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dc.contributor.author
Elosegui, Pedro Luis
dc.contributor.author
Forte, Federico
dc.contributor.author
Montes Rojas, Gabriel Victorio
dc.date.available
2023-07-19T13:01:22Z
dc.date.issued
2022-09
dc.identifier.citation
Elosegui, Pedro Luis; Forte, Federico; Montes Rojas, Gabriel Victorio; Network structure and fragmentation of the Argentinean interbank markets; Elsevier; Latin American Journal of Central Banking; 3; 3; 9-2022; 1-17
dc.identifier.issn
2666-1438
dc.identifier.uri
http://hdl.handle.net/11336/204424
dc.description.abstract
This paper studies the network structure and fragmentation of the Argentinean interbank market. The unsecured (CALL) and secured (REPO) markets are examined, applying complex network analysis. Results indicate that although the secured market has fewer participants, its nodes are more densely connected than the ones in the unsecured market. The interrelationships in the unsecured market are less stable, making its structure more volatile and vulnerable to negative shocks. The analysis identifies two hidden underlying subnetworks within the REPO market: one based on the transactions collateralized by Treasury bonds (REPO-T) and the other based on the operations collateralized by Central Bank (CB) securities (REPO-CB). The changes in monetary policy stance and monetary conditions seem to have a substantially smaller effect in the former submarket than in the latter one. The connectivity levels within the REPO-T market and its structure remain relatively unaffected by the (occasionally pronounced) swings in the other market segment. Hence, the REPO market shows signs of fragmentation in its inner structure, according to the type of collateral asset involved in the transactions, so the average REPO interest rate reflects the interplay between these two partially fragmented submarkets. The REPO market´s mixed structure entails one of the main sources of differentiation with respect to the CALL market.
dc.format
application/pdf
dc.language.iso
eng
dc.publisher
Elsevier
dc.rights
info:eu-repo/semantics/openAccess
dc.rights.uri
https://creativecommons.org/licenses/by-nc-nd/2.5/ar/
dc.subject
NETWORK ANALYSIS
dc.subject
INTERBANK MARKET
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FRAGMENTATION
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CENTRAL BANK
dc.subject.classification
Economía, Econometría
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Economía y Negocios
dc.subject.classification
CIENCIAS SOCIALES
dc.title
Network structure and fragmentation of the Argentinean interbank markets
dc.type
info:eu-repo/semantics/article
dc.type
info:ar-repo/semantics/artículo
dc.type
info:eu-repo/semantics/publishedVersion
dc.date.updated
2023-07-07T23:00:44Z
dc.journal.volume
3
dc.journal.number
3
dc.journal.pagination
1-17
dc.journal.pais
Países Bajos
dc.journal.ciudad
Amsterdam
dc.description.fil
Fil: Elosegui, Pedro Luis. Banco Central de la República Argentina; Argentina
dc.description.fil
Fil: Forte, Federico. Universidad de Buenos Aires. Facultad de Ciencias Económicas. Departamento de Economía; Argentina. Banco BBVA Argentina; Argentina
dc.description.fil
Fil: Montes Rojas, Gabriel Victorio. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Saavedra 15. Instituto Interdisciplinario de Economía Política de Buenos Aires. Universidad de Buenos Aires. Facultad de Ciencias Económicas. Instituto Interdisciplinario de Economía Política de Buenos Aires; Argentina
dc.journal.title
Latin American Journal of Central Banking
dc.relation.alternativeid
info:eu-repo/semantics/altIdentifier/doi/https://doi.org/10.1016/j.latcb.2022.100066
dc.relation.alternativeid
info:eu-repo/semantics/altIdentifier/url/https://www.sciencedirect.com/science/article/pii/S2666143822000205
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