The increasing importance of risk management in payment systems has led to the development of an array of sophisticated tools designed to mitigate tail risk in these systems. In this paper, we use extreme value theory methods to quantify the level of tail risk in the Canadian retail payment...

TARGET2 is the main European platform for the settlement of large-value payments in central bank money open to Central banks and commercial banks participation. TARGET2 was a prerequisite of the Monetary Union establishment and is a pillar for its functioning, for the single monetary policy...

Seit 1999 ist die Europäische Zentralbank Hüterin der europäischen Gemeinschaftswährung. Die Möglichkeit der Einflussnahme auf den Geldwert wird dem Zentralbankensystem durch ein Monopol über die Bereitstellung von Zentralbankgeld gegeben. In der durch technologischen Fortschritt,...