Portuguese banks in the euro area market for daily funds
AbstractIn 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
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Bibliographic InfoPaper provided by European Central Bank in its series Working Paper Series with number 0985.
Date of creation: Dec 2008
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Find related papers by JEL classification:
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-01-17 (All new papers)
- NEP-BAN-2009-01-17 (Banking)
- NEP-EEC-2009-01-17 (European Economics)
- NEP-MAC-2009-01-17 (Macroeconomics)
- NEP-MON-2009-01-17 (Monetary Economics)
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