Autori
Rossi, Marco
Mandarà, Maddalena

Titolo
Analisi giurimetrica sull'ipotesi di manipolazione dell'Euribor
Periodico
Banca impresa società
Anno: 2013 - Volume: 32 - Fascicolo: 1 - Pagina iniziale: 25 - Pagina finale: 62

In this paper we analyze the reliability of Euribor after the beginning of the financialcrisis. We purpose three theories about the incentives by banks to manipulatethis benchmark rate to gain illegal profits: trading, portfolio and reputationaltheory. According to us, the main problem that afflicts the Euribor mechanism is theconflict of interest of the panel banks. We also study Euribor technical features andtheir conformity to Italian antitrust law. Our empirical analysis highlight an anomalousbehavior of Euribor quotes since 2008. These results are similar to some othersobtained by many academics in reference to Libor and considered theoretically compatibleswith a manipulation strategy.



SICI: 1120-9453(2013)32:1<25:AGSDMD>2.0.ZU;2-J
Testo completo: http://www.mulino.it/download/article/10.1435/73809
Testo completo alternativo: http://www.mulino.it/doi/10.1435/73809

Esportazione dati in Refworks (solo per utenti abilitati)

Biblioteche ACNP che possiedono il periodico