Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/152941 
Erscheinungsjahr: 
2005
Schriftenreihe/Nr.: 
ECB Working Paper No. 507
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
We study optimal pricing rules for a public large-value payment system (LVPS) that produces a public good (like prevention of systemic risk) but faces competition by a private LVPS for the private provision of large value payments. We show that the marginal cost of the public LVPS has to be corrected by a "public good factor"that can be interpreted alternatively as the decrease in the cost of providing the public good when the private activity of the public system increases, or as the subsidy needed for private banks to internalize the cost of systemic risk. In either interpretation, the public good factor is easy to measure: it corresponds to the subsidy needed for private banks to allocate their payments in the way that is desired by banking authorities.
Schlagwörter: 
large-value payment systems
pricing rules
public goods
JEL: 
G28
H41
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
409.32 kB





Publikationen in EconStor sind urheberrechtlich geschützt.