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  1. 117 経済学研究科・経済学部
  2. 10 経済理論専攻
  3. Working Paper Series / UTokyo Price Project
  1. 0 資料タイプ別
  2. 60 レポート類
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Payment Instruments and Collateral in the Interbank Payment System

http://hdl.handle.net/2261/57223
http://hdl.handle.net/2261/57223
5cea7a76-4766-447b-9e0f-e69814a19e58
名前 / ファイル ライセンス アクション
wp074.pdf wp074.pdf (282.0 kB)
Item type テクニカルレポート / Technical Report(1)
公開日 2015-08-19
タイトル
タイトル Payment Instruments and Collateral in the Interbank Payment System
言語
言語 eng
資源タイプ
資源 http://purl.org/coar/resource_type/c_18gh
タイプ technical report
著者 Tomura, Hajime

× Tomura, Hajime

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Tomura, Hajime

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著者所属
著者所属 Graduate School of Economics, University of Tokyo
抄録
内容記述タイプ Abstract
内容記述 This paper presents a three-period model to analyze why banks need bank reserves for interbank payments despite the availability of other liquid assets like Treasury securities. The model shows that banks need extra liquidity if they settle bank transfers without the central bank. In this case, each pair of banks sending and receiving bank transfers must determine the terms of settlement between them bilaterally in an over- the-counter transaction. As a result, a receiving bank can charge a sending bank a premium for the settlement of bank transfers, because depositors'demand for timely payments causes a hold-up problem for a sending bank. In light of this result, the large value payment system operated by the central bank can be regarded as an interbank settlement contract to save liquidity. A third party like the central bank must operate this system because a custodian of collateral is necessary to implement the contract. This result implies that bank reserves are not independent liquid assets, but the balances of collateral submitted by banks to participate into a liquidity-saving contract. The optimal contract is the floor system. Whether a private clearing house can replace the central bank depends on the range of collateral it can accept.
内容記述
内容記述タイプ Other
内容記述 2012~2016年度科学研究費補助金[基盤研究(S)]「長期デフレの解明」(研究代表者 東京大学経済学研究科・渡辺努, 課題番号:24223003)
書誌情報 JSPS Grants-in-Aid for Scientific Research (S) Understanding Persistent Deflation in Japan Working Paper Series

巻 074, 発行日 2015-08
出版者
出版者 UTokyo Price Project
関係URI
識別子タイプ URI
関連識別子 http://www.price.e.u-tokyo.ac.jp/researchdata/
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