Closer cooperation between neighbouring countries has throughout the ages been part of their respective political agendas. In many regions of the world, the desire to create efficient economic spaces, and eventually perhaps even political union, has been one of the driving forces behind...

This paper analyses the issue of the dynamics of the TARGET2 system balances during the sovereign debt crisis. The development of these balances reflects the change in the distribution of the monetary base among the EMU Member States. During the sovereign debt crisis, while some countries, among...

Taking into account the global trends, the requirements posed to this system, as well as the growing openness of the Croatian market, the reform of the Croatian payment system has become a necessity. Some procedures adopted in the past are now an obstacle to these activities. One cannot speak of...

This article describes the basic mechanism of non-cash payments in Uzbekistan. The analysis of operations by means of non-cash payment is carried out. On the basis of the analysis and evaluation of current situation, the identified problems, the appropriate recommendations and suggestions are...

Abstract The paper describes the joint policy of Brazil and Argentina regarding the currency use in bilateral trade. The Local Currency Payment System (SML) framework is investigated as an instrument of reducing trade costs by providing new financial integration mechanisms and its implications...

This paper constructs unbiased and model-free measures of daily and hourly volatility of the overnight interest rate negotiated on the Italian interbank deposits market (e-MID) using high-frequency transaction data. We find that the largest increases in volatility and the most notable variations...

The objective is the establishment of credit lines ruled on the Agreement on Reciprocal Payments and Credits, an international agreement signed by twelve Latin America central banks for trade in the early 1980s. A description of the multilateral system of payments and a study of the bilateral...

Brazilian economy has experienced a major boost in leverage in the first decade of 2000 as a result of a set factors ranging from macroeconomic stability to the abundant liquidity in international financial markets before 2008 and a set of deliberate decisions taken by President Lula's to expand...

Any discussion on improving the existing arrangements for assessing and managing financial risks and in particular supervising the relevant institutions will also need to address the question on which institution should be responsible for which task and for which sector of the financial system,...

Assessing and monitoring systemic risk is a challenge for policy makers and supervisors in all countries. It is particularly challenging in low-income countries (LICs), owing to a number of characteristics shared to a greater or lesser extent by most of them. This paper discusses these common...