| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP1686
|
| DP1686 Poverty and the Welfare State in Inter-war London |
| Timothy Hatton; Roy E Bailey
|
| 发表日期 | 1997-08-31
|
| 出版年 | 1997
|
| 语种 | 英语
|
| 摘要 | After a rapid expansion of financial transactions, both the authorities and financial institutions became aware of the risk involved in interbank settlement systems. To cope with the risk the systems in most economies have been designed so that large-sized payments are settled in the real time gross settlement (RTGS) mode, whereas small ones are dealt with in the designated time net settlement system. Yet the introduction of the RTGS system imposes substantial costs of maintaining intraday liquidity on participants, which creates a fear among European as well as Japanese banking communities that they might lose competitiveness against their US counterparts whose main settlement system, Fedwire, does not require collateral. We first compare these different settlement systems from the participant?s cost-benefit perspective and see if this concern always holds. Second, we develop the same framework to analyse the net settlement system, and then suggest if there is a rationale behind the coexistence of both the RTGS and net settlement systems. |
| 主题 | Financial Economics
|
| 关键词 | Intraday liquidity
Risk management
Rtgs
Settlement risk
|
| URL | https://cepr.org/publications/dp1686
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530829
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推荐引用方式
GB/T 7714 |
Timothy Hatton,Roy E Bailey. DP1686 Poverty and the Welfare State in Inter-war London. 1997.
|
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