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Overnight interbank markets and the determination of the interbank rate: A selective survey

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journal contribution
posted on 25.07.2016 by Christopher Green, Ye Bai, Victor Murinde, Kethi Ngoka, Isaya Maana, Samuel Tiriongo
Overnight 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 Analysis

Volume

44

Pages

149 - 161

Citation

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

© Elsevier

Version

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

19/01/2016

Publication date

2016

Notes

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.2016.01.014

ISSN

1057-5219

Language

en

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