Showing 1 - 10 of 17
liquidity and market efficiency. The one-day program consisted of an opening speech, six presentations, including three keynotes …
Persistent link: https://www.econbiz.de/10011414459
Persistent link: https://www.econbiz.de/10011790739
We study the basic economic problem of choice between long-term and short-term commitments under a general characterization of uncertainty (aggregate uncertainty). When contingencies are contractible, a perfect market of Arrow-Debreau contingent claims implements the social optimum. When...
Persistent link: https://www.econbiz.de/10005207147
This study utilises payment system data to analyse market participants’ liquidity usage and to trace interest rates … paid on overnight loans. Our aim is to examine how liquidity usage has changed during the years 2006–2/2011 and to combine …
Persistent link: https://www.econbiz.de/10009368523
effective in reducing queuing in the systems at all levels of liquidity, but in particular when intra-day liquidity is scarce. …
Persistent link: https://www.econbiz.de/10005190740
We study the long standing issue of whether markets can supply banks with sufficient liquidity or whether markets … model of Holmström and Tirole (1998) on the supply of liquidity to firms. H&Ts original model analyses liquidity supply to … problems associated with transitory liquidity outflows, even absent any change in a bank's value. Our premise is that the scope …
Persistent link: https://www.econbiz.de/10005419679
Averaging the reserve requirement is often considered an efficient way to reduce volatility at the very short end of the money market yield curve. The Bank of Finland began to apply an averaging provision at the beginning of October 1995. Notably, the volatility of the overnight rate of interest...
Persistent link: https://www.econbiz.de/10005423707
speeding up the processing and settlement of payments. In a real-time environment banks face new challenges in liquidity … management. They need to plan for intraday as well as interday fluctuations in liquidity. By employing various types of hybrid … settlement structures, banks may be able to even out intraday fluctuations in liquidity demand. The aim of this study is to …
Persistent link: https://www.econbiz.de/10005648900
difference between marginal and minimum price for liquidity, when the ECB reformed its op-erational framework for monetary policy …, that when the central bank applies a quantity oriented liquidity policy, a positive tender spread may result from money …, the allotment uncertainty is shown to be significantly related to the amount of liquidity supplied in each operation …
Persistent link: https://www.econbiz.de/10005648928
We sketch a theoretical framework for comparing the properties of funded LOLR schemes. We construct an idealized lender of last resort and investigate how it formulates policy under alternative public and private governance structures. The alternatives are a (first-best) social utility maximizer...
Persistent link: https://www.econbiz.de/10005648930