Christopher J. Green
Overnight interbank markets and the determination of the interbank rate: a selective survey
Green, Christopher J.; Bai, Ye; Murinde, Victor; Ngoka, Kethi; Maana, Isaya; Tiriongo, Samuel
Authors
Ye Bai
Victor Murinde
Kethi Ngoka
Isaya Maana
Samuel Tiriongo
Abstract
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.
Citation
Green, C. J., Bai, Y., Murinde, V., Ngoka, K., Maana, I., & Tiriongo, S. (2016). Overnight interbank markets and the determination of the interbank rate: a selective survey. International Review of Financial Analysis, 44, https://doi.org/10.1016/j.irfa.2016.01.014
Journal Article Type | Article |
---|---|
Acceptance Date | Jan 17, 2016 |
Online Publication Date | Feb 6, 2016 |
Publication Date | Mar 31, 2016 |
Deposit Date | Nov 16, 2016 |
Publicly Available Date | Nov 16, 2016 |
Journal | International Review of Financial Analysis |
Print ISSN | 1057-5219 |
Electronic ISSN | 1057-5219 |
Publisher | Elsevier |
Peer Reviewed | Peer Reviewed |
Volume | 44 |
DOI | https://doi.org/10.1016/j.irfa.2016.01.014 |
Keywords | Interbank market, Overnight rate, Bank reserves, Bank liquidity |
Public URL | https://nottingham-repository.worktribe.com/output/778348 |
Publisher URL | http://www.sciencedirect.com/science/article/pii/S1057521916000156 |
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Copyright Statement
Copyright information regarding this work can be found at the following address: http://creativecommons.org/licenses/by-nc-nd/4.0
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