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Free-riding on Liquidity in the Colombian LVPS

Constanza
Martínez-Ventura
Freddy Hernán
Cepeda-López
Jueves, 1 Diciembre 2016

The functioning of large-value payment systems (LVPSs) can be affected when some of its participants voluntarily decide to delay their payments until they can totally fund them with the payments received from other participants. This behaviour, known as t