An analysis of competitive externalities in gross settlement systems
Author
Abstract
Suggested Citation
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Merton H. Miller & Daniel Orr, 1966. "A Model of the Demand for Money by Firms," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 80(3), pages 413-435.
- Edward J. Stevens, 1989. "Removing the hazard of Fedwire daylight overdrafts," Economic Review, Federal Reserve Bank of Cleveland, vol. 25(Q II), pages 2-10.
- Jean-Charles Rochet & Jean Tirole, 1996.
"Controlling risk in payment systems,"
Proceedings, Board of Governors of the Federal Reserve System (U.S.), pages 832-869.
- Rochet, Jean-Charles & Tirole, Jean, 1996. "Controlling Risk in Payment Systems," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 28(4), pages 832-862, November.
- McAndrews James J. & Roberds William, 1995.
"Banks, Payments, and Coordination,"
Journal of Financial Intermediation, Elsevier, vol. 4(4), pages 305-327, October.
- James J. McAndrews & William Roberds, 1994. "Banks, payments, and coordination," FRB Atlanta Working Paper 94-14, Federal Reserve Bank of Atlanta.
- James J. McAndrews & William Roberds, 1994. "Banks, payments, and coordination," Working Papers 94-20, Federal Reserve Bank of Philadelphia.
- Kahn, Charles M & Roberds, William, 1998.
"Payment System Settlement and Bank Incentives,"
The Review of Financial Studies, Society for Financial Studies, vol. 11(4), pages 845-870.
- Charles M. Kahn & William Roberds, "undated". "Payment System Settlement and Bank Incentives," Center for Financial Institutions Working Papers 97-32, Wharton School Center for Financial Institutions, University of Pennsylvania.
- Charles M. Kahn & William Roberds, 1997. "Payment system settlement and bank incentives," Proceedings 537, Federal Reserve Bank of Chicago.
- Charles M. Kahn & William Roberds, 1996. "Payment system settlement and bank incentives," FRB Atlanta Working Paper 96-10, Federal Reserve Bank of Atlanta.
- Craig H. Furfine & Jeff Stehm, 1996. "Analyzing alternative daylight credit policies in real-time gross settlement systems," Proceedings 516, Federal Reserve Bank of Chicago.
- Douglas D. Evanoff, 1988. "Daylight overdrafts: rationale and risks," Economic Perspectives, Federal Reserve Bank of Chicago, vol. 12(May), pages 18-29.
- repec:aei:rpbook:52819 is not listed on IDEAS
- Cothren, Richard D & Waud, Roger N, 1994.
"On the Optimality of Reserve Requirements,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 26(4), pages 827-838, November.
- Richard D. Cothren & Roger N. Waud, 1991. "On the Optimality of Reserve Requirements," NBER Technical Working Papers 0101, National Bureau of Economic Research, Inc.
- Baltensperger, Ernst, 1974. "The Precautionary Demand for Reserves," American Economic Review, American Economic Association, vol. 64(1), pages 205-210, March.
- Van Hoose, David D., 1991. "Bank behavior, interest rate determination, and monetary policy in a financial system with an intraday federal funds market," Journal of Banking & Finance, Elsevier, vol. 15(2), pages 343-365, April.
- Sujit Chakravorti, 1996. "Analysis of systemic risk in the payments system," Financial Industry Studies Working Paper 96-2, Federal Reserve Bank of Dallas.
- Folkerts-Landau, David & Garber, Peter & Lane, Timothy, 1993. "Payment system reform in formerly centrally planned economics," Journal of Banking & Finance, Elsevier, vol. 17(5), pages 849-868, September.
- Rochet, Jean-Charles & Tirole, Jean, 1996.
"Interbank Lending and Systemic Risk,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 28(4), pages 733-762, November.
- Jean-Charles Rochet & Jean Tirole, 1996. "Interbank lending and systemic risk," Proceedings, Board of Governors of the Federal Reserve System (U.S.), pages 733-765.
- Spencer Dale & Marco Rossi, 1996. "A Market for Intra-day Funds: Does it Have Implications for Monetary Policy?," Bank of England working papers 46, Bank of England.
- Allen B. Frankel & Jeffrey C. Marquardt, 1983. "Payments systems: theory and policy," International Finance Discussion Papers 216, Board of Governors of the Federal Reserve System (U.S.).
- Gordon H. Sellon & David D. VanHoose, 1989. "Daylight overdrafts, payments system risk, and public policy," Economic Review, Federal Reserve Bank of Kansas City, vol. 74(Sep), pages 9-29.
