2016-12-232016-12-232016-12-232016-12-23https://repositorio.banrep.gov.co/handle/20.500.12134/6288The functioning of large-value payment systems (LVPSs) can be affected when some of its participants voluntarily decide to delay their payments until they can totally fund them with the payments received from other participants. This behaviour, known as tPDFspaOpen AccessWorking PaperC23 - Single Equation Models; Single Variables: Panel Data Models; Spatio-temporal ModelsG20 - Financial Institutions and Services: GeneralE42 - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment SystemsPayment systemFree riding on liquidityLiquidity hoardingQuantile regression modelsLiquidez (Economía)Liquidez bancariaSistema de grandes pagosCrédito -- PagosAcceso abiertoAtribucion-NoComercial-CompartirIgual CC BY-NC-SA 4.0G20 - Instituciones y servicios financieros: GeneralidadesC23 - Modelos uniecuacionales; variables simples: Modelos con datos de panel; Modelos espacio-temporalesE42 - Sistemas monetarios; Patrones; Regímenes; Gobierno y sistema monetario; Sistemas de pagoLas opiniones contenidas en el presente documento son responsabilidad exclusiva de los autores y no comprometen al Banco de la República ni a su Junta Directiva.https://hdl.handle.net/20.500.12134/6288