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The optimal settlement lag p
Reserves and risks in gross settlement systems p
An overview of available options p
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bank's Basle benefits Bergh bilateral Board of Governors Borio central bank Ceteris paribus clearing systems Committee of Governors consecutive settlements credit risk cross-border payments daylight overdrafts decentralized equilibrium delayed sends demand for reserves discrete-time Economic Community 1992a Electronic Payments European Economic Community expected cost Federal Reserve System final payment finality rules Folkerts-Landau and Garber funds gross settlement systems gross systems Humphrey incoming payments increase input institutional interbank payment systems intra-day information flows irrevocable commitment issue Italy level of reserves liquidity Marquardt 1983 Mengle operating period opportunity cost optimal settlement lag order conditions organizational outgoing payments overdraft system participants Passacantando payment flows payment remains provisional Payment System Risk Policy postponing final settlement pricing of daylight pure systems queuing system receiving bank reduce reserve holdings risk borne Roma Section sending bank settle settlement accounts settlement failure settlement risk suboptimal tend transaction costs VISCO Washington D.C. zero