 432, 446, 450, 471, 541, 551, 555, 582, 589, 590, 613, 619, 629, 644, 667, 673,
687, 694, 701, 749, 765, 771, 784, 793, 795, 810, 831, 839, 877, 885, 910, 914, 916, 930, 936, 938, 949, 953,
959, 960, 983, 989, 991, 1012, 1017, 1060, 1062, 1064, 1094, 1148, 1154, 1155, 1157, 1159, 1164, 1196,
1198, 1217, 1219, 1221, 1236, 1244, 1248, 1255, 1260, 1265, 1276, 1300, 1304, 1310, 1311, 1321, 1329,
1369, 1376, 1411, 1415, 1428, 1432, 1440, 1444, 1445, 1452, 1455, 1457, 1463, 1466, 1467, 1468, 1471,
1472, 1474, 1475, 1476, 1477, 1481, 1483, 1492, 1493, 1496, 1497, 1502, 1503, 1541, 1542, 1546, 1588,
1594, 1595, 1606
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History: 39, 40, 44, 52, 88, 180, 189, 204, 241, 262, 282, 293, 302, 333, 345, 373, 377, 423, 446, 471, 485,
525, 555, 597, 610, 654, 655, 676, 683, 684, 686, 690, 702, 772, 773, 798, 839, 840, 851, 877, 882, 935, 961,
966, 992, 997, 998, 1010, 1018, 1058, 1060, 1066, 1095, 1100, 1137, 1140, 1149, 1200, 1238, 1247, 1249,
1253, 1260, 1264, 1265, 1268, 1269, 1275, 1296, 1329, 1365, 1375, 1376, 1378, 1400, 1415, 1419, 1420,
1424, 1438, 1443, 1444, 1517, 1520, 1566, 1597
International: 14, 15, 16, 27, 28, 30, 31, 33, 46, 55, 57, 59, 60, 68, 83, 88, 89, 92, 93, 94, 96, 97, 98, 99,
100, 102, 103, 104, 105, 106, 107, 108, 109, 110, 111, 112, 113, 114, 116, 117, 118, 119, 120, 121, 122, 123,
124, 125, 126, 127, 128, 129, 131, 136, 139, 140, 167, 182, 186, 193, 197, 201, 215, 226, 227, 231, 236, 245,
253, 293, 296, 314, 315, 316, 317, 325, 328, 341, 344, 348, 352, 353, 354, 376, 383, 387, 398, 407, 409, 417,
441, 448, 473, 478, 494, 504, 505, 527, 543, 546, 554, 555, 581, 584, 585, 587, 599, 603, 617, 631, 632, 633,
639, 648, 649, 662, 668, 683, 713, 714, 715, 734, 738, 744, 750, 753, 756, 757, 758, 772, 787, 788, 798, 802,
803, 804, 807, 812, 819, 828, 830, 831, 832, 844, 866, 867, 879, 894, 911, 914, 917, 923, 947, 950, 954, 958,
964, 967, 968, 969, 977, 984, 994, 1000, 1010, 1016, 1019, 1020, 1021, 1025, 1065, 1070, 1080, 1090, 1094,
1097, 1131, 1141, 1154, 1155, 1156, 1157, 1158, 1159, 1160, 1161, 1171, 1172, 1173, 1174, 1183, 1185,
1190, 1191, 1192, 1194, 1212, 1224, 1244, 1260, 1283, 1290, 1295, 1300, 1301, 1308, 1316, 1322, 1334,
1341, 1353, 1355, 1357, 1358, 1367, 1368, 1397, 1407, 1425, 1428, 1429, 1451, 1456, 1477, 1483, 1485,
1498, 1503, 1504, 1513, 1514, 1523, 1526, 1528, 1530, 1531, 1541, 1547, 1587, 1589, 1594, 1603, 1606
Large Value Clearing and Settlement: 14, 27, 28, 29, 32, 36, 40, 56, 59, 73, 83, 92, 93, 94, 96, 97, 98,
