Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/210091
Authors: 
Akram, Q. Farooq
Christophersen, Casper
Year of Publication: 
2016
Series/Report no.: 
Working Paper No. 2/2016
Abstract: 
We investigate the effects of central bank liquidity and possible implicit government guarantees against default on Norwegian overnight interbank interest rates. We conduct an econometric study of these interest rates over the period 2006-2009, which includes the sharp fall in interbank trading during the financial crisis. Our findings suggest relatively lower funding costs for banks of systemic importance, particularly for banks with many and valuable linkages to other banks. Moreover, interest rates are found to depend not only on overall liquidity in the interbank market, but on its distribution among banks as well. There is also evidence of stronger effects on interest rates of systemic importance, creditworthiness and liquidity demand and supply factors during the financial crisis.
Subjects: 
interbank money market
interest rates
systemic importance
JEL: 
G21
E43
E58
Persistent Identifier of the first edition: 
ISBN: 
978-82-7553-891-6
Creative Commons License: 
https://creativecommons.org/licenses/by-nc-nd/4.0/deed.no
Document Type: 
Working Paper
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