Contagion and Efficiency in Gross and Net Interbank Payment Systems
Опубликовано на портале: 14-03-2005
Journal of Financial Intermediation.
1998.
Vol. 7.
No. 1.
P. 3-31.
Тематические разделы:
The increased fragility of the banking industry has generated growing concern about
the risks associated with payment systems. Although in most industrial countries
different interbank payment systems coexist, little is really known about their properties
in terms of risk and efficiency. How should payment systems be designed? We tackle
this question by comparing the two main types of payment systems, gross and net,
in a framework where uncertainty arises from several sources: the time of consumption,
the location of consumption, and the return on investment. Payments across locations
can be made either by directly transferring liquidity or by transferring claims against
the bank in the other location. The two mechanisms are interpreted as the gross and
net settlement systems in interbank payments. We characterize the equilibria in the
two systems and identify the trade-off in terms of safety and efficiency
Статья рекомендована при изучении программы Corporate Finance and Financial Crises (Allen F.)
Ключевые слова
bank corporate finance efficiency payment risk банк банковская деятельность корпоративные финансы погашение долга риск эффективность
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