, Japanese, and UK government bond and equity markets in a vector autoregression. The results suggest that U.S. financial shocks …

Efficient and stable payments systems are of fundamental importance in maintaining an orderly international monetary … system. Major disruptions of national and international payments systems would have highly adverse effects on international … trade, capital flows, and real activity. A key issue--now being addressed by authorities in a number of major countries …

We examine how the repo market operates during liquidity stress by applying network analysis to novel transaction …-level data of the overnight gilt repo market including the COVID-19 crisis. During this crisis, the repo network becomes more … the repo volumes and spreads during the stress relative to normal times. We find a significant increase in volumes traded …

daylight overdrafts. Intraday payments-related credit in net settlement systems has been reduced by restructuring payment …Properly designed wholesale payments system can make a significant contribution to enhancing market discipline in the … institutions. The objective of these reforms has been to achieve a reduction of the credit risk associated with the growth in …