ECB’s liquidity provision had ‘highly uneven effects’ on interbank markets, paper argues
Authors make novel use of Target2 data to estimate interbank lending in eurozone
The emergency liquidity provision of the European Central Bank (ECB) has had very different effects on different countries' interbank lending markets, a working paper published by the ECB argues.
In Lending-of-last-resort is as lending-of-last-resort does, Carlos Garcia-de-Andoain, Florian Heider, Marie Hoerova and Simone Manganelli look at the impact of the ECB's liquidity provision on eurozone unsecured overnight interbank lending between 2008 and 2014.
The authors make novel use of the
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