The politics of financial plumbing: Harmonization and interests in the construction of the international payment system

  • Jeffs J
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Abstract

This paper argues that the current dominant wholesale payment system design is the result of particular historical interests and competitive relationships. It demonstrates how this model has become an institutionalized underpinning for the global financial framework, contending that it is neither a legitimate international standard, nor an appropriate one for developing countries.

Author-supplied keywords

  • Financial harmonization
  • Financial payment systems
  • Financial regulation
  • Interbank payment systems
  • International finance
  • International financial systems

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Authors

  • Jennifer A. Jeffs

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