Efficient Pricing of Large Value Interbank Payment Systems
نویسندگان
چکیده
منابع مشابه
Imperfect Competition and the Pricing of Interbank Payment Services
I n a modern economy, a large fraction of payments for goods and services involve the services of one or more banks. The provision of payment services is, in fact, one of the distinguishing characteristics of banks. A bank-intermediated payment instrument, such as a check, typically communicates instructions to the buyer’s bank to make payment to the seller or the seller’s bank. Often, then, we...
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We develop a dynamic multi-agent model of an interbank payment system where banks choose their level of available funds on the basis of private payoff maximisation. The model consists of the repetition of a simultaneous move stage game with incomplete information, incomplete monitoring, and stochastic payoffs. Adaptation takes place with Bayesian updating, with banks maximizing immediate payoff...
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This paper derives from work completed while I was a visiting scholar at the Bank of Japan’s Institute for Monetary and Economic Studies. I thank the institute’s staff for their hospitality and assistance and for their willingness to discuss these issues with me. The views expressed herein are the author’s and do not represent the views of the Bank of Japan, the Federal Reserve Bank of Richmond...
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The purpose of this paper is to show how agent-based simulations of payment systems can be used to aid central bankers and payment system operators in thinking about the appropriate design of payment settlement systems to minimise risk and increase their efficiency. Banks, which we model as the ‘agents’, are capable of a degree of autonomy with which to respond to payment system rules and adopt...
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iii Foreword Large-value payment systems (LVPS) play a key role in the financial infrastructure, by discharging payment obligations between banks. The 1990s experienced a major transformation in the design of these systems: from deferred net settlement (DNS) systems, which settled only at the end of the day, to real-time gross settlement (RTGS) systems, which settle on a continuous basis. This ...
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ژورنال
عنوان ژورنال: Journal of Money, Credit, and Banking
سال: 2006
ISSN: 1538-4616
DOI: 10.1353/mcb.2006.0093