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Staff Reports
Trading Partners in the Interbank Lending Market
May
2013 Number 620
Revised: October 2014
Revised: October 2014
JEL classification: G21, G10, D40, E59
There is substantial heterogeneity in the structure of trading relationships in the U.S. overnight interbank lending market: Some banks rely on spot transactions, while a majority form stable, concentrated borrowing relationships to hedge liquidity needs. Borrowers pay lower prices and borrow more from their concentrated lenders. When there are exogenous shocks to liquidity supply (days with low GSE lending), concentrated lenders insulate borrowers from the shocks without charging significantly higher interest rates.
Available only in PDF
54 pages / 322 kb
54 pages / 322 kbTools
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