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    题名: The Bargaining Power in Taiwan Interbank Overnight Market
    作者: 王智賢
    Lin, Mei-Yin;Hsu, Hanyu;Wang, Jue-Shyan
    贡献者: 財政系
    关键词: interbank overnight market;bargaining power;Tobit Model
    日期: 2013.09
    上传时间: 2013-12-09 11:46:59 (UTC+8)
    摘要: The rate corridor regime, relying on lending and deposit facilities to set ceilings and floors for interbank overnight rates, has been practiced by many central banks. This paper modifies the theoretical model proposed by Bech and Klee (2011) to discuss the seller’s bargaining power in Taiwan interbank overnight market under rate corridor system. We apply two-limit Tobit model to estimate the bargaining power. The empirical results show that the repo rate, policy indicator and index for reserves concentration have significantly positive relationship with seller’s bargaining power. Meanwhile, the results imply that the interbank overnight rates rise with these three variables. The conclusions could be clearly observed from the predictions on the paths of the interbank overnight rate under various scenarios.
    關聯: International Journal of Economics and Finance, 5(9), 50-58
    数据类型: article
    DOI 連結: http://dx.doi.org/10.5539/ijef.v5n9p50
    DOI: 10.5539/ijef.v5n9p50
    显示于类别:[財政學系] 期刊論文

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