Illiquidity in the Interbank Payment System Following Wide-Scale Disruptions
نویسندگان
چکیده
منابع مشابه
Illiquidity in the Interbank Payment System following Wide-Scale Disruptions
We show how the interbank payment system can become illiquid following wide-scale disruptions. Two forces are at play in such disruptions—operational problems and changes in participants’ behavior. We model the interbank payment system as an n-player game and utilize the concept of a potential function to describe the process by which one of multiple equilibria emerges after a wide-scale disrup...
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This paper derives from work completed while I was a visiting scholar at the Bank of Japan’s Institute for Monetary and Economic Studies. I thank the institute’s staff for their hospitality and assistance and for their willingness to discuss these issues with me. The views expressed herein are the author’s and do not represent the views of the Bank of Japan, the Federal Reserve Bank of Richmond...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2006
ISSN: 1556-5068
DOI: 10.2139/ssrn.890345