Search Results - subject_exact:"Money market"

Banks are different : why bank-based versus market-based lending is a false dichotomy

Sissoko, Carolyn - 2025

This paper introduces modern readers to ‘banking theory’, that is, to the understanding of the banking system that was held by academics and practitioners in the early years of the twentieth century. This theory contrasts with the theoretic framework that views banks as intermediaries that...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015371905

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Banks are different: why bank-based versus market-based lending is a false dichotomy

Sissoko, Carolyn - 2025

Article

Private money and money market integration : the role of payments infrastructure in 19th century Switzerland

Kaufmann, Daniel; Stuart, Rebecca - 2024

Using newly collected discount rate data for six Swiss cities, we find no evidence of increasing integration during a 30-year period of lightly regulated free banking. We attribute this to two structural issues: banks had incentives to protect their local monopolies, and the inherent instability...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015062882

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Private money and money market integration : the role of payments infrastructure in 19th century Switzerland

Kaufmann, Daniel; Stuart, Rebecca - 2024

Book / Working Paper

Demand in the repo market : indirect perspectives from open market operations from 2006 to 2020

Becker, Chris; Francis, Anny; Roure, Calebe de; Wilson, … - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015066317

Drivers of commercial paper rate spread : an empirical assessment

Priyadarshini, Priyanka; Anshul; Sardar, Srijashree; … - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014487021

Structural liquidity : what has driven the historical development and what might occur in the years ahead?

Bjørlo, Martin; Hagen, Marius - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015175679

Navigating volatility spillover amidst investor extreme fear in stablecoin and financial markets

Ti, Alicia; Husodo, Zaäfri Ananto - 2024

Investor sentiment has the potential to serve as a predictive factor for cryptocurrency assets, yet its impact on volatility spillover across markets remains uncertain. This research investigates the influence of investor sentiment classification on the volatility spillover from stablecoins to...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015325996

Systemic perspective of term risk in bank funding markets

Macrina, Andrea; Mahomed, Obeid - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015558943

Endogenous bank risks and the lending channel of monetary policy

Araujo, Gabriela; Rivero, David; Rodríguez, Hugo - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015655489

Overnight interbank rate volatility across liquidity states : key drivers and policy implications

Mukhtarov, Elmir; Hajili, Ali; Garayeva, Aygun; … - 2026

Effective monetary policy requires maintaining the short-term interbank rate close to the policy rate while limiting its volatility, ensuring smooth transmission, and reducing banks' liquidity and interest rate risks. This paper seeks to identify and explain the drivers of volatility in...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015614335

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Overnight interbank rate volatility across liquidity states : key drivers and policy implications

Mukhtarov, Elmir; Hajili, Ali; Garayeva, Aygun; … - 2025

Book / Working Paper

A model of network formation for the overnight interbank market : when is core-periphery an illusion?

Anufriev, Mikhail; Deghi, Andrea; Panchenko, Valentyn; … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015578346

Securities losses and the bank collateral channel of monetary transmission

Giannetti, Mariassunta; Jasova, Martina; Mendicino, Caterina - 2026

We show that losses on banks' securities portfolios matter for the transmission mechanism of monetary policy even in the absence of financial stability concerns. When banks experience losses in their pledgeable securities, their ability to tap liquidity through the interbank market is impaired,...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015626594

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Securities losses and the bank collateral channel of monetary transmission

Giannetti, Mariassunta; Jasova, Martina; Mendicino, Caterina - 2026

Book / Working Paper

Central clearing and the pricing of specialness in repo markets

Danisewicz, Piotr; Dieler, Tobias; Mancini, Loriano; … - 2026

Repo markets clear either bilaterally over the counter (OTC) or through central counter-parties (CCPs), which differ in how counterparty risk is priced. In bilateral markets, repo rates reflect borrower-specific risk, while CCP clearing pools counterparties and applies a common pricing rule. We...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015626941

The euro-area repo market : structure, participants and interlinkages

Caverni, Lorenzo; De Nicola, Annalisa; Persico, Mattia - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015641914

Everything you want to know about the bank's Standing Liquidity Facility… but were too afraid to ask!

