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Can Euribor be fixed?

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Can Euribor be fixed?

dc.contributor.author	Herrera, Rubén
dc.contributor.author	Climent Diranzo, Francisco José
dc.contributor.author	Momparler Pechuán, Alexandre
dc.contributor.author	Carmona Ibáñez, Pedro
dc.date.accessioned	2023-07-27T08:49:14Z
dc.date.available	2023-07-28T04:45:06Z
dc.date.issued	2021	es_ES
dc.identifier.citation	Rubén Herrera, Francisco Climent, Alexandre Momparler & Pedro Carmona (2021) Can Euribor be fixed?, Economic Research-Ekonomska Istraživanja, 34:1, 2833-2852.	es_ES
dc.identifier.uri	https://hdl.handle.net/10550/88800
dc.description.abstract	The manipulation of Euro Interbank Offered Rate (Euribor) is a problem with great impact on international financial markets. This paper focuses on two aspects of the Euribor benchmark rate for the period 2004–2018: the specific features that make the Index more vulnerable to manipulation and the potential for Index manipulation over the studied period. To address the first aspect, we examine the range and the standard deviation of daily quotes, as well as the panel banks’ quote submissions to the Euribor administrator, the maximum and minimum quotes and the daily variation of submissions. As a result, we found a group of five banks with similar and extreme submission patterns, which might be a sign of manipulation. Regarding the second aspect, changes are made in the quotes submitted by panel banks by switching minimum and maximum daily quotes. Thus, potential for Euribor manipulation is measured as the difference between the observed Euribor rate and the estimated rate recalculated with adjusted quotes. The results indicate that potential for Euribor manipulation is higher when the number of banks in the panel is lower, when there are many banks involved in the manipulation of the Index, and in times of financial distress.	es_ES
dc.language.iso	en	es_ES
dc.publisher	Taylor & Francis	es_ES
dc.subject	Euribor	es_ES
dc.subject	money markets	es_ES
dc.subject	rate-fixing	es_ES
dc.subject	manipulation	es_ES
dc.subject	collusion	es_ES
dc.subject	panel bank	es_ES
dc.title	Can Euribor be fixed?	es_ES
dc.type	journal article	es_ES
dc.subject.unesco	UNESCO::CIENCIAS ECONÓMICAS	es_ES
dc.identifier.doi	10.1080/1331677X.2020.1844029	es_ES
dc.accrualmethod	S	es_ES
dc.embargo.terms	0 days	es_ES
dc.type.hasVersion	VoR	es_ES
dc.rights.accessRights	open access	es_ES