100, 102, 103, 104, 106, 107, 108, 109, 110, 111, 112, 113, 114, 116, 117, 118, 119, 120, 122, 123, 124, 125,
126, 155, 159, 182, 186, 189, 199, 210, 214, 215, 311, 312, 314, 315, 316, 317, 332, 343, 350, 376, 398, 418,
419, 441, 473, 489, 495, 505, 510, 547, 553, 556, 557, 558, 578, 579, 586, 598, 603, 620, 621, 622, 623, 632,
633, 653, 656, 673, 686, 692, 695, 713, 714, 720, 725, 726, 746, 766, 767, 787, 793, 832, 834, 857, 860, 861,
862, 864, 865, 866, 905, 922, 924, 940, 950, 953, 968, 1014, 1015, 1054, 1084, 1093, 1133, 1134, 1141,
1180, 1181, 1185, 1187, 1217, 1238, 1261, 1290, 1301, 1308, 1334, 1341, 1343, 1349, 1356, 1358, 1361,
1363, 1370, 1394, 1395, 1396, 1399, 1402, 1417, 1422, 1423, 1424, 1425, 1454, 1498, 1506, 1509, 1517,
1530, 1587, 1604, 1607
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Legal and Regulatory: 1, 11, 21, 33, 44, 61, 65, 68, 72, 73, 77, 79, 83, 99, 103, 130, 132, 140, 153, 154,
165, 175, 188, 197, 198, 199, 217, 219, 223, 237, 242, 264, 269, 271, 298, 299, 310, 324, 328, 330, 349, 351,
352, 354, 356, 357, 360, 401, 402, 415, 421, 430, 432, 447, 448, 474, 486, 491, 506, 507, 516, 517, 518, 523,
527, 534, 546, 548, 551, 552, 559, 574, 575, 582, 595, 596, 598, 599, 608, 609, 615, 628, 629, 641, 644, 645,
649, 664, 671, 679, 689, 715, 723, 733, 744, 771, 776, 777, 794, 820, 841, 842, 844, 869, 870, 880, 910, 913,
914, 915, 916, 922, 936, 939, 943, 946, 948, 949, 951, 961, 966, 971, 975, 978, 999, 1001, 1002, 1030, 1032,
1033, 1036, 1048, 1063, 1069, 1071, 1074, 1096, 1098, 1104, 1105, 1124, 1127, 1138, 1139, 1148, 1153,
1155, 1158, 1164, 1185, 1190, 1191, 1192, 1193, 1194, 1195, 1196, 1197, 1198, 1199, 1208, 1213, 1216,
1222, 1226, 1229, 1236, 1239, 1243, 1254, 1271, 1272, 1276, 1277, 1281, 1283, 1286, 1289, 1299, 1305,
1309, 1311, 1318, 1322, 1330, 1353, 1360, 1365, 1371, 1372, 1373, 1375, 1381, 1383, 1397, 1438, 1443,
1444, 1448, 1451, 1464, 1465, 1469, 1470, 1472, 1473, 1474, 1475, 1476, 1477, 1478, 1480, 1481, 1483,
1484, 1485, 1495, 1496, 1497, 1498, 1504, 1509, 1516, 1527, 1532, 1545, 1556, 1564, 1567, 1570, 1577,
1578, 1580, 1583, 1590, 1591, 1594, 1608
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Management Readings: 22, 38, 71, 88, 89, 90, 144, 240, 243, 318, 323, 367, 372, 431, 440, 476, 500, 526,
610, 650, 687, 691, 707, 826, 837, 843, 909, 986, 1008, 1207, 1237, 1327, 1328, 1338, 1364, 1454, 1455,
1588
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Monetary Policy: 6, 34, 159, 168, 169, 190, 191, 193, 201, 226, 247, 262, 265, 284, 330, 350, 365, 406,
488, 530, 601, 603, 608, 613, 633, 700, 709, 752, 830, 843, 850, 851, 877, 898, 907, 909, 914, 924, 938,
942, 977, 1012, 1060, 1079, 1080, 1089, 1095, 1131, 1137, 1200, 1205, 1210, 1211, 1247, 1252, 1314,
1316, 1330, 1331, 1361, 1368, 1415, 1424, 1429, 1450, 1521, 1537, 1540, 1542, 1559, 1585, 1601
Network Economics: 29, 42, 66, 81, 82, 194, 213, 298, 319, 405, 420, 451, 453, 454, 455, 458, 459, 460,
461, 464, 465, 468, 470, 523, 531, 533, 559, 564, 642, 659, 688, 742, 785, 872, 873, 874, 908, 941, 988, 991,
995, 1039, 1042, 1045, 1053, 1167, 1199, 1216, 1273, 1278, 1280, 1284, 1285, 1287, 1319, 1320, 1337,
1338, 1344, 1354, 1392, 1511, 1544, 1552, 1571
Payment Mechanics: 15, 18, 27, 28, 30, 31, 34, 35, 57, 58, 60, 73, 77, 83, 85, 87, 91, 95, 96, 103, 104,
106, 107, 108, 109, 110, 111, 112, 113, 114, 121, 125, 126, 127, 131, 141, 177, 199, 201, 210, 211, 214, 226,
227, 229, 236, 245, 261, 275, 312, 313, 316, 317, 319, 323, 331, 332, 341, 344, 348, 353, 355, 360, 379, 383,
384, 388, 389, 390, 397, 398, 407, 417, 444, 450, 473, 479, 499, 505, 513, 515, 524, 525, 534, 538, 540, 542,
545, 557, 561, 572, 578, 580, 581, 583, 586, 587, 591, 598, 604, 614, 617, 627, 632, 648, 668, 689, 702, 704,
706, 707, 734, 736, 745, 755, 766, 767, 772, 781, 783, 787, 788, 793, 796, 797, 799, 801, 813, 825, 832, 834,
854, 864, 866, 868, 875, 879, 891, 901, 909, 915, 921, 940, 942, 954, 958, 968, 994, 1000, 1014, 1015, 1017,
1021, 1047, 1068, 1070, 1071, 1074, 1100, 1103, 1124, 1126, 1127, 1128, 1129, 1130, 1133, 1143, 1161,
1172, 1173, 1174, 1181, 1185, 1199, 1206, 1218, 1219, 1220, 1224, 1226, 1241, 1249, 1268, 1282, 1290,
1300, 1308, 1332, 1363, 1370, 1394, 1395, 1409, 1413, 1422, 1423, 1429, 1450, 1455, 1481, 1498, 1500,
1505, 1506, 1519, 1528, 1555, 1568, 1587, 1592, 1598, 1604, 1607
Payment Providers (Bank and Non-Bank): 6, 13, 15, 25, 36, 46, 49, 57, 58, 60, 73, 75, 87, 170, 171,
173, 174, 176, 179, 181, 183, 184, 202, 209, 211, 212, 214, 221, 224, 227, 239, 240, 244, 253, 254, 257, 273,
277, 278, 285, 300, 301, 303, 304, 318, 323, 329, 353, 355, 370, 371, 381, 382, 392, 403, 404, 410, 411, 413,
443, 471, 480, 481, 482, 483, 490, 499, 501, 504, 507, 509, 512, 515, 521, 524, 525, 550, 558, 620, 627, 643,
651, 652, 657, 666, 667, 673, 677, 685, 706, 716, 724, 727, 738, 740, 745, 756, 759, 760, 773, 781, 789, 797,
800, 801, 803, 806, 807, 812, 813, 814, 815, 816, 818, 819, 823, 844, 852, 891, 892, 909, 912, 920, 954, 972,
