Central Banking

BoE paper studies impact of Lehman’s collapse on payments


A working paper, published by the Bank of England on June 21, studies the impact of the collapse of Lehman Brothers on payment patterns in the UK's Clearing House Automated Payments System (Chaps).

The authors, Evangelos Benos, Rodney Garratt and Peter Zimmerman, use data from 2006–09 to study payments using Chaps before and after the Lehman default. The paper finds that payments slowed following the default, and that there were statistically significant increases in the risk of "operational

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