Payments Settlement: Tiering in Private and Public Systems
分析支付系统的收益，比较公共与私人系统、开放与限制性安排的权衡，并解释当前大额支付系统（如Fedwire、CHIPS、TARGET）的设计条件。
What are the benefits provided by a payment system? What are the trade‐offs in public versus private payment systems and in restricted versus open payments arrangements? Modern payment systems encompass a variety of institutional designs with varying degrees of counterparty protection. We develop a framework that allows for an examination and comparison of payment systems, and specification of conditions leading to their adoption. We relate these conditions to the design of present large‐value payment systems (Fedwire, CHIPS, TARGET, etc.).