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https://hdl.handle.net/10419/60524
Kompletter Metadatensatz
DublinCore-Feld | Wert | Sprache |
---|---|---|
dc.contributor.author | Martin, Antoine | en |
dc.contributor.author | McAndrews, James | en |
dc.date.accessioned | 2012-08-17T14:24:03Z | - |
dc.date.available | 2012-08-17T14:24:03Z | - |
dc.date.issued | 2007 | - |
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 |
dc.language.iso | eng | en |
dc.publisher | |aFederal Reserve Bank of New York |cNew York, NY | en |
dc.relation.ispartofseries | |aStaff Report |x282 | en |
dc.subject.jel | E42 | en |
dc.subject.jel | E58 | en |
dc.subject.jel | G21 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | liquidity-saving mechanism, real-time gross settlement, large-value payment systems | en |
dc.subject.stw | Zahlungsverkehr | en |
dc.subject.stw | Verrechnungsverkehr | en |
dc.subject.stw | Bankenliquidität | en |
dc.subject.stw | Geldmarkt | en |
dc.subject.stw | Liquiditätseffekt | en |
dc.subject.stw | Theorie | en |
dc.title | Liquidity-saving mechanisms | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 540108537 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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