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Table Of Contents

Introduction
1 Tiering in the interbank market
1.1 From intermediation to tiering
1.2 Network characterization of tiering
1.3 Testing for structure
Fitting the model to a network
Properties of the solution
Implementation
Hypothesis test against random networks
2 Application to the German banking system
2.1 Constructing the interbank network
2.2 Fitting the core-periphery model
Robustness
Signi…cance
3 Interbank tiering and money center banks
3.1 What makes a core bank?
3.2 Concluding remarks: bridging two literatures
Appendix
References
Figures and Table
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BIS Working Papers. Interbank tiering and money center banks. October 2010.

BIS Working Papers. Interbank tiering and money center banks. October 2010.

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Published by econotwist
"A bank in the core of a tiered interbank market can therefore be regarded as a money center bank. This term is generally associated with large banks that dominate wholesale activity in money markets; in addition to running traditional banking operations, money center banks provide clearing and correspondent banking services, and act as dealers in a broad range of markets, including government securities, FX, derivatives, and offshore markets. As money market makers, they do interdealer business among themselves, inside the spread they quote to other, more peripheral banks. As such, money center banks are those intermediaries occupying the special network position we identify as the core. In this network sense, money center banks play a central role among banks, in dealing among themselves and tying in the periphery."
"A bank in the core of a tiered interbank market can therefore be regarded as a money center bank. This term is generally associated with large banks that dominate wholesale activity in money markets; in addition to running traditional banking operations, money center banks provide clearing and correspondent banking services, and act as dealers in a broad range of markets, including government securities, FX, derivatives, and offshore markets. As money market makers, they do interdealer business among themselves, inside the spread they quote to other, more peripheral banks. As such, money center banks are those intermediaries occupying the special network position we identify as the core. In this network sense, money center banks play a central role among banks, in dealing among themselves and tying in the periphery."

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Categories:Business/Law, Finance
Published by: econotwist on Oct 08, 2010
Copyright:Attribution Non-commercial

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