The purpose of this paper is to study the determinants of equilibrium in the market for daily funds. We use the EONIA panel database which includes daily information on the lending rates applied by contributing commercial banks. The data clearly show an increase in both the time series...

This paper includes the derivations of the main expressions in the paper quot;The Daily Market for Funds in Europe: Has Something Changed With the EMU?quot; by G. Perez Quiros and H. Rodriguez Mendizabal

The purpose of this paper is to study the determinants of equilibrium in the market for daily funds. We use the EONIA panel database which includes daily information on the lending rates applied by contributing commercial banks. The data clearly shows an increase in both the time series...

This paper analyzes the role of standing facilities in the determination of the demand for reserves in the overnight money market. The paper shows how central banks could use the position of the main refinancing rate with respect to the deposit and lending rates as a policy tool to control the...

Empirical support for the conventional notion that short-term investment is hot money and direct investment is not: short-term investment appears to respond more dramatically to disturbances in other capital flows and in other countries than does direct investment.Chuhan, Perez-Quiros, and...

We find that the composite leading index (CLI) is useful forforecasting GNP, both in sample and in an out-of-sample real-time exercise. We propose a nonlinear specification in which cyclical shifts of the CLI precede those in GNP. However, we find that better forecasts are provided by a simple...