国际清算银行-世界各地的日内流动性（英）-2023.4-38页_1mb

Intraday Liquidity Around the World: Summary

This report analyzes intraday liquidity usage across multiple jurisdictions in large-value payment systems (LVPSs) over a long period. Key findings are:

1. Scale of Intraday Liquidity
   Financial institutions use approximately 15% of their total daily payment values (or 2.8% of GDP) on average to cover intraday obligations, highlighting its significance for financial stability.

2. Payment Coordination and Efficiency
   Strategic payment timing and coordination among participants economize on liquidity through payment recycling. Efficiency (ratio of payment value to liquidity used) varies widely across systems and is influenced by reserve availability and institutional characteristics.

3. Impact of Institutional Arrangements

   • Higher reserves reduce coordination incentives, hindering efficiency but diversifying liquidity reliance.
   • Early payment incentives increase coordination and efficiency, while lower collateral costs for central bank credit reduce it.
   • Non-collateralized credit availability delays payments, yet specific LSM (Liquidity Saving Mechanism) features (e.g., multilateral offsetting) enhance efficiency, while FIFO bypass can reduce coordination.

4. LSM Effects
   LSMs vary in design, causing inconsistent effects: some features (e.g., multilateral offsetting) improve efficiency, while others (e.g., FIFO bypass) weaken it by altering payment coordination.

5. Liquidity Inequality
   Systems with incentives for early payments and higher reserve balances reduce inequality (measured by Gini coefficient), while enhancements in liquidity inequality depend on operational contexts like crisis conditions.

Policy Implications:
The study underscores the need for tailored payment system designs, emphasizing that institutional and technical features must be endogenized to mitigate systemic risks and optimize liquidity management.