Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/154188
Authors: 
Garcia-de-Andoain, Carlos
Hoffmann, Peter
Manganelli, Simone
Year of Publication: 
2014
Series/Report no.: 
ECB Working Paper 1755
Abstract: 
This paper examines the degree of fragmentation in the Euro overnight unsecured money market during the period June 2008 – August 2013 using interbank loans constructed from payments data. After controlling for cross-country differences in bank risk, we document several episodes of significant market fragmentation. While non-standard measures such as the provision of long-term liquidity were successful in reducing tensions, considerable signs of market fragmentation remained at the end of the sample period.
Subjects: 
Financial integration
monetary policy implementation
money markets
sovereign debt crisis
JEL: 
G1
E5
ISBN: 
978-92-899-1495-6
Document Type: 
Working Paper

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