Becher, Christopher; Galbiati, Marco; Tudela, Merxe - In: Economic Policy Review (2008) Sep, pp. 113-133
Real-time gross settlement (RTGS) systems such as CHAPS Sterling require large amounts of liquidity to support payment activity. To meet their liquidity needs, RTGS participants borrow from the central bank or rely on incoming payments from other participants. Both options can prove costly --...
