Phoebe Tian - Latest
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The Role of Long-Term Contracting in Business Lending
This paper examines inefficiencies arising from a lack of long-term contracting in small business lending in China. -
How Banks Create Gridlock to Save Liquidity in Canada's Large Value Payment System
We show how participants in Canada’s new high-value payment system save liquidity by exploiting the new gridlock resolution arrangement. The findings have important implications for the design of these systems and shed light on financial institutions’ liquidity preference. -
From LVTS to Lynx: Quantitative Assessment of Payment System Transition
We quantitatively assess the changes in participants’ payment behaviour from modernizing Canada's high-value payments system to Lynx. Our analysis suggests that Lynx's liquidity-saving mechanism encourages liquidity pooling and early payments submission, resulting in improved efficiency for participants but with slightly increased payment delays.