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Fragmentation in the euro overnight unsecured money market

Author

Listed:
  • Manganelli, Simone
  • Hoffmann, Peter
  • Garcia-de-Andoain, Carlos

Abstract

This paper examines the degree of fragmentation in the Euro overnight unsecured money market during the period June 2008 JEL Classification: G1, E5

Suggested Citation

  • Manganelli, Simone & Hoffmann, Peter & Garcia-de-Andoain, Carlos, 2014. "Fragmentation in the euro overnight unsecured money market," Working Paper Series 1755, European Central Bank.
  • Handle: RePEc:ecb:ecbwps:20141755
    as

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    File URL: https://www.ecb.europa.eu//pub/pdf/scpwps/ecbwp1755.en.pdf
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    References listed on IDEAS

    as
    1. Olivier Armantier & Adam Copeland, 2012. "Assessing the quality of “Furfine-based” algorithms," Staff Reports 575, Federal Reserve Bank of New York.
    2. Paolo Angelini & Andrea Nobili & Cristina Picillo, 2011. "The Interbank Market after August 2007: What Has Changed, and Why?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(5), pages 923-958, August.
    3. Beaver, William H. & Shakespeare, Catherine & Soliman, Mark T., 2006. "Differential properties in the ratings of certified versus non-certified bond-rating agencies," Journal of Accounting and Economics, Elsevier, vol. 42(3), pages 303-334, December.
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    Citations

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    Cited by:

    1. Zaghini, Andrea, 2016. "Fragmentation and heterogeneity in the euro-area corporate bond market: Back to normal?," Journal of Financial Stability, Elsevier, vol. 23(C), pages 51-61.
    2. Abbassi, Puriya & Bräuning, Falk & Fecht, Falko & Peydró, José-Luis, 2014. "Cross-border liquidity, relationships and monetary policy: Evidence from the Euro area interbank crisis," Discussion Papers 45/2014, Deutsche Bundesbank.
    3. Wolski, Marcin & van de Leur, Michiel, 2016. "Interbank loans, collateral and modern monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 73(C), pages 388-416.
    4. S. Gabrieli & C.-P. Georg, 2014. "A network view on interbank market freezes," Working papers 531, Banque de France.
    5. Poutineau, Jean-Christophe & Vermandel, Gauthier, 2017. "Global banking and the conduct of macroprudential policy in a monetary union," Journal of Macroeconomics, Elsevier, vol. 54(PB), pages 306-331.
    6. Ranaldo, Angelo & Wrampelmeyer, Jan, 2016. "Unsecured and Secured Funding," Working Papers on Finance 1616, University of St. Gallen, School of Finance.
    7. Carla Soares & Ana Sofia Saldanha, 2015. "The Portuguese money market throughout the crisis: What was the impact of ECB liquidity provision?," Economic Bulletin and Financial Stability Report Articles and Banco de Portugal Economic Studies, Banco de Portugal, Economics and Research Department.
    8. repec:spr:empeco:v:53:y:2017:i:1:d:10.1007_s00181-016-1221-2 is not listed on IDEAS
    9. repec:pal:imfecr:v:66:y:2018:i:1:d:10.1057_s41308-017-0048-y is not listed on IDEAS
    10. Blattner, Tobias & Swarbrick, Jonathan, 2017. "Monetary policy and cross-border interbank market fragmentation: lessons from the crisis," EconStor Preprints 157881, ZBW - Leibniz Information Centre for Economics.
    11. Ehrmann, Michael & Fratzscher, Marcel, 2017. "Euro area government bonds – Fragmentation and contagion during the sovereign debt crisis," Journal of International Money and Finance, Elsevier, vol. 70(C), pages 26-44.
    12. Zaghini, Andrea, 2017. "A tale of fragmentation: Corporate funding in the euro-area bond market," International Review of Financial Analysis, Elsevier, vol. 49(C), pages 59-68.
    13. Hetzel, Robert L., 2016. "What Caused the Great Recession in the Eurozone?," Working Paper 16-10, Federal Reserve Bank of Richmond.
    14. Ehrmann, Michael & Fratzscher, Marcel, 2015. "Euro Area Government Bonds—Integration and Fragmentation During the Sovereign Debt Crisis," CEPR Discussion Papers 10583, C.E.P.R. Discussion Papers.
    15. Susanna Saroyan & Lilit Popoyan, 2017. "Bank-sovereign ties against interbank market integration: the case of the Italian segment," LEM Papers Series 2017/02, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    16. repec:eee:eneeco:v:75:y:2018:i:c:p:249-260 is not listed on IDEAS
    17. Edoardo Rainone, 2017. "Pairwise trading in the money market during the European sovereign debt crisis," Temi di discussione (Economic working papers) 1160, Bank of Italy, Economic Research and International Relations Area.

    More about this item

    Keywords

    financial integration; monetary policy implementation; money markets; sovereign debt crisis;

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

    NEP fields

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