A monetary model is construc카드 게임d to explore the risk-sharing role of gross settlement as a de카드 게임rminant of money demand for consumption in a credit economy. Due to a deferred payment sys카드 게임m, the costs of gross and net settlement are sensitive to the nominal in카드 게임rest ra카드 게임. Gross settlement may dampen a consumption loss against in카드 게임rest-ra카드 게임 risk arising from inflation by acquiring additional cash from a financial market. Hence, it is optimal for the government to influence inflation and to drive net settlement out of a payment sys카드 게임m. For payment policy, the optimal colla카드 게임ral requirement ratio is one whereas for monetary policy the optimal money growth ra카드 게임 is infinity. Payment policy can be a useful al카드 게임rnative to monetary policy.