Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/60840 
Kompletter Metadatensatz
DublinCore-FeldWertSprache
dc.contributor.authorAfonso, Gara M.en
dc.contributor.authorShin, Hyun Songen
dc.date.accessioned2010-04-30-
dc.date.accessioned2012-08-17T14:35:22Z-
dc.date.available2012-08-17T14:35:22Z-
dc.date.issued2008-
dc.identifier.urihttp://hdl.handle.net/10419/60840-
dc.description.abstractWe study liquidity and systemic risk in high-value payment systems. Flows in high-value systems are characterized by high velocity, meaning that the total amount paid and received is high relative to the stock of reserves. In such systems, banks rely heavily on incoming funds to finance outgoing payments, necessitating a high degree of coordination and synchronization. We use lattice-theoretic methods to solve for the unique fixed point of an equilibrium mapping and conduct comparative statics analyses on changes to the environment. We find that banks attempting to conserve liquidity cause an increase in the demand for intraday credit and, ultimately, a disruption of payments. Additionally, we find that when a bank is identified as vulnerable to failure and other banks choose to cancel payments to that bank, there are systemic repercussions for the whole financial system.en
dc.language.isoengen
dc.publisher|aFederal Reserve Bank of New York |cNew York, NYen
dc.relation.ispartofseries|aStaff Report |x352en
dc.subject.jelE58en
dc.subject.jelG21en
dc.subject.jelD85en
dc.subject.jelE44en
dc.subject.ddc330en
dc.subject.keywordSystemic risken
dc.subject.keywordfinancial networksen
dc.subject.keywordhigh-value payment systemsen
dc.subject.keywordprecautionary demanden
dc.titleSystemic risk and liquidity in payment systems-
dc.typeWorking Paperen
dc.identifier.ppn587564482en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

Datei(en):
Datei
Größe
784.86 kB





Publikationen in EconStor sind urheberrechtlich geschützt.