Link between ECB liquidity ops and interbank repo breaks down in crisis
A new paper from the New York Fed examines the relationship between European Central Bank (ECB) monetary policy operations and interbank borrowing and lending of funds using sovereign bonds as collateral in the crisis and pre-crisis periods.
In their paper, ECB monetary operations and the interbank repo market, authors Peter Dunne of the Central Bank of Ireland, Michael Fleming of the New York Fed and Andrey Zholos of Barclays Capital establish that, in the pre-crisis period, there are important
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