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The Eurosystem's Standing Facilities in a General Equilibrium Model of the European Interbank Market

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  • Tapking, Jens

Abstract

We analyse the European interbank market in a general equilibrium model. Several institutional aspects of the market are taken into consideration, especially the Eurosystem?s two standing facilities, reserve requirements of banks and the fact that borrowing from the Eurosystem has to be secured. We show that some characteristics of the interbank market which have been ignored in the theoretical literature on the interbank market until now can have a significant impact on the banks? recourse to the standing facilities. -- Wir analysieren den europäischen Interbankenmarkt im Rahmen eines allgemeinen Gleichgewichtmodells. Es werden verschiedene institutionelle Aspekte des Interbankenmarktes berücksichtigt, insbesondere die zwei ständigen Fazilitäten des Eurosystems, die Reserveverpflichtungen der Banken und die Tatsache, daß Kredite des Eurosystems besichert werden müssen. Wir zeigen, daß einige bisher in der theoretischen Literatur unberücksichtigt gebliebenen Eigenschaften des Interbankenmarktes einen Einfluß auf die Inanspruchnahme der Fazilitäten durch die Banken haben.

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Bibliographic Info

Paper provided by Deutsche Bundesbank, Research Centre in its series Discussion Paper Series 1: Economic Studies with number 2002,20.

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Date of creation: 2002
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Handle: RePEc:zbw:bubdp1:4185

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  1. Hartmann, Philipp & Manna, Michele & Manzanares, Andres, 2001. "The Microstructure of the Euro Money Market," CEPR Discussion Papers, C.E.P.R. Discussion Papers 3081, C.E.P.R. Discussion Papers.
  2. Juan Ayuso & Rafael Repullo, 2000. "A Model of the Open Market Operations of the European Central Bank," Banco de Espa�a Working Papers 0016, Banco de Espa�a.
  3. Juan Ayuso & Rafael Repullo, 2000. "A Model of the Open Market Operations of the European Central Bank," Banco de Espa�a Working Papers 0016, Banco de Espa�a.
  4. Pérez Quirós, Gabriel & Rodríguez Mendizábal, Hugo, 2001. "The daily market for funds in Europe: Has something changed with the EMU?," Working Paper Series, European Central Bank 0067, European Central Bank.
  5. Ho, Thomas S Y & Saunders, Anthony, 1985. " A Micro Model of the Federal Funds Market," Journal of Finance, American Finance Association, American Finance Association, vol. 40(3), pages 977-88, July.
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Cited by:
  1. Tapking, Jens, 2006. "Multiple equilibrium overnight rates in a dynamic interbank market game," Games and Economic Behavior, Elsevier, Elsevier, vol. 56(2), pages 350-370, August.

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