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Jurimetric Analysis on the Hypothesis of Euribor Manipulation

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  • Maddalena Mandarà
  • Marco Rossi

Abstract

In this paper we analyze the reliability of Euribor after the beginning of the financialcrisis. We purpose three theories about the incentives by banks to manipulatethis benchmark rate to gain illegal profits: trading, portfolio and reputationaltheory. According to us, the main problem that afflicts the Euribor mechanism is theconflict of interest of the panel banks. We also study Euribor technical features andtheir conformity to Italian antitrust law. Our empirical analysis highlight an anomalousbehavior of Euribor quotes since 2008. These results are similar to some othersobtained by many academics in reference to Libor and considered theoretically compatibleswith a manipulation strategy.

Suggested Citation

  • Maddalena Mandarà & Marco Rossi, 2013. "Jurimetric Analysis on the Hypothesis of Euribor Manipulation," Banca Impresa Società, Società editrice il Mulino, issue 1, pages 25-62.
    • Handle: RePEc:mul:jqmthn:doi:10.1435/73809:y:2013:i:1:p:25-62
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