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What drives the POLONIA spread in Poland?
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| 자료유형 | 단행본 |
|---|---|
| 서명/저자사항 | What drives the POLONIA spread in Poland?/ prepared by Yinqiu Lu. |
| 개인저자 | Lu, Yinqiu,author. |
| 단체저자명 | International Monetary Fund. European Department. |
| 발행사항 | [Washington, D.C.]: International Monetary Fund, ?012. |
| 형태사항 | 1 online resource (19 pages). |
| 총서사항 | IMF working paper;WP/12/215 |
| ISBN | 1475547110 9781475547115 |
| 일반주기 |
Title from PDF title page (IMF Web site, viewed Aug. 29, 2012).
"European Department." "August 2012." |
| 서지주기 | Includes bibliographical references. |
| 요약 | 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. |
| 주제명(지명) | Poland. --fast |
| 일반주제명 | Monetary policy --Poland. Monetary policy --Poland --Econometric models. Banks and banking, Central --Poland. Banks and banking, Central --Poland --Econometric models. BUSINESS & ECONOMICS --Finance. Banks and banking, Central. Banks and banking, Central --Econometric models. Monetary policy. Monetary policy --Econometric models. |
| 언어 | 영어 |
| 바로가기 |  |
