Which is the current state of the insurance supervision architectures? The recent financial crisis has forcefully demonstrated that the financial services markets are deeply integrated, requiring an integrated supervisory approach. How is insurance supervision integrated into the overall...

We study liquidity and systemic risk in high-value payment systems. Flows in high-value systems are characterized by high velocity, meaning that the total amount paid and received is high relative to the stock of reserves. In such systems, banks rely heavily on incoming funds to finance outgoing...