The increase in the TARGET2 balance for the Bundesbank has led to a debate in Germany about the appropriate interpretation and policy response, if any. In this paper we review the evidence for the current account financing interpretation, and find it wanting in explaining the data in 2012. BIS...

Rwanda, led by its Ministry of Health, was the first African country to implement Performance- Based Financing (PBF) nationwide in its health centers and hospitals. The country then went on to pilot RBF interventions at the community level. Rewarding community members who provide and use...

In the public and academic discussion on the payment system TARGET2, the high claims and liabilities of some euro area countries have mostly been associated with the financial crisis. The implicit assumption that TARGET2 balances would be close to zero without the financial crisis is both...

In Romania there are three payment systems, respectively one for large-value payments in lei (ReGIS), one for retail payment in lei (SENT), and one for large-value payments in Euro (TARGET2-Romania).There is also a system of deposing and settlement of government securities and certificates of...

Large value payment flows can be disrupted by several types of failures such as operational incidents, problems experienced by the administrator of the payments settlement system, outages in the communications networks and the inability of a participant to submit payments due to insufficient...

Large value payment flows can be disrupted by several types of failures such as operational incidents, problems experienced by the administrator of the payments settlement system, outages in the communications networks and the inability of a participant to submit payments due to insufficient...