Mapping the UK interbank system

Working papers set out research in progress by our staff, with the aim of encouraging comments and debate.
Published on 28 November 2014

Working Paper No. 516
By Sam Langfield, Zijun Liu and Tomohiro Ota 

We present new evidence on the structure of interbank connections in key markets: derivatives, marketable securities, repo, unsecured lending and secured lending. Taken together, these markets comprise two networks: a network of interbank exposures and a network of interbank funding. Network structure varies across and within these two networks, for reasons related to markets’ different economic functions. Credit risk and liquidity risk therefore propagate in the interbank system through different network structures, with implications for financial stability.

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