000			01744cam a22003137 4500
001			w3381
003			NBER
005			20211020114739.0
006			m o d
007			cr cnu||||||||
008			210910s1990 mau fo 000 0 eng d
100	1		_aGarber, Peter.
245	1	0	_aBanks in the Market for Liquidity / _cPeter Garber, Steven Weisbrod.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c1990.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w3381
500			_aJune 1990.
520	3		_aBanks are unique among financial institutions because they are the cheapest source of liquidity in the economy. Banks choose to hold reserves to facilitate settlement of end-of-day net due to positions arising from payments operations. Money market substitutes for bank liabilities do not escape from the cost of reserves since their issuers lean on banks to provide liquidity. Since the cost of reserves falls on all issuers of less liquid liabilities seeking access to payment services, including non-bank intermediaries, reserves cannot represent a tax on the banking system alone.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
700	1		_aWeisbrod, Steven.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w3381.
856	4	0	_uhttps://www.nber.org/papers/w3381
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w3381
942			_2ddc _cW-PAPER
999			_c345129 _d303691