McRae, Kaetlynd; Chen, Jessie Ziqing - 2026 - Last updated: June 11, 2026

The Standing Liquidity Facility (SLF) is one of the Bank of Canada's least discussed tools - and one of its most important. Embedded directly in Canada's high-value payment system, Lynx, the SLF operates quietly in the background every business day, ensuring the smooth settlement of payments and...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015661122

Contrasting ledgers : considerations for U.S. dollar interbank payment systems

Leistra, Melissa - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015653042

A tale of demand and supply for central bank reserves

Anbil, Sriya; Infante, Sebastian; Senyuz, Zeynep - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015653196

Double inertia, Taylor rules, and monetary policy gradualism

Crawley, Edmund; Goodwin, William; Jacobson, Margaret M.; … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015653234

Decomposing loan rate dispersion in the interbank market

Okada, Masayuki - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015636994

Beyond reserves : the Federal Reserve's balance sheet and the repo market

Anbil, Sriya; Anderson, Alyssa; Cohen, Ethan; Ruprecht, … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015668539

Liquidity buffers, systemic banks, and interbank rate spread : evidence from Rwanda

Mugenzi, Patrick; Uwimana, Annie - 2026

This paper examines how monetary policy actions, bank liquidity positions, and institutional heterogeneity shape interbank pricing in Rwanda. Using a bank-month panel dataset constructed from transaction-level records on the Rwanda Integrated Payment Processing System (RIPPS) for monthly data...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015671968

The monetary "black box" in India revisited : nonlinear transmission across yield regimes

Mostafa, Husam; Arumugasamy, Duraisamy; Ashokan, Nisha - 2026

This study re-examines the monetary "black box" in India by investigating whether monetary-policy transmission is state-dependent across different interest-rate environments. Using quarterly data spanning 1993Q1-2024Q2, it constructs a Taylor rule-based monetary-policy shock to mitigate the...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015671979

Private money and money market integration : the role of payments infrastructure in 19th century Switzerland

Stuart, Rebecca; Kaufmann, Daniel - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015619852

Essays on short-term funding markets

Ballensiefen, Benedikt - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014282048

Quantitative easing, the repo market, and the term structure of interest rates

Jappelli, Ruggero; Pelizzon, Loriana; Subrahmanyam, Marti G. - 2023

We develop a quantity-driven general equilibrium model that integrates the term structure of interest rates with the repurchase agreements (repo) market to shed light on the combined effects of quantitative easing (QE) on the bond and money markets. We characterize in closed form the endogenous...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014314220

On the negatives of negative interest rates

Berentsen, Aleksander; Buggenum, Hugo van; Ruprecht, Romina - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015582961

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On the negatives of negative interest rates

Berentsen, Aleksander; Buggenum, Hugo van; Ruprecht, Romina - 2023

Book / Working Paper

Dynamics of market power in monetary economies

Kala, Jyotsana; Lebeau, Lucie; Wang, Lu - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015207089

Rising rates, rising risks? : Unpacking the U.S. stock market response to inflation and Fed Hikes (2015-2025)

Abid, Ihsen - 2025

This study investigates the dynamic relationship between key macroeconomic indicators, specifically inflation (CPI), the Federal Funds Rate, GDP growth, unemployment, and money supply, and U.S, stock market returns, represented by the S&P 500 index, over the period January 2015 to June 2025, The...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015548920

Leverage actually : the impact on banks' borrowing costs in euro area money markets

2025

This paper explores the impact of the regulatory leverage ratio (LR) on banks' demand for reserves and thus the pricing of overnight liquidity in the euro area money markets. We use daily transaction-level money market data during the period between January 2017 February 2023 and examine the two...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015322707

Leverage actually : the impact on banks' borrowing costs in euro area money markets

Andreeva, Desislava Č.; Samarina, Anna; Sousa Faria, Lara - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015330342

US Treasury market default risk and global interbank liquidity risk

Cottrell, Simon; Lei, Jinghua; Ma, Yihong; Delpachitra, … - 2025

Using Credit Default Swaps (CDS) on sovereign bonds, we investigate whether US sovereign default risk is a greater driving factor of domestic interbank funding risk than domestic sovereign default risk across the five Libor counties including Canada and Australia. We use equivalent-country...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015334486

Realized random graphs, with an application to the interbank network

Buccheri, Giuseppe; Mazzarisi, Piero - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015339740

The London money market and non-British bank lending during the first globalisation : evidence from Brazil

Kisling, Wilfried; Molteni, Marco - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015188885

Assortative matching, interbank markets, and monetary policy

Bittner, Christian; Jamilov, Rustam; Saidi, Farzad - 2025

We develop a quantitative macroeconomic framework with heterogeneous financial intermediaries and active liquidity management. In the model, banks manage uninsured, idiosyncratic deposit withdrawal risk through an iterative over-the-counter interbank market with endogenous intensive and...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015192256

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Assortative matching, interbank markets, and monetary policy

Bittner, Christian; Jamilov, Rustam; Saidi, Farzad - 2025

Book / Working Paper

Monetary policy performance in heterogeneous money markets : evidence from COVID-19 pandemic

