Andoain, Carlos Garcia de; Hoffmann, Peter; Manganelli, … - In: Economics Letters 125 (2014) 2, pp. 298-302
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...