Loading...
Please wait, while we are loading the content...
Similar Documents
The euro area money market network during the …nancial crisis: a look at cross-border fragmentation
| Content Provider | Semantic Scholar |
|---|---|
| Author | García, Carlos Heider, Florian Ruenstler, Gerhard |
| Copyright Year | 2015 |
| Abstract | We discuss the evolution of the network of euro area unsecured overnight interbank loans in be- tween 2008 and 2013 using an extensive data set derived from the TARGET 2 interbank payment platform. We inspect the eects of crisis-related events and ECB interventions on the network struc- ture with a particular focus on cross-border ‡ows. Using community detection methods we …nd that cross-border fragmentation increased twice during crisis periods, but declined to pre-crisis levels after policy interventions. Cross-border lending from core to peripheral banks was the driving factor of these developments. The paper also provides an extension of the modularity approach for community detection to the case of weighted and directed networks. |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | https://www.bis.org/events/confresearchnetwork1510/ruenstler_paper.pdf |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
