Monetary Policy Implementation in the Interbank Market

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dc.contributor Svenska handelshögskolan, institutionen för nationalekonomi, nationalekonomi sv
dc.contributor Hanken School of Economics, Department of Economics, Economics en Kempa, Michal 2009-09-11T08:25:48Z fi 2011-03-02T13:20:22Z 2009-09-11T08:25:48Z fi 2011-03-02T13:20:22Z 2009-09-11
dc.identifier.isbn 978-952-232-060-5
dc.identifier.issn 0424-7256
dc.identifier.uri URN:ISBN:978-952-232-060-5
dc.description.abstract The liquidity crisis that swept through the financial markets in 2007 triggered multi-billion losses and forced buyouts of some large banks. The resulting credit crunch is sometimes compared to the great recession in the early twentieth century. But the crisis also serves as a reminder of the significance of the interbank market and of proper central bank policy in this market. This thesis deals with implementation of monetary policy in the interbank market and examines how central bank tools affect commercial banks' decisions. I answer the following questions: • What is the relationship between the policy setup and interbank interest rate volatility? (averaging reserve requirement reduces the volatility) • What can explain a weak relationship between market liquidity and the interest rate? (high reserve requirement buffer) • What determines banks' decisions on when to satisfy the reserve requirement? (market frictions) • How did the liquidity crisis that began in 2007 affect interbank market behaviour? (resulted in higher credit risk and trading frictions as well as expected liquidity shortage) fi
dc.language.iso en
dc.publisher Svenska handelshögskolan sv
dc.publisher Hanken School of Economics en
dc.relation.ispartofseries Economics and Society
dc.relation.ispartofseries 208
dc.rights Publikationen är skyddad av upphovsrätten. Den får läsas och skrivas ut för personligt bruk. Användning i kommersiellt syfte är förbjuden. sv
dc.rights This publication is copyrighted. You may download, display and print it for Your own personal use. Commercial use is prohibited. en
dc.rights Julkaisu on tekijänoikeussäännösten alainen. Teosta voi lukea ja tulostaa henkilökohtaista käyttöä varten. Käyttö kaupallisiin tarkoituksiin on kielletty. fi
dc.subject interbank market fi
dc.subject overnight interest rate fi
dc.subject monetary policy fi
dc.subject central bank operational framework fi
dc.subject.other Economics fi
dc.title Monetary Policy Implementation in the Interbank Market fi
dc.type.ontasot Doctoral thesis en
dc.type.ontasot Väitöskirja fi
dc.type.ontasot Doktorsavhandling sv
dc.type.dcmitype Text 2009-09-25

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