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Central Bank Refinancing, Interbank Markets, and the Hypothesis of Liquidity Hoarding : Evidence from a Euro-Area Banking System
Affinito, Massimiliano - 2013
This paper analyses the effect of the crisis on central bank's refinancing and interbank market. It uses monthly … banking-group data on all banks operating in Italy from the inception of the single Eurosystem monetary policy to August 2011 …. It investigates both directions of the casual nexus between central bank refinancing and interbank market. It explores …
Persistent link: https://www.econbiz.de/10013084328
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Central Bank Refinancing, Interbank Markets, and the Hypothesis of Liquidity Hoarding : Evidence from a Euro-Area Banking System
Affinito, Massimiliano - 2013
economy. The test uses monthly data at banking-group level for all intermediaries operating in Italy between January 1999 and …
Persistent link: https://www.econbiz.de/10013072622
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A Model of the Eurosystem’s Operational Framework and the Euro Overnight Interbank Market
Hauck, Achim - 2012
the interbank market, a refinancing operation with unlimited liquidity supply and two standing facilities offered by the …
Persistent link: https://www.econbiz.de/10013103944
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Winter is possibly not coming : mitigating financial instability in an agent-based model with interbank market
Popoyan, Lilit; Napoletano, Mauro; Roventini, Andrea - 2019
We develop a macroeconomic agent-based model to study how financial instability can emerge from the co-evolution of interbank and credit markets and the policy responses to mitigate its impact on the real economy. The model is populated by heterogenous firms, consumers, and banks that locally...
Persistent link: https://www.econbiz.de/10011999716
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Central Bank Refinancing, Interbank Markets, and the Hypothesis of Liquidity Hoarding : Evidence from a Euro-Area Banking System
Affinito, Massimiliano - 2015
injected rather than channelling it on to other banks and the real economy. The results show that in Italy during the 2007 …
Persistent link: https://www.econbiz.de/10013014358
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Central bank refinancing, interbank markets and the hypothesis of liquidity hoarding : evidence from a euro-area banking system
Affinito, Massimiliano - 2013
Persistent link: https://www.econbiz.de/10010210581
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Relationship lending in the interbank market and the price of liquidity
Bräuning, Falk; Fecht, Falko - 2016 - This version: July 14, 2016
We empirically investigate the effect that relationship lending has on the availability and pricing of interbank liquidity. Our analysis is based on a daily panel of unsecured overnight loans between 1,079 distinct German bank pairs from March 2006 to November 2007, a period that includes the...
Persistent link: https://www.econbiz.de/10011523828
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Banks fearing the drought? : liquidity hoarding as a response to idiosyncratic interbank funding dry-ups
Littke, Helge; Ossandon Busch, Matias - 2018
Since the global financial crisis, economic literature has highlighted banks’ inclination to bolster up their liquid asset positions once the aggregate interbank funding market experiences a dry-up. To this regard, we show that liquidity hoarding and its detrimental effects on credit can also...
Persistent link: https://www.econbiz.de/10011863972
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Interbank funding as insurance mechanism for (persistent) liquidity shocks
Bluhm, Marcel - 2015
The interbank market is important for the efficient functioning of the financial system, transmission of monetary policy and therefore ultimately the real economy. In particular, it facilitates banks' liquidity management. This paper aims at extending the literature which views interbank markets...
Persistent link: https://www.econbiz.de/10011434764
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Multi-layered interbank model for assessing systemic risk
Montagna, Mattia; Kok Sørensen, Christoffer - 2013
In this paper, we develop an agent-based multi-layered interbank network model based on a sample of large EU banks. The model allows for taking a more holistic approach to interbank contagion than is standard in the literature. A key finding of the paper is that there are non-negligible...
Persistent link: https://www.econbiz.de/10010128807