IDEAS home Printed from https://ideas.repec.org/a/psl/moneta/200632.html
   My bibliography  Save this article

L’evoluzione del sistema RTGS italiano e l’impatto sulla domanda di riserve bancarie

Author

Listed:
  • Giuseppe Maddaloni

    (Banca d’Italia, Servizio Sistema dei Pagamenti, Roma)

  • Stefano Marcelli

    (Banca d’Italia, Servizio Sistema dei Pagamenti, Roma)

Abstract

Aim of the paper is assessing, from 2001 to 2005, the impact of some changes affecting the Italian payment system on reserves demand and revenues of those banks directly participating in the new BI-REL, the Italian RTGS system. The results of the analysis carried out on 105 banks directly participating in the system show that after the start of Express II, the new security settlement system, the banks held more liquidity reserves for settling securities transactions. The banking system reacted to those changes in a few months' time by raising the liquidity management's efficiency, also thanks to the start of the RTGS system's payment optimisation mechanism. The adjustment process would not only allow the banks to completely offset the effect brought about by Express II but even to improve, although slightly, the liquidity management's efficiency compared to prior to the changes.

Suggested Citation

  • Giuseppe Maddaloni & Stefano Marcelli, 2006. "L’evoluzione del sistema RTGS italiano e l’impatto sulla domanda di riserve bancarie," Moneta e Credito, Economia civile, vol. 59(235), pages 257-271.
    • Handle: RePEc:psl:moneta:2006:32
    as

    Download full text from publisher

    File URL: http://ojs.uniroma1.it/index.php/monetaecredito/article/view/9753/9638
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Heller, Daniel & Lengwiler, Yvan, 2003. "Payment obligations, reserve requirements, and the demand for central bank balances," Journal of Monetary Economics, Elsevier, vol. 50(2), pages 419-432, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Maddaloni, Giuseppe, 2015. "Liquidity risk and policy options," Journal of Banking & Finance, Elsevier, vol. 50(C), pages 514-527.

    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.
    1. Berentsen, Aleksander & Monnet, Cyril, 2008. "Monetary policy in a channel system," Journal of Monetary Economics, Elsevier, vol. 55(6), pages 1067-1080, September.
    2. Rocío Betancourt & Hernando Vargas, 2009. "Encajes bancarios y tasas de interés," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 27(59), pages 158-186, June.
    3. Romina Ruprecht, 2020. "Negative interest rates, capital flows and exchange rates," ECON - Working Papers 351, Department of Economics - University of Zurich.
    4. Sébastien Kraenzlin & Thomas Nellen, 2010. "Daytime Is Money," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(8), pages 1689-1702, December.
    5. Elena Carletti & Philipp Hartmann & Giancarlo Spagnolo, 2007. "Bank Mergers, Competition, and Liquidity," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(5), pages 1067-1105, August.
    6. Maddaloni, Giuseppe, 2015. "Liquidity risk and policy options," Journal of Banking & Finance, Elsevier, vol. 50(C), pages 514-527.
    7. Whitesell, William, 2006. "Interest rate corridors and reserves," Journal of Monetary Economics, Elsevier, vol. 53(6), pages 1177-1195, September.
    8. Mark J Manning & Matthew Willison, 2006. "Modelling the cross-border use of collateral in payment systems," Bank of England working papers 286, Bank of England.
    9. Trunin, P. & Vashchelyuk, N., 2015. "The Analysis of Money Supply Endogeneity in Russia," Journal of the New Economic Association, New Economic Association, vol. 25(1), pages 103-131.
    10. William C. Whitesell, 2003. "Tunnels and reserves in monetary policy implementation," Finance and Economics Discussion Series 2003-28, Board of Governors of the Federal Reserve System (U.S.).
    11. Narayan Bulusu & Matthew McNeely & Kaetlynd McRae & Jonathan Witmer, 2023. "Estimating the Appropriate Quantity of Settlement Balances in a Floor System," Discussion Papers 2023-26, Bank of Canada.

    More about this item

    Keywords

    Bank; Reserves;

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

    Statistics

    Access and download statistics

    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:psl:moneta:2006:32. 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: Carlo D'Ippoliti (email available below). General contact details of provider: http://www.economiacivile.it .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.