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

Borradores de Economia
Number: 
946
Published: 
Classification JEL: 
E42
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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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 tieri