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The Cash Market

Author

Listed:
  • Al Hing

    (Reserve Bank of Australia)

  • Gerard

    (Reserve Bank of Australia)

  • David Olivan

    (Reserve Bank of Australia)

Abstract

The cash market is the market for unsecured, overnight loans between banks. The weighted average of interest rates on these loans is the cash rate, the Reserve Bank's operational target for monetary policy and an important financial benchmark. Over the past decade or so there have been a number of regulatory and payment system developments that have affected the cash market, coinciding with a decline in aggregate market turnover. This article examines these developments using newly available data on payment system activity.

Suggested Citation

  • Al Hing & Gerard & David Olivan, 2016. "The Cash Market," RBA Bulletin (Print copy discontinued), Reserve Bank of Australia, pages 33-41, December.
  • Handle: RePEc:rba:rbabul:dec2016-04
    as

    Download full text from publisher

    File URL: https://www.rba.gov.au/publications/bulletin/2016/dec/pdf/rba-bulletin-2016-12-the-cash-market.pdf
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    References listed on IDEAS

    as
    1. Anthony Brassil & Helen Hughson & Mark McManus, 2016. "Identifying Interbank Loans from Payments Data," RBA Research Discussion Papers rdp2016-11, Reserve Bank of Australia.
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    Cited by:

    1. Debelle, Guy, 2020. "The Reserve Bank of Australia’s policy actions and balance sheet," Economic Analysis and Policy, Elsevier, vol. 68(C), pages 285-295.

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