Contágio marginal no novo Sistema de Pagamentos Brasileiro
In this paper we adapt Penaloza (2005)s nite-dimensional model of shadow-prices in real-time gross settlement systems to the new Brazilian Payment System. The novelty of our application is a better treatment of securities and their role in the smoothing of the ow of payments during the day.
|Date of creation:||Jan 2011|
|Date of revision:|
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