Portuguese Banks in the Euro Area Market for Daily Funds

Posted: 31 Jan 2009

Date Written: December 30, 2008


In this paper, we use the Furfine (1999) statistical procedure to identify money market operations from Payments Systems data. Given the availability of an alternative data set, recording money market operations we could confirm the accuracy of the method. We examine evidence on integration of the money market in the euro area. We ask: how do Portuguese banks participate in the market for daily funds? and look for a possible hierarchical structure in the market. We find strong evidence of integration and mixed evidence on hierarchical structure.

Keywords: Money market, Furfine procedure, financial integration, hierarchical structure, Portuguese banks

JEL Classification: E52, E58

Suggested Citation

Alcoforado Farinha, Maria Luísa and Gaspar, Vitor, Portuguese Banks in the Euro Area Market for Daily Funds (December 30, 2008). ECB Working Paper No. 985, Available at SSRN: https://ssrn.com/abstract=1310644

Maria Luísa Alcoforado Farinha (Contact Author)

Bank of Portugal ( email )

Av. Almirante Reis, 71
1150 Lisbon
351-21-3128350 (Phone)

Vitor Gaspar

European Commission ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
+49 69 1344 7200 (Phone)
+49 69 1344 6575 (Fax)

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