| Tekijä: | Furfine, C. |
| Otsikko: | The interbank market during a crisis |
| Lehti: | European Economic Review
2002 : APR, VOL. 46:4-5, p. 809-820 |
| Asiasana: | Financial crises Banking Markets Funds |
| Kieli: | eng |
| Tiivistelmä: | The autumn of 1998 provides a setting in which to test the performance of the interbank market during a potential financial crisis. This period witnessed Russia's effective default on its sovereign bonds and the near collapse of the hedge fund Long-Term Capital Management (LTCM). In spite of these negative shocks to bank capital and increased uncertainty in financial markets, the federal funds market still effectively channeled liquidity to those institutions in need at rates consistent with Federal Reserve intentions. |
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