INTEREST RATE CORRIDOR, LIQUIDITY MANAGEMENT, AND THE OVERNIGHT SPREAD

Hande Küçük · Pınar Özbay Özlü · Ismail Talasli · Deren Ünalmış · Canan Yüksel

28 citations0/0 files storedContemporary Economic Policy

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Monetary Policy and Economic Impact Banking stability, regulation, efficiency Global Financial Crisis and Policies

Abstract

We analyze the determinants of the overnight spread (the spread between the Borsa Istanbul overnight repo interest rate and the average funding rate of the Central Bank of the Republic of Turkey [CBRT]) using data from both the conventional and the new monetary policy episodes. We empirically document that the overnight spread has recently been influenced by various factors that are directly or closely related to the liquidity policy of the CBRT. (JEL E43, E52, C24)

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1983Limited-dependent and qualitative variables in econometrics 2011The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy 2010Capital Inflows 2012The Financial Market Impact of Quantitative Easing in the United Kingdom 2009Inflation Risk Premia and Survey Evidence on Macroeconomic Uncertainty 2006Interest rate corridors and reserves 2011The Effects of Quantitative Easing on Interest Rates 2012The ECB Unconventional Monetary Policies: Have They Lowered Market Borrowing Costs for Banks and Governments?

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