Payment System Settlement and Bank Incentives
比较银行间支付净额结算与全额结算的优劣，指出净额结算虽节省准备金成本，但会加剧道德风险并扭曲银行投资激励，最优方案可能允许一定违约概率。
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.