A Framework for Analyzing Efficiency, Risks, Costs, and Innovations in the Payments System
提出一个分析框架，用于研究现金、支票、电子转账等支付工具的效率、风险、成本与创新，对经济学家和支付系统设计者理解市场运作有参考价值。
THE MARKET FOR PAYMENT INSTRUMENTS, such as cash, checks, and electronic funds transfers, is one of the largest, most important, and economically interesting markets in the economic system. Virtually every economic transaction requires the use of a payment instrument. Therefore, on a value basis, the demand for payment instruments equals the demand for all other goods, services, assets, and other financial instruments traded in the economy combined. In a monetary economy, the buyers and sellers of any commodity must not only agree on the price and quantity to be exchanged, but must also concur on the payment method that will be employed in the exchange. That is, every commodity buyer takes on the role of a payor and every commodity seller takes on the role of a payee, and they jointly demand a payment instrument of equal value to the commodities exchanged. The size of payments markets is illustrated in Table 1, which shows transactions