Interbank Market-Survey Paper-RVC-Final-wdoi.pdf (417.22 kB)
Overnight interbank markets and the determination of the interbank rate: A selective survey
journal contribution
posted on 2016-07-25, 13:41 authored by Christopher Green, Ye Bai, Victor Murinde, Kethi Ngoka, Isaya Maana, Samuel TiriongoOvernight interbank markets provide critical facilities for the banking system to manage, pool and redistribute its cash reserves. We provide a selective survey of the literature on overnight interbank markets. We outline the typical structure of overnight markets, including the networking relationships involved, as an indispensable prerequisite for a clear understanding of the workings of these markets. We review the theoretical and empirical studies on the determination of the overnight rate, and in that context discuss the implications of the 2007–08 financial crisis. We summarise key issues for further research.
History
School
- Business and Economics
Department
- Economics
Published in
International Review of Financial AnalysisVolume
44Pages
149 - 161Citation
GREEN, C.J., 2016. Overnight interbank markets and the determination of the interbank rate: A selective survey. International Review of Financial Analysis, 44, pp. 149-161.Publisher
© ElsevierVersion
- AM (Accepted Manuscript)
Publisher statement
This work is made available according to the conditions of the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) licence. Full details of this licence are available at: https://creativecommons.org/licenses/by-nc-nd/4.0/Acceptance date
2016-01-19Publication date
2016Notes
This paper was accepted for publication in the journal International Review of Financial Analysis and the definitive published version is available at http://dx.doi.org/10.1016/j.irfa.2016.01.014ISSN
1057-5219Publisher version
Language
- en