haku: @author Angelini, P. / yhteensä: 4
viite: 2 / 4
| Tekijä: | Angelini, P. |
| Otsikko: | Are banks risk averse? Intraday timing of operations in the interbank market |
| Lehti: | Journal of Money, Credit and Banking
2000 : FEB, VOL. 32:1, p. 54-73 |
| Asiasana: | BANKS RISK MARKETS |
| Kieli: | eng |
| Tiivistelmä: | This paper presents a simple theory of intraday behavior in the interbank market. The timing of borrowing and lending operations depends on the information available on two key variables: the end-of-day balance from the clearing system -- the algebraic sum of incoming (+) and outgoing (-) daily payments -- and the short-term interest rate. When the former is the relevant source of uncertainty, risk-averse banks should tend to operate close to the end of the business day, when the balance becomes observable. |
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