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Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/60524
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Martin, Antoine | | en_US |
| dc.contributor.author | | McAndrews, James | | en_US |
| dc.date.accessioned | | 2012-08-17T14:24:03Z | | - |
| dc.date.available | | 2012-08-17T14:24:03Z | | - |
| dc.date.issued | | 2007 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/60524 | | - |
| dc.description.abstract | | We study the incentives of participants in a real-time gross settlement system with and without the addition of a liquidity-saving mechanism (queue). Participants in our model face a liquidity shock and different costs for delaying payments. They trade off the cost of delaying a payment against the cost of borrowing liquidity from the central bank. The heterogeneity of participants in our model gives rise to a rich set of strategic interactions. The main contribution of our paper is to show that the design of a liquidity-saving mechanism has important implications for welfare, even in the absence of netting. In particular, we find that parameters will determine whether the addition of a liquiditysaving mechanism increases or decreases welfare. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | Federal Reserve Bank of New York New York, NY | | en_US |
| dc.relation.ispartofseries | | Staff Report, Federal Reserve Bank of New York 282 | | en_US |
| dc.subject.jel | | E42 | | en_US |
| dc.subject.jel | | E58 | | en_US |
| dc.subject.jel | | G21 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | liquidity-saving mechanism, real-time gross settlement, large-value payment systems | | en_US |
| dc.subject.stw | | Zahlungsverkehr | | en_US |
| dc.subject.stw | | Verrechnungsverkehr | | en_US |
| dc.subject.stw | | Bankenliquidität | | en_US |
| dc.subject.stw | | Geldmarkt | | en_US |
| dc.subject.stw | | Liquiditätseffekt | | en_US |
| dc.subject.stw | | Theorie | | en_US |
| dc.title | | Liquidity-saving mechanisms | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 540108537 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | en_US |
| Appears in Collections: | | Staff Reports, Federal Reserve Bank of New York
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