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L’evoluzione del sistema RTGS italiano e l’impatto sulla domanda di riserve bancarie

Author

Listed:
  • Giuseppe Maddaloni

    (Banca d’Italia, Servizio Sistema dei Pagamenti, Roma)

  • Stefano Marcelli

    (Banca d’Italia, Servizio Sistema dei Pagamenti, Roma)

Abstract

Aim of the paper is assessing, from 2001 to 2005, the impact of some changes affecting the Italian payment system on reserves demand and revenues of those banks directly participating in the new BI-REL, the Italian RTGS system. The results of the analysis carried out on 105 banks directly participating in the system show that after the start of Express II, the new security settlement system, the banks held more liquidity reserves for settling securities transactions. The banking system reacted to those changes in a few months' time by raising the liquidity management's efficiency, also thanks to the start of the RTGS system's payment optimisation mechanism. The adjustment process would not only allow the banks to completely offset the effect brought about by Express II but even to improve, although slightly, the liquidity management's efficiency compared to prior to the changes.

Suggested Citation

  • Giuseppe Maddaloni & Stefano Marcelli, 2006. "L’evoluzione del sistema RTGS italiano e l’impatto sulla domanda di riserve bancarie," Moneta e Credito, Economia civile, vol. 59(235), pages 257-271.
    • Handle: RePEc:psl:moneta:2006:32
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    File URL: http://ojs.uniroma1.it/index.php/monetaecredito/article/view/9753/9638
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    References listed on IDEAS

    as
    1. Heller, Daniel & Lengwiler, Yvan, 2003. "Payment obligations, reserve requirements, and the demand for central bank balances," Journal of Monetary Economics, Elsevier, vol. 50(2), pages 419-432, March.
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    Cited by:

    1. Maddaloni, Giuseppe, 2015. "Liquidity risk and policy options," Journal of Banking & Finance, Elsevier, vol. 50(C), pages 514-527.

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    More about this item

    Keywords

    Bank; Reserves;

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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