973, 1008, 1013, 1021, 1023, 1028, 1056, 1058, 1061, 1070, 1081, 1084, 1085, 1100, 1132, 1145, 1165,
1168, 1170, 1171, 1183, 1202, 1218, 1225, 1228, 1229, 1230, 1232, 1233, 1241, 1257, 1259, 1264, 1270,
1278, 1279, 1282, 1291, 1323, 1325, 1327, 1340, 1349, 1350, 1358, 1363, 1374, 1404, 1446, 1449, 1473,
1476, 1478, 1492, 1502, 1510, 1516, 1528, 1531, 1561, 1572, 1573, 1586
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71
Pricing: 36, 41, 63, 78, 87, 137, 156, 166, 170, 195, 213, 265, 281, 285, 287, 301, 309, 397, 449, 463, 484,
512, 538, 564, 578, 588, 589, 597, 612, 627, 717, 729, 732, 743, 768, 781, 782, 786, 790, 795, 797, 806, 845,
853, 893, 897, 903, 921, 930, 931, 960, 970, 976, 990, 1022, 1031, 1042, 1043, 1052, 1066, 1073, 1086,
1087, 1093, 1102, 1107, 1123, 1132, 1176, 1188, 1215, 1245, 1259, 1294, 1303, 1313, 1319, 1327, 1338,
1340, 1345, 1349, 1354, 1380, 1386, 1388, 1393, 1400, 1402, 1425, 1431, 1453, 1480, 1488, 1508, 1519,
1551, 1552, 1553, 1586, 1607
S
U
B
J
E
C
T
Privacy: 99, 154, 167, 242, 328, 357, 358, 387, 416, 424, 432, 439, 551, 744, 863, 880, 892, 984, 1155,
1157, 1160, 1191, 1192, 1248, 1427, 1428, 1473, 1478, 1479, 1516
Research: Conceptual: 6, 7, 32, 66, 135, 142, 148, 152, 231, 255, 270, 282, 290, 312, 316, 320, 321, 342,
343, 346, 388, 393, 404, 405, 420, 423, 436, 455, 458, 459, 477, 493, 519, 530, 545, 547, 600, 602, 608, 613,
618, 620, 638, 642, 646, 651, 696, 697, 699, 725, 735, 810, 811, 839, 856, 858, 860, 861, 863, 898, 899, 900,
901, 906, 907, 925, 926, 929, 932, 934, 962, 1041, 1048, 1052, 1055, 1056, 1058, 1059, 1104, 1123, 1132,
1138, 1205, 1209, 1210, 1254, 1274, 1288, 1292, 1296, 1297, 1326, 1376, 1410, 1439, 1449, 1521, 1539,
1559, 1560, 1573, 1575, 1576, 1602
I
N
D
E
X
Research: Empirical: 13, 20, 39, 40, 41, 50, 53, 58, 90, 138, 146, 148, 149, 151, 159, 178, 212, 216, 224,
225, 229, 233, 234, 235, 244, 256, 258, 277, 278, 279, 287, 288, 289, 297, 300, 323, 325, 369, 380, 381, 382,
388, 390, 392, 400, 410, 429, 437, 442, 445, 471, 499, 504, 513, 519, 520, 547, 560, 566, 588, 597, 612, 652,
667, 672, 694, 702, 708, 717, 723, 725, 731, 743, 749, 755, 759, 760, 765, 774, 779, 782, 790, 791, 792, 795,
799, 803, 807, 817, 827, 833, 853, 884, 885, 886, 887, 904, 909, 921, 937, 944, 962, 963, 1007, 1008, 1010,
1011, 1013, 1021, 1042, 1065, 1066, 1078, 1085, 1103, 1109, 1132, 1162, 1169, 1170, 1179, 1183, 1188,
1202, 1227, 1229, 1230, 1236, 1238, 1259, 1266, 1269, 1270, 1284, 1285, 1356, 1388, 1390, 1426, 1434,