- Richard D. Simmons, 1987. "Would banks buy daytime fed funds?," Economic Perspectives, Federal Reserve Bank of Chicago, vol. 11(May), pages 36-43.
- Hancock, Diana & Wilcox, James A, 1996.
"Intraday Management of Bank Reserves: The Effects of Caps and Fees on Daylight Overdrafts,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 28(4), pages 870-908, November.
- Diana Hancock & James A. Wilcox, 1996. "Intraday management of bank reserves: the effects of caps and fees on daylight overdrafts," Proceedings, Board of Governors of the Federal Reserve System (U.S.), pages 870-913.
- Flannery, Mark J, 1996.
"Financial Crises, Payment System Problems, and Discount Window Lending,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 28(4), pages 804-824, November.
- Mark J. Flannery, 1996. "Financial crises, payment system problems, and discount window lending," Proceedings, Board of Governors of the Federal Reserve System (U.S.), pages 804-831.
- Berger, Allen N & Hancock, Diana & Marquardt, Jeffrey C, 1996.
"A Framework for Analyzing Efficiency, Risks, Costs, and Innovations in the Payments System,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 28(4), pages 696-732, November.
- Allen N. Berger & Diana Hancock & Jeffrey C. Marquardt, 1996. "A framework for analyzing efficiency, risks, costs and innovations in the payments system," Proceedings, Board of Governors of the Federal Reserve System (U.S.), pages 696-732.
- William Poole, 1968. "Commercial Bank Reserve Management In A Stochastic Model: Implications For Monetary Policy," Journal of Finance, American Finance Association, vol. 23(5), pages 769-791, December.
- Angelini, P. & Maresca, G. & Russo, D., 1996. "Systemic risk in the netting system," Journal of Banking & Finance, Elsevier, vol. 20(5), pages 853-868, June.
- Heidi Willmann Richards, 1995. "Daylight overdraft fees and the Federal Reserve's payment system risk policy," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Dec, pages 1065-1077.
- Angelini, P. & Giannini, C., 1993. "On the Economics of Interbank Payment Systems," Papers 193, Banca Italia - Servizio di Studi.
- Terrence M. Belton & Matthew D. Gelfand & David B. Humphrey & Jeffrey C. Marquardt, 1987. "Daylight overdrafts and payments system risk," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Nov, pages 839-852.
- Matthew D. Gelfand & David E. Lindsey, 1989. "The simple microanalytics of payments system risk," Finance and Economics Discussion Series 61, Board of Governors of the Federal Reserve System (U.S.).
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Hancock, Diana & Humphrey, David B., 1997. "Payment transactions, instruments, and systems: A survey," Journal of Banking & Finance, Elsevier, vol. 21(11-12), pages 1573-1624, December.
- Tore Nilssen, 2011.
"Risk externalities in a payments oligopoly,"
Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 10(3), pages 211-234, December.
- Nilssen,T., 2000. "Risk externalities in a payments oligopoly," Memorandum 10/2000, Oslo University, Department of Economics.
- Chakravorti, Sujit, 2000. "Analysis of systemic risk in multilateral net settlement systems," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 10(1), pages 9-30, January.
- Freixas, Xavier & Parigi, Bruno, 1998.
"Contagion and Efficiency in Gross and Net Interbank Payment Systems,"
Journal of Financial Intermediation, Elsevier, vol. 7(1), pages 3-31, January.
- Xavier Freixas & Bruno Parigi, 1996. "Contagion and efficiency in gross and net interbank payment systems," Economics Working Papers 176, Department of Economics and Business, Universitat Pompeu Fabra, revised Jun 1996.
- Xavier Freixas & Bruno Parigi, 1998. "Contagion and efficiency in gross and net interbank payment systems," Proceedings 592, Federal Reserve Bank of Chicago.
- Callado-Muñoz, Francisco José, 2009. "Risk control measures in payment systems," The Quarterly Review of Economics and Finance, Elsevier, vol. 49(1), pages 1-25, February.
- Lacker, Jeffrey M., 1997.
"Clearing, settlement and monetary policy,"
Journal of Monetary Economics, Elsevier, vol. 40(2), pages 347-381, October.
- Jeffrey M. Lacker, 1997. "Clearing, settlement, and monetary policy," Working Paper 97-01, Federal Reserve Bank of Richmond.
- De Bandt, Olivier & Hartmann, Philipp, 2000.
"Systemic risk: A survey,"
Working Paper Series
35, European Central Bank.
- de Bandt, Olivier & Hartmann, Philipp, 2000. "Systemic Risk: A Survey," CEPR Discussion Papers 2634, C.E.P.R. Discussion Papers.
