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The 2007/2009 turmoil: a challenge for the integration of the euro area money market? (2010).
| Content Provider | CiteSeerX |
|---|---|
| Author | Cassola, N. Holthausen, C. Duca, M. Lo |
| Abstract | This paper studies the impact of the ongoing …nancial turmoil on crosscountry lending patterns in the euro money market, using data on overnight transactions on the e-MID money market trading system. The paper …nds that the structure of cross-border transactions in money markets has fundamentally changed in two phases: From the onset of the turmoil in August 2007, it changed from a truly integrated marekt with frequent cross border trading to a two-tier market structure in which predominantly large banks were active in the international money market. After September 2008, the data provides evidence of a quasi breakdown of international trading activity. These changes in market structure are attributed to the emergence of a higher degree of asymmetric information. 1 |
| File Format | |
| Publisher Date | 2010-01-01 |
| Access Restriction | Open |
| Subject Keyword | Euro Area Money Market Crosscountry Lending Pattern International Trading Activity Overnight Transaction Frequent Cross Border Trading E-mid Money Market Trading System Asymmetric Information Euro Money Market Ongoing Nancial Turmoil Large Bank Quasi Breakdown International Money Market Two-tier Market Structure Cross-border Transaction Money Market Integrated Marekt Paper Study Market Structure |
| Content Type | Text |
| Resource Type | Article |
