作者：Khan, CM; Roberds, W
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：In this article, we consider the relative merits of net versus gross settlement of interbank payments, Net settlement economizes on the costs of holding non-interest-bearing reserves, but increases moral hazard problems. The put option value of default under net settlement can also distort banks' investment incentives. Absent these distortions, net settlement dominates gross, although the optimal net settlement scheme may involve a positive probability of default.
