This paper examines whether initial coin offerings (ICOs) are a beneficial form of financing with desirable economic properties. We do so by examining how financing a sta[...]

This article uses reinforcement learning (RL) to approximate the policy rules of banks participating in a high-value payment system (HVPS). The objective of the RL agents[...]

Using detailed data from the introduction of a new high-value payment system (HVPS) in Canada, we show how participants learn to use the new gridlock resolution arrangeme[...]

Capturing financial network linkages and contagion in stress test models are important goals for banking supervisors and central banks responsible for micro- and macropru[...]

Privacy is a feature inherent to the use of cash. With steadily increasing market shares of digital payment platforms, privacy in payments may no longer be attainable in [...]

Liquidity flows through a financial network cannot be accurately described using external processing constraints alone. Behavioral aspects of participants also matter. A [...]