Payment Systems in Economy - Present End Future Tendencies

Gogoski, Risto (2012) Payment Systems in Economy - Present End Future Tendencies. Procedia - Social and Behavioral Sciences.

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Abstract

A payment system is no more than an organized arrangement for transferring value between its participants. So defined, it is clear that payment systems are fundamental to the functioning of all monetary economies, no matter they are developed economies, transitional economies, or developing economies.The aim of this work is to show how the architecture of payment systems (payment instruments, processing, participants and etc) influence to payment industry (microeconomic approach) and for the role of central bank in payment systems (macroeconomic - public approach). We use the method of qualitative analyse, not empirical measures.Central banks, as issuers of money, have always had a keen interest in the smooth functioning of the national payment system and the way it affects the economy. Their involvement has, however, evolved over time, as central banks have increasingly taken on a prominent role in the pursuit of the public good of maintaining trust in the currency and ensuring its smooth circulation. Consequently, their involvement in payment, clearing and settlement has changed.Also, the aim of this work is to paint a broad-brush picture of the economic links between central banks and payments in the present and the future. We research contemporary trends that affecting the role of the central bank, and trends in the future.In the work we offer some ideas about the future direction of payments and central bank involvement in payment systems. We also explore the implications for the ability of central banks to carry out their core monetary and financial stability functions in the future trough the payment systems.

Item Type: Article
Subjects: Scientific Fields (Frascati) > Social Sciences > Economics and Business
Divisions: Faculty of Tourism and Hospitality
Depositing User: Mr Bojan Sekulovski
Date Deposited: 25 Oct 2017 12:07
Last Modified: 07 Nov 2017 07:56
URI: http://eprints.uklo.edu.mk/id/eprint/673

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