The global financial crisis that began in mid-2007 has renewedconcerns about financial instability and focused attention onthe fundamental role of central banks in preventing andmanaging systemic crises. In response to the turmoil, centralbanks have made extensive use of both new and existing...

In this paper, we assess the effects of changes to the primarycredit facility since August 2007 by performing out-of-samplesimulations based on a model developed by Artuç andDemiralp (2008). Our results are highly consistent with thepredictions of our 2008 study—that is, the revised...

[...]This article outlines a different approach to the study ofLSMs in a payments system. It examines a theoretical modelof the behavior of parties, which for simplicity we refer to asbanks. Each bank has particular motivations and constraints;as a result, its behavior can be determined as an...

This article investigates the factors influencing the timingand funding of payments in the CHAPS Sterling system,drawing where appropriate on comparisons with paymentactivity in Fedwire...

Den Aktionären dürfen Zinsen weder zugesagt noch ausgezahlt werden“ (§ 57 Abs. 2 AktG).Uns scheint dieses Zinsverbot heute selbstverständlich und geradezu dem Wesen der Aktieeigen. So heißt es hierzu etwa bei Lutter: „Der Aktionär ist risikotragender Mitunternehmer.Seine Einlage ist...

[...]This article analyzes empirical evidence on the limits ofarbitrage in the interest rate swap market as well as on howtrading risk can affect market liquidity and amplify shocks inasset prices. We study these issues in terms of the behavior ofthe interest rate swap spread—the spread...

Ist die Finanzierung gesichert und reicht die Liquidität?Das sind derzeit die wichtigsten Fragen im Reportingvon Immobilien-Aktiengesellschaften. Auf Dauer wirddie überzeugende Antwort darauf allein nicht ausreichen,damit Immobilienunternehmen sich positiver Wahrnehmungam Kapitalmarkt...

[...]This article is organized as follows. In the next section, wediscuss the basics of deferred settlement systems, and in Section 3we describe the systems used in our simulations. In Section 4,we describe the performance metrics and results of the basicsimulations, and in Section 5 we conduct...

[...]This article adds to the literature by estimating andevaluating a comprehensive set of liquidity measures for theU.S. Treasury securities market. High-frequency data from theinterdealer market allow for an analysis of trading volume,trading frequency, bid-ask spreads, quote sizes, trade...

[...]In this article, we provide new evidence of the importance ofthe coordination mechanism that banks use in their normalpayments activity to provide liquidity. We do so by firstoutlining the sources of funding for banks’ payments activity, thus highlighting the role of expected incoming...