Risk Externalities in a Payments Oligopoly


This paper discusses an oligopoly where firms exert negative externalities upon each other. A theoretical model is developed for a market where these externalities are particularly relevant: the intra-day credit market, which is crucial for the operation of an efficient payments system. A central bank participating actively in this market has two features… (More)


Figures and Tables

Sorry, we couldn't extract any figures or tables for this paper.

Slides referencing similar topics