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Oct 23 2008 7:14pm EDT
Quote of the Day: The Speed of Interbank Lending
"one dollar held by a particular bank at the beginning of the day changes hands around one hundred times during the course of the day."
That's from a new New York Fed study on how the speed of interbank lending makes the entire system more vulnerable to systemic risk. From Gara M. Afonso and Hyun Song Shin:
canceling payments to a bank which is identified as vulnerable to failure leads to a reduction in the overall value of payments sent over the payment system.
