What drives the POLONIA spread in Poland?:
Saved in:
| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
[Washington, D.C.]
International Monetary Fund
©2012
|
| Series: | IMF working paper
WP/12/215 |
| Subjects: | |
| Online Access: | FAW01 FAW02 FLA01 |
| Item Description: | Title from PDF title page (IMF Web site, viewed Aug. 29, 2012). - "European Department.". - "August 2012." Since the start of the 2008 - 09 financial crisis, the Polish Overnight Index Average (POLONIA) has persistently been below the policy rate, suggesting a limited influence of the NBP's open market operations on the short-term interbank rate. In this regard, this paper analyzes the behavior of the POLONIA spread and explore several potential factors that could influence the spread. An empirical analysis confirms that the negative POLONIA spread is related to a few factors, which include the existence of the structural liquidity in the banking system; bank's unwillingness to lock up liquidity in the NBP bills; the frontloading of banks' fulfillment of the reserve requirements; and external market sentiment. The analysis also shows the effectiveness of the NBP's responses to the financial crisis and structural liquidity surplus Includes bibliographical references |
| Physical Description: | 19 pages |
| ISBN: | 1475547110 9781475547115 |
Staff View
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| 500 | |a Title from PDF title page (IMF Web site, viewed Aug. 29, 2012). - "European Department.". - "August 2012." | ||
| 500 | |a Since the start of the 2008 - 09 financial crisis, the Polish Overnight Index Average (POLONIA) has persistently been below the policy rate, suggesting a limited influence of the NBP's open market operations on the short-term interbank rate. In this regard, this paper analyzes the behavior of the POLONIA spread and explore several potential factors that could influence the spread. An empirical analysis confirms that the negative POLONIA spread is related to a few factors, which include the existence of the structural liquidity in the banking system; bank's unwillingness to lock up liquidity in the NBP bills; the frontloading of banks' fulfillment of the reserve requirements; and external market sentiment. The analysis also shows the effectiveness of the NBP's responses to the financial crisis and structural liquidity surplus | ||
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| 650 | 4 | |a Monetary policy |z Poland | |
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| geographic | Polen |
| geographic_facet | Polen |
| id | DE-604.BV043960039 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-10T07:39:47Z |
| institution | BVB |
| isbn | 1475547110 9781475547115 |
| language | English |
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| publishDate | 2012 |
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| spelling | Lu, Yinqiu Verfasser aut What drives the POLONIA spread in Poland? prepared by Yinqiu Lu [Washington, D.C.] International Monetary Fund ©2012 19 pages txt rdacontent c rdamedia cr rdacarrier IMF working paper WP/12/215 Title from PDF title page (IMF Web site, viewed Aug. 29, 2012). - "European Department.". - "August 2012." Since the start of the 2008 - 09 financial crisis, the Polish Overnight Index Average (POLONIA) has persistently been below the policy rate, suggesting a limited influence of the NBP's open market operations on the short-term interbank rate. In this regard, this paper analyzes the behavior of the POLONIA spread and explore several potential factors that could influence the spread. An empirical analysis confirms that the negative POLONIA spread is related to a few factors, which include the existence of the structural liquidity in the banking system; bank's unwillingness to lock up liquidity in the NBP bills; the frontloading of banks' fulfillment of the reserve requirements; and external market sentiment. The analysis also shows the effectiveness of the NBP's responses to the financial crisis and structural liquidity surplus Includes bibliographical references Banks and banking, Central fast Banks and banking, Central / Econometric models fast Monetary policy fast Monetary policy / Econometric models fast BUSINESS & ECONOMICS / Finance bisacsh Wirtschaft Ökonometrisches Modell Monetary policy Poland Monetary policy Poland Econometric models Banks and banking, Central Poland Banks and banking, Central Poland Econometric models Polen International Monetary Fund Sonstige oth |
| spellingShingle | Lu, Yinqiu What drives the POLONIA spread in Poland? Banks and banking, Central fast Banks and banking, Central / Econometric models fast Monetary policy fast Monetary policy / Econometric models fast BUSINESS & ECONOMICS / Finance bisacsh Wirtschaft Ökonometrisches Modell Monetary policy Poland Monetary policy Poland Econometric models Banks and banking, Central Poland Banks and banking, Central Poland Econometric models |
| title | What drives the POLONIA spread in Poland? |
| title_auth | What drives the POLONIA spread in Poland? |
| title_exact_search | What drives the POLONIA spread in Poland? |
| title_full | What drives the POLONIA spread in Poland? prepared by Yinqiu Lu |
| title_fullStr | What drives the POLONIA spread in Poland? prepared by Yinqiu Lu |
| title_full_unstemmed | What drives the POLONIA spread in Poland? prepared by Yinqiu Lu |
| title_short | What drives the POLONIA spread in Poland? |
| title_sort | what drives the polonia spread in poland |
| topic | Banks and banking, Central fast Banks and banking, Central / Econometric models fast Monetary policy fast Monetary policy / Econometric models fast BUSINESS & ECONOMICS / Finance bisacsh Wirtschaft Ökonometrisches Modell Monetary policy Poland Monetary policy Poland Econometric models Banks and banking, Central Poland Banks and banking, Central Poland Econometric models |
| topic_facet | Banks and banking, Central Banks and banking, Central / Econometric models Monetary policy Monetary policy / Econometric models BUSINESS & ECONOMICS / Finance Wirtschaft Ökonometrisches Modell Monetary policy Poland Monetary policy Poland Econometric models Banks and banking, Central Poland Banks and banking, Central Poland Econometric models Polen |
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