From organization to activity in the US collateralized interbank market

被引:5
|
作者
Oet, Mikhail, V [1 ,2 ]
Ong, Stephen J. [1 ]
机构
[1] Fed Reserve Bank Cleveland, POB 6387, Cleveland, OH 44101 USA
[2] Case Western Reserve Univ, Cleveland, OH 44106 USA
关键词
Collateralized interbank market; Market organization Tiering; Interbank activity factors; Cluster analysis; Latent factor analysis; LAST RESORT; LIQUIDITY; RISK; DETERMINANTS; VALIDATION; CONTAGION; TOPOLOGY; BEHAVIOR; LENDER; MODEL;
D O I
10.1016/j.ribaf.2016.01.012
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
This paper studies and connects market organization and activity in the US collateralized interbank market using an assumption-neutral approach. We apply cluster analysis to aggregate activity factors suggested by prior studies to support two market organizations: three-tier and core-periphery. We find that four bank-specific factors and one economic-conditions factor explain interbank activity for both alternative organizations. We also find-evidence that the interbank market organization affects institutions' borrowing and lending. While both organizations moderate interbank activity, the three-tier structure detects distinct market operations which are not represented in the core-periphery structure. (C) 2016 Federal Reserve Bank of Cleveland. Published by Elsevier B.V.
引用
收藏
页码:472 / 485
页数:14
相关论文
共 50 条
  • [1] Can the US Interbank Market Be Revived?
    Kim, Kyungmin
    Martin, Antoine
    Nosal, Ed
    JOURNAL OF MONEY CREDIT AND BANKING, 2020, 52 (07) : 1645 - 1689
  • [2] Capital and resolution policies: The US interbank market
    Capponi, Agostino
    Dooley, John M.
    Oet, Mikhail V.
    Ong, Stephen J.
    JOURNAL OF FINANCIAL STABILITY, 2017, 30 : 229 - 239
  • [3] The Shocks in the Interbank Market: An Analysis of China and the US
    Fei, Ziwei
    Jiang, Xiaoquan
    Zeng, Li
    Peng, Jiangang
    ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES, 2015, 44 (06) : 877 - 898
  • [4] Market Discipline in the Interbank Market: Evidence from Russia
    Andrievskaya, Irina
    Semenova, Maria
    EASTERN EUROPEAN ECONOMICS, 2015, 53 (02) : 69 - 98
  • [5] Transparency and market discipline: evidence from the Russian interbank market
    Guillemin, Francois
    Semenova, Maria
    ANNALS OF FINANCE, 2020, 16 (02) : 219 - 251
  • [6] Transparency and market discipline: evidence from the Russian interbank market
    François Guillemin
    Maria Semenova
    Annals of Finance, 2020, 16 : 219 - 251
  • [7] Sidedness in the interbank market
    Brunetti, Celso
    Harris, Jeffrey H.
    Mankad, Shawn
    JOURNAL OF FINANCIAL MARKETS, 2022, 59
  • [8] THE ECB AND THE INTERBANK MARKET
    Giannone, Domenico
    Lenza, Michele
    Pill, Huw
    Reichlin, Lucrezia
    ECONOMIC JOURNAL, 2012, 122 (564): : F467 - F486
  • [9] Interconnectedness in the interbank market
    Brunetti, Celso
    Harris, Jeffrey H.
    Mankad, Shawn
    Michailidis, George
    JOURNAL OF FINANCIAL ECONOMICS, 2019, 133 (02) : 520 - 538
  • [10] Relationships in the interbank market
    Chiu, Jonathan
    Eisenschmidt, Jens
    Monnet, Cyril
    REVIEW OF ECONOMIC DYNAMICS, 2020, 35 : 170 - 191