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Report
The welfare effects of a liquidity-saving mechanism
McAndrews, James J.; Martin, Antoine; Atalay, Enghin (2008)
This paper considers the welfare effect of introducing a liquidity-saving mechanism (LSM) in a real-time gross settlement (RTGS) payment system. We study the planner's problem to get a better understanding of the economic role of an LSM and find that an LSM can achieve the planner's allocation for some parameter values. The planner's allocation cannot happen without an LSM, as long as some payments can be delayed without cost. We show that, in equilibrium with an LSM, there can be either too few or too many payments settled early compared with the planner's allocation, depending on the ...
Staff Reports , Paper 331

Conference Paper
Same-branch growth: implications for a changing strategic landscape
Davis, Peter C. (2004)
Proceedings , Paper 934

Working Paper
Is the Federal Home Loan Bank system good for banks? a look at evidence on membership, advances and risk
Stojanovic, Dusan; Yeager, Timothy J.; Vaughan, Mark D. (2005)
Since the early 1990s, commercial banks have turned to Federal Home Loan Bank (FHLBank) advances to plug the gap between loan and deposit growth. Is this trend worrisome? On the one hand, advances implicitly encourage risk by insulating borrowers from market discipline. On the other, advances give borrowers greater flexibility to managing interest rate and liquidity risk. And access to FHLBank funding encourages members to reshape their balance sheets in ways that could lower credit risk. Using quarterly financial and supervisory data for banks from 1992 to 2000, we assess the effect of ...
Supervisory Policy Analysis Working Papers , Paper 2005-02

Speech
Ending too big to fail
Dudley, William (2013)
Remarks at the Global Economic Policy Forum, New York City.
Speech , Paper 123

Working Paper
Banks, payments, and coordination
McAndrews, James J.; Roberds, William (1994)
FRB Atlanta Working Paper , Paper 94-14

Journal Article
The timing and funding of CHAPS sterling payments
Galbiati, Marco; Becher, Christopher; Tudela, Merxe (2008-09)
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 -- the latter in particular if participants delay outgoing payments until incoming ones arrive. This article presents an empirical analysis of the timing and funding of payments in CHAPS. The authors seek to identify the factors driving the intraday profile of payment activity and the extent to which ...
Economic Policy Review , Volume 14 , Issue Sep , Pages 113-133

Speech
Too big to fail: expectations and impact of extraordinary government intervention and the role of systemic risk in the financial crisis
Baxter, Thomas C. (2010)
Testimony before the Financial Crisis Inquiry Commission, Washington, D.C.
Speech , Paper 29

Journal Article
Haircuts
Gorton, Gary; Metrick, Andrew (2010-11)
?When confidence is lost, liquidity dries up.? The authors investigate the meaning of ?confidence? and ?liquidity? in the context of the recent financial crisis, which they maintain is a manifestation of an age-old problem with private money creation: banking panics. The authors explain this problem and provide some evidence with respect to the recent crisis.
Review , Volume 92 , Issue Nov , Pages 507-520

Journal Article
An economic analysis of liquidity-saving mechanisms
McAndrews, James J.; Martin, Antoine (2008-09)
A recent innovation in large-value payments systems has been the design and implementation of liquidity-saving mechanisms (LSMs), tools used in conjunction with real-time gross settlement (RTGS) systems. LSMs give system participants, such as banks, an option not offered by RTGS alone: they can queue their outgoing payments. Queued payments are released if some prespecified event occurs. LSMs can reduce the amount of central bank balances necessary to operate a payments system as well as quicken settlement. This article analyzes the performance of RTGS systems with and without the addition of ...
Economic Policy Review , Volume 14 , Issue Sep , Pages 25-39

Journal Article
Statement issued October 20, 1987 on providing liquidity to the financial system
Greenspan, Alan (1987-12)
Federal Reserve Bulletin , Issue Dec

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