Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/120778
Authors: 
Hou, David
Skeie, David
Year of Publication: 
2014
Series/Report no.: 
Staff Report, Federal Reserve Bank of New York 667
Abstract: 
The London Interbank Offered Rate (LIBOR) is a widely used indicator of funding conditions in the interbank market. As of 2013, LIBOR underpins more than $300 trillion of financial contracts, including swaps and futures, in addition to trillions more in variable-rate mortgage and student loans. LIBOR's volatile behavior during the financial crisis provoked questions surrounding its credibility. Ongoing regulatory investigations have uncovered misconduct by a number of financial institutions. Policymakers across the globe now face the task of reforming LIBOR in the aftermath of the scandal and crisis.
Subjects: 
LIBOR
financial crisis
scandal
interbank
banking
reference rate
interest rate
JEL: 
G01
G12
G15
G18
G21
E43
Document Type: 
Working Paper

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