Molling Inter- and Intraday Payment Flows
AbstractIn this paper we examine the interday and intraday time pattern of Dutch banks’ payments and which events, institutional and financial variables influence these payment flows. The payment patterns are analyzed using data from the Dutch TOP system. In this paper it is shown that announcements of the ECB concerning interest rates have no effect on the inter- and intraday pattern of the payments. On the last day of the reserve maintenance period we find an increase in the value of payments. The settlement’s days of the interest rate tenders have a positive effect on the value of payments, while the announcement and allotment of interest rate tenders have no effect on the interday pattern. During US banking holidays there is a sharp decrease in the total value, number and average value of the payments. The day before and after a US banking holiday there is an increase in the value and number of payments. These effects of a US banking holiday are especially measurable in the mornings. During holidays in the Netherlands the number and value of transactions decrease. The main result for our intraday data is that banks tend to settle their payments more and more in the same time interval.
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Bibliographic InfoPaper provided by Netherlands Central Bank, Research Department in its series DNB Working Papers with number 074.
Date of creation: Dec 2005
Date of revision:
large value payment system;
Find related papers by JEL classification:
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-02-05 (All new papers)
- NEP-FIN-2006-02-05 (Finance)
- NEP-FMK-2006-02-05 (Financial Markets)
- NEP-MAC-2006-02-05 (Macroeconomics)
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