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Funding liquidity without banks: evidence from a shock to the cost of very short-term debt


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Non-monotonic Tradeoffs of Tiering in a Large Value Payment System

Even though international authorities encourage open and wide access to large value payment systems, the optimal level of access, or tiering, is still an open question. In the case of real-time gross settlement systems (RTGS), the level of access, or tiering, may be limited by the tradeoff...

Short-Term Liquidity Contagion in the Interbank Market

We implement a modified version of DebtRank, a measure of systemic impact inspired in feedback centrality, to recursively measure the contagion effects caused by the default of a selected financial institution. In our case contagion is a liquidity issue, measured as the decrease in financial...