We use transaction-level data and detailed modeling of the high-frequency behavior of federal funds and Eurodollar yield spreads to provide evidence of strong integration between the federal funds and Eurodollar markets, the two core components of the dollar money market. Our results contrast...

This paper addresses the issue of the empirical investigation of monetary policy independence as this is manifested in the inter–relationships between domestic and foreign money market interest rates. Instead of following an ad–hoc econometric approach, we have imposed a specific economic...

The success of the syndicated loans market over the past 15 years has been unmitigated due largely to its flexibility in raising large amounts of credit at very short notice for a wide range of borrowers. This flexibility is based on close personal contacts between major participating banks, and...