- William R. Emmons, 1997. "Recent developments in wholesale payments systems," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 23-43.
- David Vanhoose, 2000. "Central bank policy making in competing payment systems," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 28(2), pages 117-139, June.
- Angelini, P. & Maresca, G. & Russo, D., 1996. "Systemic risk in the netting system," Journal of Banking & Finance, Elsevier, vol. 20(5), pages 853-868, June.
- Olivier Brossard & Susanna Saroyan, 2016. "Hoarding and short-squeezing in times of crisis: Evidence from the Euro overnight money market," Post-Print hal-01293693, HAL.
- Docherty, Peter & Wang, Gehong, 2010.
"Using synthetic data to evaluate the impact of RTGS on systemic risk in the Australian payments system,"
Journal of Financial Stability, Elsevier, vol. 6(2), pages 103-117, June.
- Peter Docherty & G Wang, 2006. "Using Synthetic Data to Measure the Impact of RTGS on Systemic Risk in the Australian Payments System," Working Paper Series 149, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
- Selgin, George, 2004. "Wholesale payments: questioning the market-failure hypothesis," International Review of Law and Economics, Elsevier, vol. 24(3), pages 333-350, September.
- Holthausen, Cornelia & Rochet, Jean-Charles, 2006.
"Efficient Pricing of Large Value Interbank Payment Systems,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 38(7), pages 1797-1818, October.
- Holthausen, Cornelia & Rochet, Jean-Charles, 2002. "Efficient pricing of large value interbank payment systems," Working Paper Series 184, European Central Bank.
- Holthausen, Cornelia & Rochet, Jean-Charles, 2003. "Efficient Pricing of Large Value Interbank Payment Systems," IDEI Working Papers 185, Institut d'Économie Industrielle (IDEI), Toulouse.
- Rochet, Jean Charles & Holthausen, Cornelia, 2003. "Efficient Pricing of Large Value Interbank Payment Systems," CEPR Discussion Papers 3943, C.E.P.R. Discussion Papers.
- Pu Shen, 1997. "Settlement risk in large-value payments systems," Economic Review, Federal Reserve Bank of Kansas City, vol. 82(Q II), pages 45-62.
- Edgardo Barandiarán, 2000. "Chile Después del Peso: Viviendo con el Dólar," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 37(110), pages 241-267.
- repec:zbw:bofrdp:2003_023 is not listed on IDEAS
- Freixas, Xavier & Parigi, Bruno M & Rochet, Jean-Charles, 2000.
"Systemic Risk, Interbank Relations, and Liquidity Provision by the Central Bank,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 32(3), pages 611-638, August.
- Xavier Freixas & Bruno Parigi & Jean-Charles Rochet, 2000. "Systemic risk, interbank relations, and liquidity provision by the central bank," Proceedings, Federal Reserve Bank of Cleveland, pages 611-640.
- Xavier Freixas & Bruno Parigi & Jean Charles Rochet, 1998. "Systemic risk, interbank relations and liquidity provision by the Central Bank," Economics Working Papers 440, Department of Economics and Business, Universitat Pompeu Fabra, revised Sep 1999.
- Freixas, Xavier & Parigi, Bruno & Rochet, Jean-Charles, 1999. "Systemic Risk, Interbank Relations and Liquidity Provision by the Central Bank," CEPR Discussion Papers 2325, C.E.P.R. Discussion Papers.
- Huberto M. Ennis & John A. Weinberg, 2007. "Interest on reserves and daylight credit," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 93(Spr), pages 111-142.
- Skeie, David R., 2008.
"Banking with nominal deposits and inside money,"
Journal of Financial Intermediation, Elsevier, vol. 17(4), pages 562-584, October.
- David R. Skeie, 2008. "Banking with nominal deposits and inside money," Staff Reports 242, Federal Reserve Bank of New York.
- Devriese, Johan & Mitchell, Janet, 2006.
"Liquidity risk in securities settlement,"
Journal of Banking & Finance, Elsevier, vol. 30(6), pages 1807-1834, June.
- Johan Devriese & Janet Mitchell, 2005. "Liquidity risk in securities settlement," Financial Stability Review, National Bank of Belgium, vol. 3(1), pages 117-126, June.
- Mitchell, Janet & Devriese, Johan, 2005. "Liquidity Risk in Securities Settlement," CEPR Discussion Papers 5123, C.E.P.R. Discussion Papers.
- Johan Devriese & Janet Mitchell, 2005. "Liquidity risk in securities settlement," Working Paper Research 72, National Bank of Belgium.
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jbfina:v:22:y:1998:i:1:p:1-18. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/jbf .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.