1452, 1453, 1457, 1459, 1482, 1487, 1499, 1507, 1508, 1535, 1566, 1600, 1605
Risk Management: 29, 32, 36, 43, 45, 56, 59, 63, 88, 89, 91, 92, 93, 94, 96, 97, 98, 99, 100, 102, 104, 106,
107, 108, 109, 110, 111, 112, 114, 116, 117, 118, 119, 120, 122, 123, 124, 125, 134, 136, 141, 142, 161, 164,
182, 206, 215, 217, 218, 236, 290, 293, 311, 312, 314, 315, 316, 317, 327, 330, 331, 333, 343, 347, 348, 350,
352, 356, 361, 364, 383, 395, 398, 399, 473, 477, 478, 489, 495, 501, 510, 513, 534, 544, 546, 554, 557, 579,
580, 583, 603, 606, 618, 646, 653, 656, 658, 692, 713, 714, 716, 728, 735, 736, 745, 748, 750, 758, 766, 780,
784, 786, 793, 796, 798, 809, 825, 860, 861, 864, 867, 875, 876, 923, 938, 940, 953, 966, 1016, 1019, 1034,
1037, 1049, 1061, 1068, 1072, 1090, 1120, 1126, 1128, 1129, 1133, 1134, 1151, 1156, 1181, 1189, 1226,
1245, 1246, 1253, 1261, 1263, 1267, 1278, 1301, 1327, 1329, 1330, 1343, 1350, 1356, 1368, 1399, 1401,
1402, 1403, 1405, 1406, 1416, 1421, 1437, 1464, 1466, 1467, 1468, 1481, 1485, 1486, 1498, 1500, 1501,
1506, 1552, 1575, 1589
Securities Clearing and Settlement: 2, 62, 96, 98, 120, 122, 128, 248, 314, 315, 361, 371, 400, 422,
466, 558, 567, 584, 600, 794, 846, 1071, 1094, 1099, 1156, 1180, 1243, 1279, 1298, 1500, 1501, 1524,
1555, 1581, 1599
Security: 12, 45, 68, 72, 123, 167, 177, 188, 310, 324, 327, 357, 358, 387, 416, 432, 448, 473, 479, 503,
539, 551, 562, 592, 615, 628, 701, 715, 757, 829, 880, 883, 945, 984, 985, 1034, 1037, 1062, 1074, 1090,
1119, 1143, 1157, 1158, 1160, 1193, 1246, 1248, 1255, 1277, 1289, 1351, 1359, 1395, 1421, 1427, 1463,
1464, 1470, 1478, 1486, 1496, 1497, 1498, 1503, 1556, 1562, 1591
Technology and Standards: 1, 12, 22, 24, 39, 66, 68, 72, 85, 88, 89, 136, 154, 158, 167, 232, 235, 243,
250, 257, 260, 267, 297, 327, 328, 335, 337, 344, 352, 379, 387, 388, 389, 392, 393, 403, 431, 432, 459, 461,
465, 521, 543, 544, 549, 551, 561, 562, 577, 591, 592, 606, 608, 628, 644, 647, 671, 687, 688, 707, 716, 723,
749, 759, 760, 769, 794, 819, 821, 822, 874, 891, 910, 952, 985, 987, 989, 991, 1013, 1047, 1062, 1085, 1090,
1104, 1111, 1116, 1122, 1138, 1143, 1147, 1148, 1153, 1155, 1157, 1158, 1160, 1162, 1192, 1195, 1207, 1272,
1276, 1281, 1284, 1320, 1332, 1359, 1361, 1409, 1421, 1427, 1429, 1433, 1451, 1458, 1464, 1465, 1466, 1467,
1468, 1473, 1478, 1479, 1481, 1482, 1485, 1502, 1503, 1516, 1548, 1549, 1556, 1579, 1608
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72

