tailieunhanh - Which Bank Is the “Central” Bank? An Application of Markov Theory to the Canadian Large Value Transfer System

A number of other governments, including a rather desperate Greek government, have tried to raise money through the issuance of diaspora bonds. In March 2011 Greece announced that it was looking to raise $3 billion in a series of quarterly sales, primarily from wealthy members of its diaspora population, and began bond sales to investors in the United States. Credit rating agencies, including Moody’s, have downgraded Greece, giving it a junk rating. Though members of the Greek diaspora, which numbers 11 million, may have emotional attachment to their homeland, more is required to draw substantive investment. The government needs to. | Federal Reserve Bank of New York Staff Reports Which Bank Is the Central Bank An Application of Markov Theory to the Canadian Large Value Transfer System Morten L. Bech James T. E. Chapman Rod Garratt Staff Report no. 356 November 2008 This paper presents preliminary findings and is being distributed to economists and other interested readers solely to stimulate discussion and elicit comments. The views expressed in the paper are those of the authors and are not necessarily reflective of views at the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the authors. Which Bank Is the Central Bank An Application of Markov Theory to the Canadian Large Value Transfer System Morten L. Bech James T. E. Chapman and Rod Garratt Federal Reserve Bank of New York Staff Reports no. 356 November 2008 JEL classification C11 E50 G20 Abstract Recently economists have argued that a bank s importance within the financial system depends not only on its individual characteristics but also on its position within the banking network. A bank is deemed to be central if based on our network analysis it is predicted to hold the most liquidity. In this paper we use a method similar to Google s PageRank procedure to rank banks in the Canadian Large Value Transfer System LVTS . In doing so we obtain estimates of the payment processing speeds for the individual banks. These differences in processing speeds are essential for explaining why observed daily distributions of liquidity differ from the initial distributions which are determined by the credit limits selected by banks. Key words federal funds network topology interbank money markets Bech Federal Reserve Bank of New York e-mail . Chapman Bank of Canada e-mail jchapman@ . Garratt University of California Santa Barbara e-mail garratt@ . The authors would like to thank Ben Fung Carlos Arango Thor Koeppl and Paul Corrigan for .

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