Fragmentation in the Euro overnight unsecured money market

被引：11

作者：

de Andoain, Carlos Garcia ^{[1
]}

Hoffmann, Peter ^{[2
]}

Manganelli, Simone ^{[2
]}

机构：

[1] European Cent Bank, Target & Collateral Div, D-60311 Frankfurt, Germany

[2] European Cent Bank, D-60311 Frankfurt, Germany

来源：

ECONOMICS LETTERS | 2014年 / 125卷 / 02期

关键词：

Money markets; Financial integration; Sovereign debt crisis; Monetary policy implementation;

D O I：

10.1016/j.econlet.2014.09.017

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper examines the degree of fragmentation in the Euro overnight unsecured money market during the period June 2008-August 2013 using interbank loans constructed from payments data. After controlling for cross-country differences in bank risk, we document several episodes of significant market fragmentation. While non-standard measures such as the provision of long-term liquidity were successful in reducing tensions, considerable signs of market fragmentation remained at the end of the sample period. (C) 2014 Elsevier B.V. All rights reserved.

引用

页码：298 / 302

页数：5

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