Aketcha, Karolyne; Kalema, Don Micheal; Kirabo, Martha; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015417846

Stylized facts in money markets : an empirical analysis of the eurozone data

2025

Using the secured transactions recorded within the Money Markets Statistical Reporting database of the European Central Bank, we test several stylized facts regarding the interbank market of the 47-largest banks in the eurozone. We observe that the surge in the volume of traded evergreen...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015465297

A model of interacting banks and money market funds

Farias, Martin; Suárez, Javier - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015466538

Policy rate uncertainty and Money Market Funds (MMF) portfolio allocations

Abdullah, Samin; Tase, Manjola - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015470734

Monetary policy and bank funding costs : patterns and predictability in the transmission of the policy rate to U.S. banks' funding costs

Dias, Daniel; Scott, Sophia C. - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015471430

Regional loan market structure, bank lending rates and monetary transmission

Bredl, Sebastian - 2025

The present paper utilizes AnaCredit loan-level data to examine the impact of regional loan market structure on lending rates. The analysis focuses on newly issued loans to small non-financial corporations in the euro area during the monetary policy tightening phase of 2022 and 2023. The...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015472686

The LCR premium in Peru : estimating the impact of a regulatory supply shock on LCR ratio

Ruiz, Delia; Franco, Diego; Cuba, Walter - 2025

This paper examines the existence and magnitude of an "LCR premium" in Peru's interbank market by exploiting the July 1, 2019 reform that eliminated the punitive outflow weights on repo collateral under the Liquidity Coverage Ratio (LCR). Using daily transactions from January 2019 to February...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015449584

Suriname : Technical Assistance Report-Liquidity Forecasting and Participation in Money Market Operations

2025

The Central Bank of Suriname (CBvS) undertook significant steps to modernize its monetary policy framework by shifting from an exchange rate regime to a monetary targeting regime in 2021. The main objective was to stabilize inflation and manage liquidity effectively, especially after the...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015451968

Forecasting federal fund rates with AI : LSTM, GRU, and large language model approaches

Chan-Lau, Jorge A.; Quach, Toan Long; Shi, Rui - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015453621

Persistence and nonlinearities in the US Federal Funds rate

Caporale, Guglielmo Maria; Gil-Alaña, Luis A. - 2025

This paper examines persistence and nonlinearities in the US Federal Funds rate over the period from July 1954 to April 2025 by using fractional integration methods. More precisely, a general model including both deterministic and stochastic components is estimated under alternative assumptions...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015407787

The international dimension of repo : five new facts

Hermes, Felix; Schmeling, Maik; Schrimpf, Andreas - 2025

We analyze the international dimension of repo markets using novel euro area regulatory microdata. Our findings highlight the deep integration of funding markets across the Atlantic and the US dollar's outsized role. Our paper documents five key facts: (1) US dollar repos by euro area entities...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015433970

Fed repo operations and dealer intermediation

Carlson, Mark; Saravay, Zack; Tian, Mary - 2025 - This draft: June 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015438413

Beyond interbank: identifying critical participants in integrated RTGS systems using payment type and temporal dynamics

Mattern, Julius; Meyer, Christoph - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015459728

The transmission of non-banking liquidity shocks to the banking sector

Sarmiento, Miguel - 2025

The increasing interdependence between non-banking financial institutions (NBFIs) and the banking sector conditions the provision of liquidity in the financial markets. This paper evaluates how the market stress associated to the bankruptcy of one of the most interconnected NBFIs in an emerging...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015441532

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The transmission of non-banking liquidity shocks to the banking sector

Sarmiento, Miguel - 2024

Book / Working Paper

Collateral easing and safe asset scarcity : how money markets benefit from low-quality collateral

Greppmair, Stefan; Paludkiewicz, Karol; Steffen, Sascha - 2025

We show that central bank lending against lower quality collateral can improve conditions in the repo market. For identification we take advantage of a pandemic- related temporary extension of the collateral framework of the European Central Bank (ECB), which allows banks to pledge previously...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015445703

Euro money market study 2024 : money market trends as observed through MMSR data : April 2025

2025

The 2024 Euro money market study provides a comprehensive analysis of euro money markets using trade data from the 45 largest euro area banks. It examines five key segments of the euro money markets: (i) secured transactions - repurchase agreements (repos) and reverse repos, (ii) unsecured cash...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015430348

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Euro money market study 2024 : money market trends as observed through MMSR data : April 2025

2025

Book / Working Paper

Central bank liquidity reallocation and bank lending : evidence from the tiering system

Altavilla, Carlo; Boucinha, Miguel; Burlon, Lorenzo; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015567685