Borradores de Economia
Número:
977
Publicado:
Clasificación JEL:
C23, E42, G20
Palabras clave:
Payment System, Free Riding on Liquidity, Liquidity Hoarding, Quantile Regression Models
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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