The Eurosystem’s Standing Facilities in a General Equilibrium Model of the European Interbank Market
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 signi…cant impact on the banks’ recourse to the standing facilities.
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