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Foreword | ||
Abstract | ||
Introduction | 1 | |
I | Differences in payment systems in centrally-planned and market economies | 3 |
1 | The structure and operation of payments in centrally-planned economies | 3 |
2 | Payment systems in market economies | 11 |
3 | Improving the payment system in transitional economies | 16 |
II | The payment cycle: Structure and choices | 21 |
1 | The structure of the payment cycle | 21 |
2 | Clearing financial market transactions | 26 |
3 | Choices in the payment cycle | 30 |
III | Market needs and choices in an evolving payment system | 35 |
1 | Payment system choices in market economies: the U.S. and European experience | 35 |
2 | Market needs in transitional economies | 38 |
Appendix: Planning for payment system improvements | 42 |
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