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Extensions to the Basic Framework

  • Marco Rossi

Abstract

In the previous chapter, an analytical framework of an RTGS system in which both the interarrival-time and the processing-time distributions were exponential (birth-death Markovian processes) was presented and discussed. It may be argued that the processing time depends, for instance, on the level of the bank’s settlement reserves, the degree of synchronisation of incoming and outgoing payments, the value distribution of the payment flow and the existence of an intraday fund market. More generally, it will depend on the working of the payment system as a whole, of which the single bank is only a component. All this might be taken into account by specifying the processing-time distribution differently. In this chapter, a model with an arbitrary processing-time distribution G(c) is considered and the possibility of deriving the same type of results obtained in Chapter 2 is examined.

Keywords

Payment System Basic Framework Priority Class Average Processing Time Expected Waiting Time 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Marco Rossi 1998

Authors and Affiliations

  • Marco Rossi
    • 1
  1. 1.International Monetary FundUSA

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