摘要：We examine the diffusion of the real-time gross settlement (RTGS) technology
across the world's 174 central banks. RTGS reduces settlement risk and
facilitates financial innovation in, for example, the settlement of foreign
exchange trades. In 1985 only three central banks had implemented RTGS systems;
by year-end 2006 that number had increased to ninetythree. We find that the RTGS
diffusion process is consistent with a standard S-shaped curve. Real GDP per
capita, the relative price of capital, and trade patterns explain a significant
part of the cross-country variation in RTGS adoption. These determinants are
remarkably similar to those that seem to drive cross-country adoption patterns
of other technologies.
