Series: IMF Working Papers
Author(s): Heiko Hesse , and Nathaniel Frank
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 September 2009
Keywords: Interbank markets, Markov-Switching, GARCH, money markets, central bank, money market, discount rates, interbank money markets, Financial Markets and the Macroeconomy, Instruments
This paper provides evidence that central bank interventions had a statistically significant impact on easing stress in unsecured interbank markets during the first phase of the subprime crisis which began in July...