Martin, Antoine (contributor); … - 2007
for delaying payments. They trade off the cost
of delaying a payment against the cost of borrowing liquidity from the …-value payment
systems
Martin: Federal Reserve Bank of New York (e-mail: antoine.martin@ny.frb.org). McAndrews:
Federal Reserve Bank … the Federal Reserve Bank
of New York or the Federal Reserve System.
1 Introduction
Large-value payment systems are an …