Arbeitspapier
A model of tiered settlement networks
This paper develops a model of settlement system to study the endogenous structure of settlement networks, and the welfare consequences of clearing agent failure. The equilibrium degree of tiering is endogenously determined by the cost structure and the information structure. The degree of tiering is decreasing in the fixed cost of operating the second-tier network and the availability of public credit history. Furthermore, the welfare effects of clearing agent failure can be decomposed into operational inefficiency and the loss of private information.
- Language
-
Englisch
- Bibliographic citation
-
Series: Bank of Canada Working Paper ; No. 2008-12
- Classification
-
Wirtschaft
Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
Central Banks and Their Policies
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
- Subject
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Payment, learing, and settlement systems
Bankgeschäft
Zahlungsverkehr
Verrechnungsverkehr
Netzwerk
Wohlfahrtseffekt
Theorie
- Event
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Geistige Schöpfung
- (who)
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Chapman, James
Chiu, Jonathan
Molico, Miguel
- Event
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Veröffentlichung
- (who)
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Bank of Canada
- (where)
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Ottawa
- (when)
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2008
- DOI
-
doi:10.34989/swp-2008-12
- Handle
- Last update
-
10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Chapman, James
- Chiu, Jonathan
- Molico, Miguel
- Bank of Canada
Time of origin
- 2008
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