Title of article
Which bankisthe‘‘central’’bank?$
Author/Authors
Morten L. Bech، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2010
Pages
12
From page
352
To page
363
Abstract
Liquidityflowsthroughafinancialnetworkcannotbeaccuratelydescribedusing
externalprocessingconstraintsalone.Behavioralaspectsofparticipantsalsomatter.
A methodsimilartoGoogle’sPageRankprocedureisusedtoproducearankingof
participantsintheCanadianLargeValueTransferSystemintermsoftheirdailyliquidity
holdings.Accountingfordifferencesinbanks’processingspeedsisessentialfor
explainingwhyobserveddistributionsofliquiditydifferfromtheinitialdistributions,
whicharedeterminedbythecreditlimitsselectedbybanks.Delaytendenciesofbanks
areunobservableinthedataandareestimatedusingaMarkovmodel.
Keywords
Payment systemsNetworksLiquidity
Journal title
Journal of Monetary Economics
Serial Year
2010
Journal title
Journal of Monetary Economics
Record number
846396
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