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Determinants of the Japan Premium : Actions Speak Louder Than Words

Peek, Joe - 1999

U.S. and U.K. competitors. This so-called Japan premium' provides a market indicator of investor anxiety about the … ability of Japanese banks to repay loans. We examine the determinants of the Japan premium and find that government … Japanese government, such as injections of funds into the banking system, tended to have an effect on the size of the Japan …

Persistent link: https://www.econbiz.de/10012471539

Market-specific and Currency-specific Risk During the Global Financial Crisis : Evidence from the Interbank Markets in Tokyo and London

Fukuda, Shin-ichi - 2011

This paper explores how international money markets reflected credit and liquidity risks during the global financial crisis. After matching the currency denomination, we investigate how the Tokyo Interbank Offered Rate (TIBOR) was synchronized with the London Interbank Offered Rate (LIBOR)...

Persistent link: https://www.econbiz.de/10012461695

Keynesian Macroeconomics without the LM Curve

Romer, David - 2000

Changes in both the macroeconomy and in macroeconomics suggest that the IS-LM-AS model is no longer the best baseline model of short-run fluctuations for teaching and policy analysis. This paper presents an alternative model that replaces the assumption that the central bank targets the money...

Persistent link: https://www.econbiz.de/10012471315

The Federal Funds Market, Pre- and Post-2008

Swanson, Eric T. - National Bureau of Economic Research - 2022

This chapter provides an overview of the federal funds market and how the equilibrium federal fund rate is determined. I devote particular attention to comparing and contrasting the federal funds market before and after 2008, since there were several dramatic changes around that time that...

Persistent link: https://www.econbiz.de/10012938731

Money Announcements, the Demand for Bank Reserves and the Behavior of the Federal Funds Rate Within the Statement Week

Campbell, John Y. - 1986

The effect of money stock announcements on the Federal funds rate has been attributed informally to the information conveyed by the announcements about aggregate reserve demand. This "Aggregate Information Hypothesis" explains the effect without reference to Federal Reserve intervention in the...

Persistent link: https://www.econbiz.de/10012477271

Chinese Bond Market and Interbank Market

Amstad, Marlene - 2019

Over the past twenty years, especially the past decade, China has taken enormous strides to develop its bond market as an integral step of financial reform. This paper aims to provide the most up-to-date overview of Chinese bond markets, by highlighting two distinct and largely segmented...

Persistent link: https://www.econbiz.de/10012479503

Money Markets, Collateral and Monetary Policy

De Fiore, Fiorella - 2018

Interbank money markets have been subject to substantial impairments in the recent decade, such as a decline in unsecured lending and substantial increases in haircuts on posted collateral. This paper seeks to understand the implications of these developments for the broader economy and monetary...

Persistent link: https://www.econbiz.de/10012480970

Why Are Target Interest Rate Changes So Persistent?

Coibion, Olivier - 2011

While the degree of policy inertia in central banks' reaction functions is a central ingredient in theoretical and empirical monetary economics, the source of the observed policy inertia in the U.S. is controversial, with tests of competing hypotheses such as interest-smoothing and...

Persistent link: https://www.econbiz.de/10012461950

Precautionary Hoarding of Liquidity and Inter-Bank Markets : Evidence from the Sub-prime Crisis

Acharya, Viral V. - 2010

We study the liquidity demand of large settlement banks in the UK and its effect on the Sterling Money Markets before and during the sub-prime crisis of 2007-08. Liquidity holdings of large settlement banks experienced on average a 30% increase in the period immediately following 9th August,...

Persistent link: https://www.econbiz.de/10012462261

Stressed not Frozen : The Fed Funds Market in the Financial Crisis

Afonso, Gara - 2010

This paper examines the impact of the financial crisis of 2008 on the federal funds market, specifically the bankruptcy of Lehman Brothers. Rather than a complete collapse of lending in the presence of a market wide shock, we see that banks become more restrictive in which counterparties they...

Persistent link: https://www.econbiz.de/10012462844

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