On This PageVol. 12, No. 3

Daylight overdrafts: Rationale and risks
Last Updated: 05/02/88

The U.S. payments system consists of thousands of ecnomic agents transferring claims to financial assets. Although disagreement may exist on specific payment system issues-such as externalities, public-good aspects, and the proper oversight role of the government-few people doubt the importance of a smoothly operating payment system to the efficient functioning of the economy.