Real-time gross settlement (RTGS) systems often incorporate features designed to economise on liquidity. Such 'hybrid …'s operational disruption, even if there is less liquidity committed to the RTGS system. The hybrid features of the Australian RTGS …

We study liquidity and systemic risk in high-value payment systems. Flows in high-value systems are characterized by … comparative statics analyses on changes to the environment. We find that banks attempting to conserve liquidity cause an increase …

intraday liquidity management. A model is developed to compare the performance of two different mechanisms to reduce payment … better outcome unless the payment system experiences a system-wide liquidity shock. We show that settlement delay can be … socially efficient, contrary to general understanding of the literature, when it reduces the aggregate cost of liquidity. The …

) system. A pure RTGS system typically requires participants to hold large amounts of intraday liquidity in order to settle … their payment obligations. Implementing one or more liquidity-saving mechanisms (LSMs) can reduce the amount of liquidity … participants need to hold. This paper investigates how much liquidity requirements can be reduced with the implementation of …

financial stability. In the model, demand for liquidity takes the form of demand for money to make payments. We show that banks … can provide elastic aggregate liquidity by creating and lending out deposits, which will reduce the need for people to … sell assets and help maintain asset price stability. We also compare two types of liquidity provision mechanisms. The first …

. Our estimates suggest that in normal times, banks increase their payment outflows when their liquidity is above target and … the second, it pays out exactly what it previously received, relying exclusively on the liquidity provided by other system … the time at which the bank’s counterparties would run out of liquidity if they followed their estimated normal …