Online First Journal of Money, Credit and Banking Online 16 Dec 2025How Banks Create Gridlock in Payment Systems to Save Liquidity: The Case of CanadaRodney J. Garratt · Zhentong Lu · Phoebe TianThis paper uses detailed transaction-level data from Canada's new high-value payment system (HVPS) to show how participants save liquidity by strategically exploiting the gridlock resolution …