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Economic Perspectives, Vol. 12, No. 3, May 1988
Daylight overdrafts: Rationale and risks

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.

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