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Chocs de spread, liquidité du marché interbancaire et politique monétaire

Author

Listed:
  • Cécile Bastidon

    (LEAD - Laboratoire d'Économie Appliquée au Développement - UTLN - Université de Toulon)

  • Philippe Gilles

    (LEAD - Laboratoire d'Économie Appliquée au Développement - UTLN - Université de Toulon)

  • Nicolas Huchet

    (LEAD - Laboratoire d'Économie Appliquée au Développement - UTLN - Université de Toulon)

Abstract

Global financial crisis trigger off amplification effects. Therefore, the range of central banks policies is now widening beyond conventional monetary policies. The aim of this paper is to define a rule for this practice. The model is based on the formalization of the financial conditions (prices and amounts) of various types of markets. When the crisis occurs there is a positive relationship between a rise in spreads and an excess demand of financing. We show that taking these market mechanisms into account allows to have a comprehensive analysis of the "unconventional monetary policies", and especially to quantify publics bonds buyouts

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  • Cécile Bastidon & Philippe Gilles & Nicolas Huchet, 2012. "Chocs de spread, liquidité du marché interbancaire et politique monétaire," Post-Print hal-00736323, HAL.
    • Handle: RePEc:hal:journl:hal-00736323
    Note: View the original document on HAL open archive server: https://hal.science/hal-00736323
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    Cited by:

    1. Nicolas Moumni & Benaissa Nahhal, 2014. "Impact of Liquidity Level on the Monetary Policy Transmission Effectiveness of the Moroccan Central Bank (Bank Al Maghrib)," International Journal of Economics and Financial Issues, Econjournals, vol. 4(4), pages 801-818.

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    More about this item

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General

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