Fragmentation in the Euro overnight unsecured money market

Carlos Garcia-de-Andoain (), Peter Hoffmann and Simone Manganelli

Economics Letters, 2014, vol. 125, issue 2, 298-302

Abstract: 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.

Keywords: Money markets; Financial integration; Sovereign debt crisis; Monetary policy implementation (search for similar items in EconPapers)
JEL-codes: E5 G1 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (33)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:125:y:2014:i:2:p:298-302

DOI: 10.1016/j.econlet.2014.09.017

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