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題名 The Bargaining Power in Taiwan Interbank Overnight Market
作者 王智賢
Lin, Mei-Yin;Hsu, Hanyu;Wang, Jue-Shyan
貢獻者 財政系
關鍵詞 interbank overnight market;bargaining power;Tobit Model
日期 2013.09
上傳時間 9-Dec-2013 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
資料類型 article
DOI http://dx.doi.org/10.5539/ijef.v5n9p50
dc.contributor 財政系en_US
dc.creator (作者) 王智賢zh_TW
dc.creator (作者) Lin, Mei-Yin;Hsu, Hanyu;Wang, Jue-Shyanen_US
dc.date (日期) 2013.09en_US
dc.date.accessioned 9-Dec-2013 11:46:59 (UTC+8)-
dc.date.available 9-Dec-2013 11:46:59 (UTC+8)-
dc.date.issued (上傳時間) 9-Dec-2013 11:46:59 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/62276-
dc.description.abstract (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.en_US
dc.format.extent 1271458 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.relation (關聯) International Journal of Economics and Finance, 5(9), 50-58en_US
dc.subject (關鍵詞) interbank overnight market;bargaining power;Tobit Modelen_US
dc.title (題名) The Bargaining Power in Taiwan Interbank Overnight Marketen_US
dc.type (資料類型) articleen
dc.identifier.doi (DOI) 10.5539/ijef.v5n9p50en_US
dc.doi.uri (DOI) http://dx.doi.org/10.5539/ijef.v5n9p50en_US