Imakubo, Kei; Soejima, Yutaka - In: Monetary and Economic Studies 28 (2010) November, pp. 151-180
Under a real-time gross settlement (RTGS) system, there is an incentive for system participants to delay making their outgoing payments to facilitate their funding, and this creates the risk of settlement delays spreading throughout the entire system. Intraday credit facility and market...