The Microstructure of the Italian Overnight Money Market
In this paper we extend the analysis of the italian segment of the European money market in two ways. First we investigate differences in the activities of banks of different size. Secondly we extend the analysis to the structure of the connections among banks and it's change over time. As recent studies on general complex networks have shown the topology of a network affects its functionality and stability. In particular the nature of credit and debit relashionships among banks may be a crucial ingredient for the emergence of contagion and systemic risk in the interbank market and in payment systems. Even with its potentially important implication, only very limited analysis on has been done in this direction.
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