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政大機構典藏 > 社會科學學院 > 財政學系 > 期刊論文 > Item 140.119/62276

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/62276

Title:	The Bargaining Power in Taiwan Interbank Overnight Market
Authors:	王智賢 Lin, Mei-Yin;Hsu, Hanyu;Wang, Jue-Shyan
Contributors:	財政系
Keywords:	interbank overnight market;bargaining power;Tobit Model
Date:	2013.09
Issue Date:	2013-12-09 11:46:59 (UTC+8)
Abstract:	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.
Relation:	International Journal of Economics and Finance, 5(9), 50-58
Data Type:	article
DOI 連結:	http://dx.doi.org/10.5539/ijef.v5n9p50
DOI:	10.5539/ijef.v5n9p50
Appears in Collections:	[財政學系] 期刊論文

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