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Ioana Duca-Radu

30 July 2020
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 5, 2020
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Abstract
This article analyses how liquidity is distributed across jurisdictions in TARGET2 – the payment system owned and operated by the Eurosystem – and the implications for payment settlement. It discusses TARGET2 participants’ reliance on intraday credit and the time of payment settlement, which are important aspects for the payment system operator. The article documents considerable heterogeneity across countries in liquidity holdings, concentration of liquidity among participants, usage of the intraday credit facility and time of settlement. A panel study across countries shows that larger holdings of liquidity are associated with a lower use of the credit line and an earlier time of settlement.
JEL Code
G20 : Financial Economics→Financial Institutions and Services→General
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
3 May 2021
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 3, 2021
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Abstract
This article examines liquidity usage in TARGET2 – the real-time gross-settlement (RTGS) system owned and operated by the Eurosystem – and related developments over time. More specifically, it analyses the velocity at which liquidity circulates in the system and the interplay between the liquidity sources that participants use to fund their payment obligations. Growth in levels of central bank reserves has affected TARGET2 participants’ behaviour, giving lower incentives to recycle incoming liquidity, which is reflected in decreased liquidity velocity and an increased use of the central bank reserves on the account balance to fund outgoing payments. Interest rates are also found to affect the behaviour of TARGET2 participants. Moreover, it is shown that liquidity usage varies significantly across participants and countries. A bank-level panel analysis quantifies the impact of specific TARGET2 participant features and monetary policy decisions on liquidity usage in TARGET2.
JEL Code
G10 : Financial Economics→General Financial Markets→General
G20 : Financial Economics→Financial Institutions and Services→General
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages