Face aux défis soulevés par le Shadow banking en termes de stabilité financière, l?article aborde deux questions de fond. D?une part, il présente les risques posés par le Shadow banking et montre que le Shadow banking est porteur de risques intrinsèques et d?interactions complexes avec le...

Remarks before the Money Marketeers of New York University, New York City

We use a unique data set that comprises each bank's bids in the Eurosystem's main refinancing operations and its recourse to the LOLR facility (a) to derive banks' willingness-to-pay for liquidity through a one-week repo and (b) to show that a bank's willingness-to-pay is a good indicator for...

We use a unique data set that comprises each bank’s bids in the Eurosystem’s main refinancing operations and its recourse to the LOLR facility (a) to derive banks’ willingness-to-pay for liquidity through a one-week repo and (b) to show that a bank’s willingness-to-pay is a good...