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Measuring the impact of a failing participant in payment systems

Heijmans, Ronald; Wendt, Froukelien - 2020

Banks and financial market infrastructures (FMIs) that are not able to fulfill their payment obligations can be a source of financial instability. This paper develops a composite risk indicator to evaluate the criticality of participants in a large value payment system network, combining...

Persistent link: https://www.econbiz.de/10012251903

Systemic Financial Risk in Payment Systems

International Monetary Fund - 1990

Efficient and stable payments systems are of fundamental importance in maintaining an orderly international monetary system. Major disruptions of national and international payments systems would have highly adverse effects on international trade, capital flows, and real activity. A key...

Persistent link: https://www.econbiz.de/10014396195

The scarcity effect of quantitative easing on repo rates : evidence from the euro area

Arrata, William; Nguyen, Benoit; Rahmouni-Rousseau, Imene; … - 2018

Most short-term interest rates in the Euro area are below the European Central Bank deposit facility rate, the rate at which the central bank remunerates banks' excess reserves. This unexpected development coincided with the start of the Public Sector Purchase Program (PSPP). In this paper, we...

Persistent link: https://www.econbiz.de/10011978433

Fintech and payments regulation : analytical framework

Tanai Khiaonarong; Goh, Terry - 2020

Financial technology (Fintech) has prompted authorities to consider their potential financial stability benefits, risks, and effective regulation. Recent developments suggest that regulatory approaches and their legal foundations need to augment entity-based regulation with increasing focus on...

Persistent link: https://www.econbiz.de/10012251408

Applying the central clearing mandate : different options for different markets

Kiff, John; Gullo, Alessandro; Hillier, Cory; … - 2022

mandatory central clearing frameworks in place, covering at least 90 percent of all standardized OTC derivatives in their … clearing, also in light of the international dimension of OTC derivatives contracts. This paper examines the policy options … available to countries that have yet to fully conform to the clearing mandate, centered on the setup of local CCPs or on the use …

Persistent link: https://www.econbiz.de/10013170536

The Reform of Wholesale Payment Systems and its Impacton Financial Markets

Schoenmaker, Dirk - 1996

This paper reviews the ongoing efforts to reduce the risks inherent in the world’s principal wholesale payment systems. The paper assesses the major policy proposals to contain the growth in intraday credit exposures that arises in net settlement wholesale payment systems and in the real-time...

Persistent link: https://www.econbiz.de/10014398643

Wholesale Payments and Financial Discipline, Efficiency, and Liquidity

Folkerts-Landau, D. F. I. - 1997

Properly designed wholesale payments system can make a significant contribution to enhancing market discipline in the financial sector, reducing the risk of systemic disturbance and permitting a less extensive safety net for financial institutions. The objective of these reforms has been to...

Persistent link: https://www.econbiz.de/10014403300

Monetary Policy in Hybrid Regimes : The Case of Kazakhstan

Epstein, Natan P. - 2014

This paper analyzes the monetary policy framework in Kazakhstan. The authorities have been successful in containing inflation in the context of a managed exchange rate regime. Over the past two years, the central bank has taken steps to enhance its ability to regulate liquidity in the financial...

Persistent link: https://www.econbiz.de/10014411392

Financial Structure, Bank Lending Rates, and the Transmission Mechanism of Monetary Policy

Kourelis, Angeliki - 1994

The stickiness of bank lending rates with respect to money market rates is often regarded as an obstacle to the smooth transmission of monetary policy impulses. Yet, no systematic measure of the different degree of lending rate stickiness across countries has been attempted. This paper provides...

Persistent link: https://www.econbiz.de/10014396171

Monetary policy in hybrid regimes : the case of Kazakhstan

Epstein, Natan; Portillo, Rafael - 2014

Persistent link: https://www.econbiz.de/10010388860