Liquidity crisis did not alter settlement method: Cleveland Fed paper

federal reserve

A Cleveland Federal Reserve paper, published on Thursday, argues that the rise in the price of liquidity during the financial crisis in Europe did not affect banks' decisions to send payments through net or gross settlement systems.

Ben Craig and Falko Fecht, the paper's authors, use a large portfolio of different econometric techniques to study whether the coexistence and potential substitution effects between the payments flow of net and settlement systems affects financial stability. The

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