Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/147428 
Year of Publication: 
2015
Series/Report no.: 
Danmarks Nationalbank Working Papers No. 99
Publisher: 
Danmarks Nationalbank, Copenhagen
Abstract: 
The short-term Danish interbank market before, during and after the financial crisis The paper studies the microstructure of the short-term uncollateralised Danish interbank market before, during and after the financial crisis. The financial crisis in 2008 was followed by a slowdown in trading activity which might reflect increased awareness of counterparty credit-risk and a reduction in the number of banks due to mergers and acquisitions as well as bank failures. A further reduction in trading activity followed the large increase of the monetary-policy counterparties' current- account limits in mid-2012 in relation to introduction of negative interest rates. In the most recent years, the trading activity has been concentrated on relatively few participants, mainly the Systemically Important Financial Institutions (SIFIs). The analysis is based on data on moneymarket transactions among Danmarks Nationalbank's monetary-policy counterparties estimated from payment flows from Danmarks Nationalbank's payment system, Kronos, for the period 2003- 2015.
Subjects: 
Interbank market structures
Day-to-day interest rates
Payment system data
Monetary-policy implementation
Interconnectedness
JEL: 
G21
G28
E42
E58
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.