The Federal Reserve and retail payments : a historical review
Purpose: The purpose of this paper is to provide a comprehensive historical review of the role of the Federal Reserve in retail payments in the USA. Design/methodology/approach: It reviews the literature on the role of the Federal Reserve and assessments of its involvement. Findings: In addition to its oversight and operational role, the Federal Reserve has conducted R&D and facilitated technology adoption. It has provided effective competition to the private sector without subsidies. Research limitations/implications: The Federal Reserve has served the public interest and private networks have benefited from the “visible hand” of government. Practical implications: Migration to electronic payments will likely change its role from an operator to setting standards for safety and security. Originality/value: The historical review provides context against which the future strategy of the Federal Reserve may be assessed.
Year of publication: |
2018
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Authors: | Lall, Ashish |
Published in: |
Journal of Financial Regulation and Compliance. - Emerald, ISSN 1358-1988, ZDB-ID 2093796-9. - Vol. 26.2018, 1 (12.02.), p. 58-71
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Publisher: |
Emerald |
Saved in:
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