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Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
Working Paper No. 13/2019
Verlag: 
Norges Bank, Oslo
Zusammenfassung: 
We argue that the planned transition toward alternative benchmark rates gives reason to mourn Libor. Guided by a model in which banks and non-banks can lend to each other, subject to realistic regulatory constraints, we show empirically that tighter financial regulation increases interbank rates but lowers broad rates (in which lenders are non-banks) and that all market rates increase with more Treasury bill issuance. Hence, the proportion of non-bank lenders affects the alternative rates, introducing variation in the benchmark that is unrelated to banks' marginal funding costs and creating a basis between regions with interbank rates and broad rates.
Schlagwörter: 
Benchmark rates
financial regulation
Libor
repo rates
collateral
JEL: 
E43
G12
G18
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-82-8379-108-2
Creative-Commons-Lizenz: 
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Dokumentart: 
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