How Banks Create Gridlock in Payment Systems to Save Liquidity: The Case of Canada
利用加拿大新高价值支付系统引入的详细数据，展示了参与者如何学会利用新的僵局解决安排来制造僵局并节省流动性，这对支付系统设计有重要启示。
Abstract 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 arrangement to create gridlock and save liquidity. These observed behaviors are consistent with the equilibrium of a “gridlock game” that captures the key incentives participants face in the system. The findings have important implications for the design of HVPSs and shed light on financial institutions' liquidity preference.