阿根廷银行间市场的网络结构和分散
Network structure and fragmentation of the Argentinean interbank markets
摘要：
本文研究了阿根廷银行间市场的网络结构和碎片化。无论是无担保（CALL）和担保（REPO）市场进行检查，应用复杂的网络分析。结果表明，虽然有担保的市场有较少的参与者，其节点更密集的连接比在无担保的市场。无担保市场的相互关系不太稳定，使其结构更不稳定，更容易受到负面冲击的影响。该分析确定了REPO市场内的两个“隐藏”的底层子网络：一个是基于国债抵押的交易（REPO-T），另一个是基于中央银行（CB）证券抵押的操作（REPO-CB）。货币政策立场和货币条件的变化对前者的影响似乎远小于对后者的“子市场”的影响。REPO-T市场内的连接水平及其结构相对不受市场其他部分的波动（在某些时期明显）的影响。因此，根据交易中涉及的抵押资产类型，REPO市场在其内部结构中显示出分裂的迹象，因此平均REPO利率反映了这两个部分分裂的子市场之间的相互作用。REPO市场的这种混合结构是CALL市场差异化的主要来源之一。
英文摘要：
This paper studies the network structure and fragmentation of the Argentinean interbank market. Both the unsecured (CALL) and the secured (REPO) markets are examined, applying complex network analysis. Results indicate that, although the secured market has less participants, its nodes are more densely connected than 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 sub-networks within the REPO market: one based on the transactions collateralized by Treasury bonds (REPO-T) and 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 impact in the former than in the latter 'sub-market'. The connectivity levels within the REPO-T market and its structure remain relatively unaffected by the (in some period pronounced) swings in the other segment of the market. 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 sub-markets. This mixed structure of the REPO market entails one of the main sources of differentiation with respect to the CALL market.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
