Liquidity-Saving Mechanisms
نویسندگان
چکیده
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.
منابع مشابه
Payment systems: liquidity saving mechanisms in a distributed ledger environment – Stella project report
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Payment systems: liquidity saving mechanisms in a distributed ledger environment – Stella project report
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تاریخ انتشار 2007