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  1. What drives the POLONIA spread in Poland?
    Author: Lu, Yinqiu
    Published: 2012
    Publisher:  Internat. Monetary Fund, Washington, DC

    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... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Inter-library loan:
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    Location:
    Hochschulbibliothek Friedensau
    Signature:
    Online-Ressource
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    Location:
    Hochschule für Wirtschaft und Umwelt Nürtingen-Geislingen, Bibliothek Nürtingen
    Signature:
    eBook ProQuest
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    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

     
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    Content information
    Volltext (lizenzpflichtig)
    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9781475505658; 9781475571387
    Series: IMF working paper ; 12/215
    IMF Working Papers
    Subjects: Geldpolitik; Inflationsbekämpfung; Polen; Monetary policy; Inflation (Finance); Monetary policy -- Poland; Inflation (Finance) -- Poland; Electronic books
    Scope: Online-Ressource (PDF-Datei: 18 S., 1,416 KB), graph. Darst.
    Notes:

    Includes bibliographical references

    Electronic reproduction; Available via World Wide Web

    Cover; Contents; I. Introduction; II. POLONIA and its Deviation From the Policy Rate; III. Determinants of the POLONIA Spread: Predictions; A. Liquidity Supply; B. Liquidity Demand; C. External Factors; D. Structure of the Interbank Market; IV. Empirical Analysis; A. The Empirical Model; Tables; 1. Predictions of the Impact of the Determinants; B. Empirical Results; 2. Variables in the Mean and Volatility Equations; V. Conclusion and Policy Implications; 3. Estimated GARCH Parameters; Appendix: I. Structural Liquidity; References