Relationship Lending In The Interbank Market And The Price Of Liquidity PDF Download
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Author | : Falk Bräuning |
Publisher | : |
Total Pages | : 0 |
Release | : 2016 |
Genre | : |
ISBN | : |
Download Relationship Lending in the Interbank Market and the Price of Liquidity Book in PDF, ePub and Kindle
Author | : Jonathan Chiu |
Publisher | : |
Total Pages | : 75 |
Release | : 2016 |
Genre | : Banks and banking |
ISBN | : |
Download Relationships in the Interbank Market Book in PDF, ePub and Kindle
Author | : |
Publisher | : |
Total Pages | : |
Release | : 2014 |
Genre | : |
ISBN | : 9783957291110 |
Download Cross-border Liquidity, Relationships and Monetary Policy Book in PDF, ePub and Kindle
Author | : Y. Altunbas |
Publisher | : Springer |
Total Pages | : 255 |
Release | : 2006-05-05 |
Genre | : Business & Economics |
ISBN | : 0230597238 |
Download Syndicated Loans Book in PDF, ePub and Kindle
This book examines the development of the international syndicated credits market over the past three decades. Bringing together views of practitioners and academics it provides original answers to unexplored research questions. With extensive coverage and thought-provoking insights, the book is of value to students, practitioners and academics.
Author | : Ben R. Craig |
Publisher | : |
Total Pages | : 44 |
Release | : 2016 |
Genre | : |
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Download The Role of Interbank Relationships and Liquidity Needs Book in PDF, ePub and Kindle
In this paper, we focus on the interconnectedness of banks and the price they pay for liquidity. We assess how the concentration of credit relationships and the position of a bank in the network topology of the system influence the bank's ability to meet its liquidity demand. We use quarterly data of bilateral interbank credit exposures between all German banks from 2000 to 2008 to measure interbank relationships and the network characteristics. We match these data with the bids placed by the individual banks in the European Central Bank's (ECB) weekly repo auctions. The bids measure each bank's willingness to pay for liquidity since they had variable rate tenders with a 'pay-your-bid' price. Controlling for bank characteristics and the daily fulfillment of reserve requirements, we find that banks with a more diversified borrowing structure in the interbank market bid significantly less aggressively and pay a lower price for liquidity in the ECB's main refinancing operations. These findings suggest that incentives to diversify bank liquidity risk dominate the benefits of private information. When the network position of the bank is taken into account, we find that central lenders in the money market bid more aggressively in the auctions.
Author | : Puriya Abbassi |
Publisher | : |
Total Pages | : 38 |
Release | : 2015 |
Genre | : Banks and banking, International |
ISBN | : |
Download Cross-border Liquidity, Relationships and Monetary Policy Book in PDF, ePub and Kindle
We analyze the impact of financial crises and monetary policy on the supply of wholesale funding liquidity, and also on the compositional supply effects through cross-border and relationship lending. For empirical identification, we draw on the proprietary bank-to-bank European interbank dataset extracted from Target2 and also exploit the Lehman and sovereign crisis shocks as well as the main Eurosystem non-standard monetary policy measures. The robust results imply that the crisis shocks lead to worse access, volumes and spreads (in both the overnight and longer-term maturities). The quantitative impact on interbank access and volume is stronger than on spreads. Liquidity supply restrictions are exacerbated for cross-border lending after the Lehman failure; for banks headquartered in periphery countries, the impact is quantitatively stronger in the sovereign debt crisis. Moreover, the interbank market -- unlike other credit markets -- allows to exploit the price dispersion from different lenders on identical credit contracts, i.e. overnight uncollateralized loans in the same morning for the same borrower. This price dispersion increases massively with the crisis, and even more for riskier borrowers. Cross-border and previous relationship lenders charge higher prices for identical contracts in the crisis. Importantly, this price dispersion substantially decreases when the Eurosystem promises unlimited access to liquidity at a fixed price in October 2008 and announces the 3-year LTRO in December 2011, with economically stronger effects for borrowers in weaker countries.
Author | : Gara Afonso |
Publisher | : |
Total Pages | : 50 |
Release | : 2013 |
Genre | : |
ISBN | : |
Download Trading Partners in the Interbank Lending Market Book in PDF, ePub and Kindle
There is substantial heterogeneity in the structure of trading relationships in the U.S. overnight interbank lending market: Some banks rely on spot transactions, while most form stable, concentrated borrowing relationships to hedge liquidity needs. As a result, borrowers pay lower prices and borrow more from their concentrated lenders. Exogenous shocks to liquidity supply (days with low GSE lending) lead to marketwide drops in liquidity and a rise in interest rates. However, borrowers with concentrated lenders are almost completely insulated from the shocks, while liquidity transmission affects the rest of the market via higher interest rates and reduced borrowing volumes. -- interbank lending ; OTC markets
Author | : Falko Fecht |
Publisher | : |
Total Pages | : 0 |
Release | : 2008 |
Genre | : |
ISBN | : 9783865584809 |
Download The Price of Liquidity Book in PDF, ePub and Kindle
Author | : Ben Craig |
Publisher | : |
Total Pages | : 50 |
Release | : 2010 |
Genre | : Banks and banking |
ISBN | : |
Download Interbank Tiering and Money Center Banks Book in PDF, ePub and Kindle
Author | : Hans Degryse |
Publisher | : |
Total Pages | : |
Release | : 2019 |
Genre | : |
ISBN | : |
Download Relationship Lending During a Trust Crisis on the Interbank Market Book in PDF, ePub and Kindle