Access policy and money market segmentation

• 成果类型: Article
• 署名作者: Kraenzlin, Sebastien K; Nellen, Thomas
• 署名单位: Swiss National Bank (SNB); Swiss National Bank (SNB)
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2014.03.001
• 发表日期: 2015
• 页码: 1-12
• 关键词: Access policy; Access to central bank money; Money market segmentation; Monetary policy implementation; Financial stability

摘要

Deviations between interest rates paid in the Swiss franc unsecured money market and the respective Libor rate are analysed for a period spanning the financial crisis. First, banks that have access to sources of secured central bank and interbank funding pay less than other banks. Second, foreign banks (not chartered in Switzerland) pay more than domestic banks. Third, both lines of segmentation are economically relevant but limited due to open access to sources of secured funding. Thus, access policy matters for monetary policy implementation and financial stability. (C) 2014 Elsevier B.V. All rights reserved.