Arbeitspapier
How abundant are reserves? Evidence from the wholesale payment system
Before the era of large central bank balance sheets, banks relied on incoming payments to fund outgoing payments in order to conserve scarce liquidity. Even in the era of large central bank balance sheets, rather than funding payments with abundant reserve balances, we show that outgoing payments remain highly sensitive to incoming payments. By providing a window on liquidity constraints revealed by payment behavior, our results shed light on thresholds for the adequacy of reserve balances. Our findings are timely, given the ongoing shrinking of central bank balance sheets around the world in response to inflation.
- Sprache
-
Englisch
- Erschienen in
-
Series: Staff Report ; No. 1040
- Klassifikation
-
Wirtschaft
Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
Financial Markets and the Macroeconomy
Monetary Policy
Central Banks and Their Policies
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
- Thema
-
real-time gross settlement (RTGS) systems
quantitative tightening
balance sheet management
reserve balances
Zahlungsverkehr
Geldpolitik
Clearing
Quantitative Lockerung
Mindestreserve
Bankenliquidität
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Afonso, Gara
Duffie, Darrell
Rigon, Lorenzo
Shin, Hyun Song
- Ereignis
-
Veröffentlichung
- (wer)
-
Federal Reserve Bank of New York
- (wo)
-
New York, NY
- (wann)
-
2022
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Afonso, Gara
- Duffie, Darrell
- Rigon, Lorenzo
- Shin, Hyun Song
- Federal Reserve Bank of New York
Entstanden
- 2022
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