Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/153419
Authors: 
Farinha, Luísa
Gaspar, Vítor
Year of Publication: 
2008
Series/Report no.: 
ECB Working Paper 985
Abstract: 
In this paper, we use the Furfine (1999) statistical procedure to identify money market operations from Payments Systems data. Given the availability of an alternative data set, recording money market operations we could confirm the accuracy of the method. We examine evidence on integration of the money market in the euro area. We ask: “how do Portuguese banks participate in the market for daily funds?” and look for a possible hierarchical structure in the market. We find strong evidence of integration and mixed evidence on hierarchical structure.
Subjects: 
financial integration
Furfine procedure
hierarchical structure
money market
Portuguese banks
JEL: 
E52
E58
Document Type: 
Working Paper

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