In financial stability, it is essential to know the determinants of interest rates in interbank markets because they are important vehicles for liquidity allocation among banks and are relevant for monetary policy transmission. Recent research indicates that banks with excess liquidity exercise their market power by rationing liquidity during periods of financial stress. This confirms the value of knowing the banks connections and identifying liquidity spreaders in such markets to manage contagion risk, liquidity hoarding and to preserve financial stability. In addition to well studied bank features such as size, liquidity and credit risk, we study which network metrics relate to interest rates during different periods. Using transaction level data on unsecured and secured lending, we apply an approach that employs network theory, econometric models and machine learning to analyze the structural properties of the secured and unsecured interbank markets in Mexico. Our findings support the “too-interconnected-to-fail” hypothesis. In the secured interbank market, PageRank shows a relationship with interest rates, while metrics associated with the notion of influence and systemic risk (Katz and DebtRank) are relevant in the unsecured interbank market. In general, a bank with high centrality lends at higher rates and gets funding at lower rates.

在金融稳定方面，了解银行间市场利率的决定因素至关重要，因为它们是银行间流动性配置的重要工具，并且与货币政策传导相关。最近的研究表明，流动性过剩的银行通过在财务压力期间分配流动性来行使市场支配力。这证实了了解银行联系并识别此类市场中的流动性传播者以管理传染风险、流动性囤积和维护金融稳定的价值。除了对规模、流动性和信用风险等银行特征进行充分研究外，我们还研究了哪些网络指标与不同时期的利率相关。使用无担保和担保贷款的交易级数据，我们应用了一种采用网络理论的方法，计量经济学模型和机器学习来分析墨西哥有担保和无担保银行间市场的结构特性。我们的研究结果支持“过于互联而失败”的假设。在有担保的银行同业拆借市场中，PageRank 显示出与利率的关系，而与影响力和系统性风险（Katz 和 DebtRank）概念相关的指标与无担保银行同业拆借市场相关。一般来说，具有高中心性的银行以较高的利率放贷并以较低的利率获得资金。而与影响力和系统性风险概念相关的指标（Katz 和 DebtRank）与无担保银行间市场相关。一般来说，具有高中心性的银行以较高的利率放贷并以较低的利率获得资金。而与影响力和系统性风险概念相关的指标（Katz 和 DebtRank）与无担保银行间市场相关。一般来说，具有高中心性的银行以较高的利率放贷并以较低的利率获得资金。