The euro area interbank market and the liquidity management of the eurosystem in the financial crisis

Arbeitspapier

This paper develops a theoretical model which explains several stylized facts observed in the euro area interbank market after the collapse of Lehman Brothers in 2008. The model shows that if costs of participating in the interbank market are high, the central bank assumes an intermediary function between liquidity surplus banks and liquidity deficit banks and thereby replaces the interbank market. From a policy perspective, we argue that possible measures of the Eurosystem to reactivate the interbank market may conflict, inter alia, with monetary policy aims.

Angaben zum Objekt

• ISBN: 978-3-86304-008-6
• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: DICE Discussion Paper ; No. 09

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Monetary Policy ; Central Banks and Their Policies ; Financial Crises ; Banks; Depository Institutions; Micro Finance Institutions; Mortgages
• Thema: Liquidity ; Monetary Policy Instruments ; Interbank Market ; Financial Crisis ; Geldmarkt ; Finanzmarktkrise ; Geldpolitik ; Bankenliquidität ; Europäische Wirtschafts- und Währungsunion ; EU-Staaten

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Hauck, Achim ; Neyer, Ulrike
• Ereignis: Veröffentlichung
• (wer): Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE)
• (wo): Düsseldorf
• (wann): 2010

Weitere Informationen

• Handle: http://hdl.handle.net/10419/41415
• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