Research Handbook on Central Banking
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Research Handbook on Central Banking

Edited by Peter Conti-Brown and Rosa M. Lastra

Central banks occupy a unique space in their national governments and in the global economy. The study of central banking however, has too often been dominated by an abstract theoretical approach that fails to grasp central banks’ institutional nuances. This comprehensive and insightful Handbook, takes a wider angle on central banks and central banking, focusing on the institutions of central banking. By 'institutions', Peter Conti-Brown and Rosa Lastra refer to the laws, traditions, norms, and rules used to structure central bank organisations. The Research Handbook on Central Banking’s institutional approach is one of the most interdisciplinary efforts to consider its topic, and includes chapters from leading and rising central bankers, economists, lawyers, legal scholars, political scientists, historians, and others.
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Chapter 21: Central banks and payment system risks: comparative study

Benjamin Geva


The chapter examines the role of central banks in addressing risks _in payment systems. Providing first an overview of payment systems and traditional central banking, the chapter moves on to outline the policy discussion that led to fastening on central banks the role of payment system regulators. It further endeavours to curve a territory for central banks' specific role in addressing payment system risks in the broader context of their role as guardians of financial stability. Proceeding to discuss legislation governing central banks' powers in relation to payment system risks in the UK, Canada, Australia and South Africa, the chapter assesses the efficacy of this legislation. In conclusion, the chapter highlights the assignment to the ESCB of the responsibility for the smooth operation of the payment system as capturing the essence of the regulatory role of central banks in payment systems.

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