The London Interbank Offered Rate (LIBOR) is a widely used indicator of funding conditions in the interbank market. As …

This paper studies segmentation and efficiency of the interbank market in Kenya. The study utilizes network framework … and case studies of countries with developed interbank markets, namely the UK, EU and the US. Using daily data for the … period June 2003 to September 5 2012, the study finds that Kenya's interbank market is incomplete and highly segmented by …

in modern monetary and financial systems, namely central bank collateral frameworks. Their importance can be understood …, not defined in a market, but by the collateral frameworks and interest rate policies of central banks. Using the … collateral framework of the Eurosystem as a basis of illustration and case study, the paper brings to light the functioning …

-mentioned key services, especially when programmes are larger and/or are retained by the issuer for use as collateral with the … for networks based on the use of securities as Eurosystem collateral. These findings help demonstrate the importance of …

An important theoretical literature motivates collateral as a mechanism that mitigates adverse selection, credit … incidence of collateral. We exploit exogenous variation in lender information related to the adoption of an information … technology that reduces ex ante private information, and compare collateral outcomes before and after adoption. Our results are …

In his basic model of debt renegotiation, BESTER [1994] argues that collateral is more effective if high risk projects … high probability of default, that makes collateral more effective. Instead it turns out that, given the expected return …, the probability of default has no impact on the collateral's effectiveness. Moreover, a higher risk of the project caused …