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This paper develops a model of intermediated exchange with budget-constrained traders who are embedded in a trading network. An experimental investigation confirms the theory's baseline predictions. Traders adopt monotone strategies with higher-budget intermediaries offering to pay more for...
Persistent link: https://www.econbiz.de/10012967921
In this paper, we show both theoretically and empirically that the size of over-the-counter (OTC) markets can be reduced without affecting individual net positions. First, we find that the networked nature of these markets generates an excess of notional obligations between the aggregate gross...
Persistent link: https://www.econbiz.de/10013248954
the data. -- Payment, clearing, and settlement systems ; financial stability …In the Canadian large value payment system an important goal is to understand how liquidity is transferred through the … relationships between participants in the payment system is a crucial step in achieving the goal. The set of nodes in any given …
Persistent link: https://www.econbiz.de/10003981323
This study investigates whether and how central clearing influences the overall liquidity needs in a network of … financial obligations. Utilizing the approach of flow network theory, we show that the effect of adding a central clearing …
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This paper documents the extension of the system-wide stress testing framework of the ECB with the insurance sector for a more thorough assessment of risks to financial stability. The special nature of insurers is captured by the modelling of the liability side and its loss absorbing capacity of...
Persistent link: https://www.econbiz.de/10015179762
Recent regulation mandating the clearing of credit default swaps (CDS) by a Central Clearing Counterparties (CCP), has …
Persistent link: https://www.econbiz.de/10011870658
Following the 2008 financial crisis, regulation mandates the clearing of the CDS market through Central Clearing …
Persistent link: https://www.econbiz.de/10012419635