What Drives the POLONIA Spread in Poland?:
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 t...
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
2012
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Schriftenreihe: | IMF Working Papers
Working Paper No. 12/215 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | 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 |
Beschreibung: | 1 Online-Ressource (19 p) |
ISBN: | 1475505655 9781475505658 |
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spelling | Lu, Yinqiu Verfasser aut What Drives the POLONIA Spread in Poland? Lu, Yinqiu Washington, D.C International Monetary Fund 2012 1 Online-Ressource (19 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 12/215 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 Online-Ausg http://elibrary.imf.org/view/IMF001/13064-9781475505658/13064-9781475505658/13064-9781475505658.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Lu, Yinqiu What Drives the POLONIA Spread in Poland? |
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_exact_search_txtP | What Drives the POLONIA Spread in Poland? |
title_full | What Drives the POLONIA Spread in Poland? Lu, Yinqiu |
title_fullStr | What Drives the POLONIA Spread in Poland? Lu, Yinqiu |
title_full_unstemmed | What Drives the POLONIA Spread in Poland? Lu, Yinqiu |
title_short | What Drives the POLONIA Spread in Poland? |
title_sort | what drives the polonia spread in poland |
url | http://elibrary.imf.org/view/IMF001/13064-9781475505658/13064-9781475505658/13064-9781475505658.xml |
work_keys_str_mv | AT luyinqiu whatdrivesthepoloniaspreadinpoland |