Liquidity-saving mechanisms

Journal of Monetary Economics

Volumn 55, Issue 3, 2008, Pages 554-567

  Martin, Antoine ^a   McAndrews, James ^a  

^a FEDERAL RESERVE BANK OF NEW YORK   (United States)

Author keywords

Large value payment systems; Liquidity saving mechanisms; Real time gross settlement

Indexed keywords

EID: 43049168955     PISSN: 03043932     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jmoneco.2007.12.011     Document Type: Article

References (10)

1. Angelini P. An analysis of competitive externalities in gross settlement systems. Journal of Banking and Finance 22 (1998) 1-18
2. Angelini P. Are banks risk averse? Intraday timing of operations in the interbank market. Journal of Money, Credit and Banking 32 (2000) 54-73
3. Bech M.L., and Garratt R. The intraday liquidity management game. Journal of Economic Theory 109 (2003) 198-219
4. BIS, 2005. New Developments in Large-value Payment Systems. CPSS Publications No. 67.
5. Kahn, C.M., Roberds, W., 2001. The CLS bank: a solution to the risks of international payments settlement? In: Carnegie-Rochester Conference Series on Public Policy, vol. 54, pp. 191-226.
6. Martin, A., McAndrews, J., 2007. Liquidity saving mechanisms. Staff Report 282, Federal Reserve Bank of New York.
7. McAndrews, J., Trundle, J., 2001. New payment system designs: causes and consequences. In: Financial Stability Review, Bank of England, December, pp. 127-136.
8. Mills Jr., D.C., Nesmith, T.D., forthcoming. Risk and concentration in payment and securities settlement systems. Journal of Monetary Economics, doi:10.1016/j.jmoneco.2008.01.002.
9. Roberds, W., 1999. The incentive effect of settlement systems: a comparison of gross settlement, net settlement, and gross settlement with queuing. In: IMES Discussion Paper Series, vol. 99-E-25. Bank of Japan.
10. Willison, M., 2005. Real-time gross settlement and hybrid payment systems: a comparison. Bank of England Working Paper No. 252.