Portuguese banks in the euro area market for daily funds

Luísa Farinha and Gaspar, Ví­tor

No 985, Working Paper Series from European Central Bank

Abstract: In this paper, we use the Furfine (1999) statistical procedure to identify money market operations from Payments Systems data. Given the availability of an alternative data set, recording money market operations we could confirm the accuracy of the method. We examine evidence on integration of the money market in the euro area. We ask: "how do Portuguese banks participate in the market for daily funds?" and look for a possible hierarchical structure in the market. We find strong evidence of integration and mixed evidence on hierarchical structure. JEL Classification: E52, E58

Keywords: financial integration; Furfine procedure; hierarchical structure; money market; Portuguese banks. (search for similar items in EconPapers)
Date: 2008-12
Note: 264613
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbwps:2008985

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