market, based on data from the Central Bank of Argentina (BCRA). Its main topological features are described applying graph …

liquid asset for banks. Central banks do not only passively supply money to meet demand for transaction, as often assumed in … nominal deposit contracts, the monetary economy with active central bank can replicate constrained efficient allocation. This …, banks invest excessively in illiquid assets, forcing the central bank to provide liquidity at low interest rates. We show …

Central banks are under increased scrutiny because of the rapid growth in, and composition of, their balance sheets … studying an extensive dataset of banks' liquidity uptake and pledged collateral in central bank repos. We document systemic … arbitrage whereby banks funnel credit risk and low-quality collateral to the central bank. Weaker banks use lower quality …

Central banks have been blamed for the negative side effects of the non-conventional monetary policy measures they have … implemented since 2008. In this paper, we argue that central banks played a positive role in the money market and interbank … operations, we construct a "liquidity mismatch indicator (LMI)" for the aggregate banking sector that highlights the central bank …