巴德学院利维经济研究所-银行支付？（英）

Working Paper No. 1091Banking on Payments? by Jörg Bibow Skidmore College and Levy Economics Institute September 2025 Part of the research on this project was conducted during my Fellowship at the Hamburg Institute for Advanced Study in Hamburg, Germany, in 2025. I thank HIAS and the Joachim Herz Foundation for their hospitality and generous support. I also thank the participants at the HIAS Workshop “Money & Payments: Evolution or Revolution?” (https://hias-hamburg.de/en/events/money-and-payments-evolution-or-revolution/), held at HIAS on May 26-27, 2025, for their comments on an earlier draft. The Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals. Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research, it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad. Levy Economics Institute P.O. Box 5000 Annandale-on-Hudson, NY 12504-5000 http://www.levyinstitute.org Copyright © Levy Economics Institute 2025 All rights reserved ISSN 1547-366X1 ABSTRACT For the past hundred years or more, payments have been primarily associated with banking, and banking as we know it today—being the result of many centuries of evolution—features a bundling of (at least) three main lines of business: lending, deposit-taking, and payment services. In the past 15 years or so, banks have come under severe competition as providers of payment services. Will “banking on payments” become outmoded and payments untethered from banking, or will payments still have a place in the future of banking? This paper sets out to explore this question and to address the following two related issues. First, what are the likely consequences (especially for the financing of growth and the provision of liquidity in the form of bank deposits) of the apparent “unbundling” of the traditional connections in banking between lending, deposit-taking, and payment services? Second, what are the implications of the evolution (or revolution) of money, payments, and banking for public policy, monetary theory, and the theory of monetary policy? KEYWORDS: banking, money, payments, financial intermediation, bank regulation, monetary policy JEL CODES: B22, E12, E42, E58, G21 2 1. INTRODUCTION For the past hundred years or more, payments have been mostly associated with banking. Banking as we know it today, being the result of many centuries of evolution, features a bundling of (at least) three main lines of business: lending, deposit-taking, and payment services. In the traditional “bundled” banking model that typifies today’s two-tiered monetary system of bank m