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01805cas a2200265 a 4500 |
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|c 5.00 USD
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|z 9781451873757
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|a 1018-5941
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|a Vandenbussche, Jerome.
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|a The Liquidity and Liquidity Distribution Effects in Emerging Markets :
|b The Case of Jordan /
|c Jerome Vandenbussche, Stanley Watt, Szabolcs Blazsek.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2009.
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|a 1 online resource (25 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper analyzes the determinants of daily changes in Jordan's interbank market overnight rate. It not only quantifies the classic liquidity effect, but also uncovers a liquidity distribution effect on both sides of the market, and shows that their magnitude is a decreasing and convex function of the level of excess reserves. It finds that the volatility of rate changes depends much more on the reserve surplus accumulated within a maintenance period than on the level of excess reserves. As Carpenter and Demiralp (2006), it uses the series of the central bank's daily forecast errors to identify the liquidity effect.
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|a Mode of access: Internet
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|a Blazsek, Szabolcs.
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|a Watt, Stanley.
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|a IMF Working Papers; Working Paper ;
|v No. 2009/228
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2009/228/001.2009.issue-228-en.xml
|z IMF e-Library
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