Kahn, Charles M; McAndrews, James; Roberds, William - In: Journal of Money, Credit and Banking 35 (2003) 4, pp. 591-608
Previous comparative analyses of gross and net settlement have focused on the credit risk of the central counterparty in net settlement arrangements and on the incentives for participants to alter the risk of their portfolios under net settlement. By modeling the trading economy that generates...
