Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/211808 
Autor:innen: 
Erscheinungsjahr: 
1998
Schriftenreihe/Nr.: 
Bank of Finland Discussion Papers No. 7/1998
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
Averaging the reserve requirement is often considered an efficient way to reduce volatility at the very short end of the money market yield curve.The Bank of Finland began to apply an averaging provision at the beginning of October 1995.Notably, the volatility of the overnight rate of interest in the Finnish money markets has increased since the start of the averaging scheme.This paper builds up a simple model of the determination of the overnight rate of interest.The effects of both the averaging scheme and the central bank's reaction to the bids it receives in money market tenders are evaluated against the model.The paper ends with an evaluation of the empirical evidence from the first two years that have passed since the introduction of the averaging provision in Finland.
Schlagwörter: 
money market tenders
minimum reserves
liquidity
averaging
convexity
interest rate volatility
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
951-686-572-0
Dokumentart: 
Working Paper

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