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PAYMENT SYSTEMS RESEARCH BIBLIOGRAPHY

Federal Reserve Bank of Chicago

Payment Systems Research Bibliography

Timothy McHugh, Bibliography Co-Editor

Susan Chenoweth, Bibliography Co-Editor

Adam, Nabil R., Oktay Dogramaci, Aryya

Allen, L., S. Pertistiani, and A. Saunders, Bank Size,

Ahmed, Anwer, Richard Scheinble, and Douglas

Allsopp, P.W., Netting Schemes in the Foreign Exchange

Aiyagari, S. Rao, and Neil Wallace, Fiat Money in the

Aiyagari, S. Rao, Neil Wallace, and Randall Wright,

Altig, David, and Owen Humpage, Dollarization and

Aiyagari, S. Rao, R. Anton Braun, and Zvi Eckstein,

Amel, Dean F., and J. Nellie Liang, Determinants of Entry

Akerlof, George A., and Ross D. Milbourne, Irving

American Bankers Association, Electronic Check

American Bankers Association, Installment Credit 96,

American Bankers Association, and Dove Associates,

American Bar Association, A Commercial Lawyers

Akhand, Hafiz, and Ross D. Milbourne, Credit Cards

Alchian, Armen A., Why Money?, Journal of Money,

Alejano, A., and J. M. Penalosa, Implications for

Andersen Consulting, Bank Administration Institute,

Ali, Paul Usman, e-Credit Derivatives: Buying and

Anderson, Christopher, Electronic Commerce: In Search

Allen, Catherine, and William J. Barr, Smart Cards:

Anderson, Milton, The Electronic Check Architecture,

Anderson, Richard, and Robert Rasche, Retail Sweep

Andreeff, Alexandria, Lisa C. Binmoeller, Eve M. Boboch,

Angelini, Paolo, A Simple Model of the Interbank

Angelini, Paolo, About the Level of Daylight Credit, Speed

Angelini, Paolo, An Analysis of Competitive Externalities

Arminger, G., D. Enache, and T. Bonne, Analyzing Credit

Armstrong, Arthur, and John Hagel III, The Real Value

Arthur D. Little, Inc., An Assessment of Movement Toward

Arthur D. Little, Inc., The Consequence of Electronic Funds

Arthur D. Little, Inc., The Pricing of Check Collection

Angelini, Paolo, and Curzio Giannini, On the Economics

Angelini, Paolo, and Franco Passacantando, Central

Arthur, W. Brian, Competing Technologies, Increasing

Angelini, Paolo, G. Maresca, and D. Russo, Systemic

Association of Reserve City Bankers, Risks in the

Angell, Wayne, Cooperative Approaches to Reduce Risks

Association of Reserve City Bankers, and Arthur D.

Atkins, Derek, Paul Buis, Chris Hare, Robert Kelley,

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Ausubel, Lawrence M., Credit Card Defaults, Credit Card

Ausubel, Lawrence M., The Failure of Competition in the

Angell, Wayne, Payment System Policy in a World

Angell, Wayne, Policy Response to Issues in Central Bank

Anonymous, How Banks Will Price Daylight Overdrafts,

Avery, Robert B., Deregulation and the Location of

Baer, Herbert L., Douglas D. Evanoff, and Christine

Avery, Robert B., Gregory E. Elliehausen, and Arthur

Baer, Herbert L., Douglas D. Evanoff, Diana Fortier,

Avery, Robert B., Gregory E. Elliehausen, Arthur B.

Baer, Herbert L., Virginia Grace France, and James T.

Avery, Robert, Gregory Elliehausen, Arthur Kennickell,

Baer, Herbert.L., Virginia Grace France, and James T.

Awh, R.Y., and D. Waters, A Discriminant Analysis of

Bailey, Joseph, Erik Byrnjolfsson, and M.D. Smith,

Ayadi, O. Felix, Adverse Selection, Search Costs and

Bacchetta, P., Consumption and Credit Constraints:

Bain, Scott E., Examining Traditional Legal Paradigms in