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Payment Instruments and Collateral in the Interbank Payment System (2015)

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by Hajime Tomura
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BibTeX

@MISC{Tomura15paymentinstruments,
    author = {Hajime Tomura},
    title = {Payment Instruments and Collateral in the Interbank Payment System},
    year = {2015}
}

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Abstract

This paper presents a three-period model to analyze why banks need bank reserves despite the presence of other liquid assets like Treasury securities. The model high-lights the fact that the interbank market is an over-the-counter market. It shows that the large value payment system operated by the central bank can be regarded as a collateralized contract to save liquidity to settle bank transfers. In this interpretation, bank reserves are the balances of collateral. The optimal contract is the oor system. Whether a private clearing house can replace the central bank depends on the range of collateral it can accept. Email:

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