Afonso, Gara; Duffie, Darrell; Rigon, Lorenzo; Shin, … - National Bureau of Economic Research - 2022
balances. Our findings are timely, given the ongoing shrinking of central bank balance sheets around the world in response to …Before the era of large central bank balance sheets, banks relied on incoming payments to fund outgoing payments in … order to conserve scarce liquidity. Even in the era of large central bank balance sheets, rather than funding payments with …