| Description |
1 online resource (19 pages). |
|
text file |
| Series |
IMF working paper ; WP/12/215
|
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IMF working paper ; WP/12/215.
|
| Note |
Title from PDF title page (IMF Web site, viewed Aug. 29, 2012). |
| Summary |
Since the start of the 2008 - 09 financial crisis, the Polish Overnight Index Average (POLONIA) has persistently been below the policy rate, suggesting a limited influence of the NBP's open market operations on the short-term interbank rate. In this regard, this paper analyzes the behavior of the POLONIA spread and explore several potential factors that could influence the spread. An empirical analysis confirms that the negative POLONIA spread is related to a few factors, which include the existence of the structural liquidity in the banking system; bank's unwillingness to lock up liquidity in the NBP bills; the frontloading of banks' fulfillment of the reserve requirements; and external market sentiment. The analysis also shows the effectiveness of the NBP's responses to the financial crisis and structural liquidity surplus. |
| Bibliography |
Includes bibliographical references. |
| Note |
"European Department." |
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"August 2012." |
| Local Note |
eBooks on EBSCOhost EBSCO eBook Subscription Academic Collection - North America |
| Subject |
Monetary policy -- Poland.
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Monetary policy. |
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Poland. |
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Monetary policy -- Poland -- Econometric models.
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Econometric models. |
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Banks and banking, Central -- Poland.
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Banks and banking, Central. |
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Banks and banking, Central -- Poland -- Econometric models.
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| Genre/Form |
Electronic books.
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| Added Author |
International Monetary Fund. European Department.
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| ISBN |
1475547110 |
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9781475547115 |
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