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Payment Instruments and Collateral in the Interbank Payment System
http://hdl.handle.net/2261/56355
http://hdl.handle.net/2261/563554be96f5e-6ed5-4116-a640-7083df2c5b43
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
wp054.pdf (208.1 kB)
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| Item type | テクニカルレポート / Technical Report(1) | |||||
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| 公開日 | 2015-05-11 | |||||
| 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 | ||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_18gh | |||||
| 資源タイプ | technical report | |||||
| 著者 |
Tomura, Hajime
× Tomura, Hajime |
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| 著者所属 | ||||||
| 値 | 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 the endogenous need for bank reserves in the presence of Treasury securities. The model highlights the fact that the interbank market is an over-the-counter market. It characterizes the large value payment system operated by the central bank as an implicit contract, and shows that the contract requires less liquidity than decentralized settlement of bank transfers. In this contract, bank reserves are the balances of liquid collateral pledged by banks. The optimal contract is equivalent to the floor system. A private clearing house must commit to a time-inconsistent policy to provide the contract. | |||||
| 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 054, 発行日 2014-12 |
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| 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/ | |||||
