A working paper published by the Banque de France attempts to analyse the interaction between unsecured and collateralised segments of the money markets.

In The information contained in money market interactions: unsecured vs. collateralized lending, Alejandro Bernales and Mario di Filippo present a new model. This attempts to capture the probabilities of migration between the unsecured interbank market for bank reserves and the repo market. Both markets, the authors say, "have been analysed