Payment System Research Papers - Academia.edu (original) (raw)

What are the relative advantages and disadvantages of bank-based financial systems (as in Germany and Japan) and market-based financial systems (as in England and the United States). Does financial structure matter? In bank-based systems... more

What are the relative advantages and disadvantages of bank-based financial systems (as in Germany and Japan) and market-based financial systems (as in England and the United States). Does financial structure matter? In bank-based systems banks play a leading role in mobilizing savings, allocating capital, overseeing the investment decisions of corporate managers, and providing risk management vehicles. In market-based systems securities

This study�s empirical findings have positive implications for further efforts to expand East Asian regional trade and cooperation initiatives. Since the mid-1980s regional intra-trade has grown at a rate roughly double that of world... more

This study�s empirical findings have positive implications for further efforts to expand East Asian regional trade and cooperation initiatives. Since the mid-1980s regional intra-trade has grown at a rate roughly double that of world trade, and at a rate far higher than the intra-trade of the North America Free Trade Agreement (NAFTA) member countries or the European Union. Evidence based

The mifare Classic is a contactless smart card that is used extensively in access control for office buildings, payment systems for public transport, and other applications. We reverse engineered the security mechanisms of this chip: the... more

The mifare Classic is a contactless smart card that is used extensively in access control for office buildings, payment systems for public transport, and other applications. We reverse engineered the security mechanisms of this chip: the authentication protocol, the symmetric cipher, and the initialization mechanism. We describe several security vulnerabilities in these mechanisms and exploit these vulnerabilities with two attacks; both are capable of retrieving the secret key from a genuine reader. The most serious one recovers the secret key from just one or two authentication attempts with a genuine reader in less than a second on ordinary hardware and without any pre-computation. Using the same methods, an attacker can also eavesdrop the communication between a tag and a reader, and decrypt the whole trace, even if it involves multiple authentications. This enables an attacker to clone a card or to restore a real card to a previous state.

The increased fragility of the banking industry has generated growing concern about the risks associated with payment systems. Although in most industrial countries different interbank payment systems coexist, little is really known about... more

The increased fragility of the banking industry has generated growing concern about the risks associated with payment systems. Although in most industrial countries different interbank payment systems coexist, little is really known about their properties in terms of risk and efficiency. How should payment systems be designed? We tackle this question by comparing the two main types of payment systems,