Agostino Capponi and Jin-Wook ChangThis paper investigates how settlement speed affects financial stability in payment networks, taking into account netting benefits, liquidity costs, and counterparty risks. Our analysis reveals that faster settlements have ambiguous effects on systemic risk and social welfare. The optimal settlement speed is determined by the network structure and the trade-off between netting efficiency and liquidity costs on one hand, and the probability of counterparty defaults on the other.

Economists expect that employment growth was anemic in September, before the government shutdown delayed data collection.

By now, Americans know the strange math of minting: Each penny costs about 4 cents to make. Chances are you have some in a jar, or scattered among pockets, purses and car ashtrays.

The Chinese embassy in Athens has issued a pointed rebuke to comments by the US ambassador about the ownership of Piraeus port, highlighting the risks posed by the Greek government’s growing alignment with Washington.