Real-time gross settlement and the costs of immediacy

Journal of Monetary Economics

Volumn 47, Issue 2, 2001, Pages 299-319

  Kahn, Charles M ^a   Roberds, William ^b  

^a UNIVERSITY OF ILLINOIS AT URBANA CHAMPAIGN   (United States)

^b

^c United States

Author keywords

E42; G21; Money; N20; Payments; Real time gross settlement

Indexed keywords

EID: 0001256403     PISSN: 03043932     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0304-3932(01)00047-2     Document Type: Article

References (26)

1. Angelini P. An analysis of competitive externalities in gross settlement systems. Journal of Banking and Finance. 22:1998;1-18.
2. Bank for International Settlements, 1990. Report of the committee on interbank netting schemes of the central banks of the group of ten countries. Bank for International Settlements, Basel.
3. Bank for International Settlements, 1992. The insolvency liquidation of a multinational bank. Bank for International Settlements, Basel.
4. Bank for International Settlements, 1993, Payment systems in the group of ten countries. Bank for International Settlements, Basel.
5. Bank for International Settlements, 1997. Real-time gross settlement systems. Bank for International Settlements, Basel.
6. Bank for International Settlements, 1998. Statistics on payment systems in the group of ten countries. Bank for International Settlements, Basel.
7. Bank of Japan, 1997. The framework for restructuring the BOJ-NET funds transfer system. Bank of Japan Quarterly Bulletin 101-104.
8. Borio, C.E.V., 1997. The implementation of monetary policy in industrial countries: a survey. Bank for International Settlements, Basel.
9. Champ B., Smith B., Williamson S. Currency elasticity and banking panics. theory and evidence Canadian Journal of Economics. 29:1996;828-864.
10. Emmons W.R. Recent developments in wholesale payments systems. Federal Reserve Bank of St. Louis Review. 79:1997;23-43.
11. European Central Bank, 1998. Third progress report on the TARGET project. European Central Bank, Frankfurt.
12. Evanoff D.D. Daylight overdrafts. rationale and risks Federal Reserve Bank of Chicago Economic Perspectives. 12:1989;18-29.
13. Folkerts-Landau, D., Garber, P., Schoenmaker, D., 1996. The reform of wholesale payment systems and its impact on financial markets. Group of Thirty Occasional Paper 51.
14. Freeman S. Clearinghouse banks and banknote over-issue. Journal of Monetary Economics. 38:1996;101-115.
15. Freeman S. The payments system, liquidity, and rediscounting. American Economic Review. 86:1996;1126-1138.
16. Freeman S. Rediscounting under aggregate risk. Journal of Monetary Economics. 43:1999;197-216.
17. Furfine C., Stehm J. Analyzing alternative intraday credit policies in real-time gross settlement systems. Journal of Money, Credit, and Banking. 30:1998;832-848.
18. Goodfriend M. Money, credit, banking, and payment system policy, federal reserve. Bank of Richmond Economic Review. 77:1991;7-23.
19. Green E. Money and debt in the structure of payments. Bank of Japan Monetary and Economic Studies. 15:1997;63-87.
20. Kahn, C.M., McAndrews, J., Roberds, W., 1999. Settlement risk under gross and net settlement. Federal Reserve Bank of Atlanta Working Paper 99-10.
21. Kahn C.M., Roberds W. Payment system settlement and bank incentives. Review of Financial Studies. 11:1998;845-870.
22. Kim, Y-S., 1997. Liquidity, interbank market, and the role of central bank. Unpublished manuscript, Victoria University of Wellington.
23. Kobayakawa, S., 1997. The comparative analysis of settlement systems. Centre for Economic Policy Research Discussion Paper No. 1667.
24. Lacker J.M. Clearing, settlement, and monetary policy. Journal of Monetary Economics. 40:1997;347-381.
25. Osterberg W.P., Thomson J.B. Depositor preference legislation and failed banks resolution costs, In: Payment systems in the global economy. risks and opportunities:1998;226-241 Federal Reserve Bank of Chicago, Chicago.
26. Sargent T.J., Wallace N. The real-bills doctrine versus the quantity theory. a reconsideration Journal of Political Economy. 90:1982;1212-1236.