Next Generation Access (NGA) networks entails significant investments but brings with it promises of a "brand new world" in telecommunications. In this paper, we provide an overview of some of its implications. In particular, we argue that it is not clear whether the "old" vertical integration...

Next Generation Access (NGA) networks entails significant investments but brings with it promises of a "brand new world" in telecommunications. In this paper, we provide an overview of some of its implications. In particular, we argue that it is not clear whether the "old" vertical integration...

NGAs (Next Generation Access Networks) are a challenge to regulators and operators insofar as they require large investments, there is significant uncertainty about the ability to recover costs, and the choice of the appropriate regulatory regime is far from consensual. Regulatory authorities...

Interbank money market rates represent the shortest end of the yield curve. In equilibrium they are determined by monetary policy and banks' liquidity and reserve management operations. The central bank pursues interest rate stabilization while targeting long-term economic goals. Its success...

This paper investigates the micromechanics of the Portuguese interbank money market using a unique high frequency data set from the Banco de Portugal. We analyse transaction volume, interest rates and counterpart behaviour in interbank loans. Our data covers complete details on all interbank...

Next Generation Access Networks (NGAs) are a challenge to regulators and operators insofar as they require large investments, there is a significant uncertainty about the ability to recover costs, and the choice of the appropriate regulatory regime is far from consensual. Regulatory authorities...

In this paper I present a dynamic model of banks' behaviour in interbank markets. Economic literature suggests that interbank markets are private arrangements to absorb transitory liquidity shocks and, therefore, offer a liquidity insurance contract to financial institutions. I examine the...