Remarks to the Austin Mortgage Bankers Association, Austin, Texas, April 4, 2007 ; "The elimination of risk can never … be the goal of any type of policymaker in a capitalist system. Risk becomes a problem only when it is excessive or when …

This paper investigates systemic risk in multilateral netting payments systems. A four-period model is constructed to … decrease systemic risk. The central bank's role as provider of liquidity to the financial system is investigated in the context …