Italian interbank market kept working through crisis
A working paper published this week by the European Central Bank claims to be the first to use micro-level data to analyse the relationship between single banks' positions vis-à-vis the central bank and the interbank market, using data from Italy between January 1999 and August 2011.
The paper: Central bank refinancing, interbank markets, and the hypothesis of liquidity hoarding: Evidence from a euro-area banking system, by Massimiliano Affinito, tests the hypothesis of liquidity hoarding in the
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