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Electronic Funds Transfer Systems and the Landscapes of Global Finance
Abstract
Electronic funds transfer systems (EFTS) are the primary means by which capital moves through the world economy, including real time gross settlement systems for handling international payments as well as foreign exchange transactions. This paper starts by noting how the world of the Bretton-Woods system differed from the hypermobile, digitized world that followed. Next, it summarizes some major public and private EFTS networks and the repercussions for capital markets, stock exchanges, and foreign exchange markets. Third it summarizes how EFTS challenge national monetary controls and the implications. Finally, it points to the centrality of EFTS in the emergence and growth of offshore banking centers.
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