银行间市场关系外文文献翻译原文及译文.pdfVIP

外文文献翻译原文及译文

（节选重点翻译）

银行间市场关系外文翻译中英文

文献出处：ReviewofEconomicDynamics，Volume35,January2020,

Pages170-191

译文字数：3800多字

英文

Relationshipsintheinterbankmarket

JonathanChiu，JensEisenschmidt，CyrilMonnet

Abstract

Themarketforcentralbankreservesismainlyover-the-counterand

exhibitsacore-peripherynetworkstructure.Thispaperdevelopsamodel

ofrelationshiplendingintheunsecuredinterbankmarket.Bankschoose

tobuildrelationshipsinordertoinsureagainstliquidityshocksandto

economizeonthecosttotradeintheinterbankmarket.Relationshipscan

explainsomeanomaliesinthelevelofinterestrates–e.g.,thefactthat

bankssometimestradebelowthecentralbanksdepositrate,aswefind

usingdatafromtheECB.Themodelalsohelpsunderstandhowmonetary

policyaffectsthenetworkstructureoftheinterbankmarketandits

functioning.

Keywords：Relationships，Interbankmarket，Core-

periphery，Networks，Corridorsystem

Majorcentralbanksimplementmonetarypolicybytargetingthe

overnightrateintheunsecuredsegmentoftheinterbankmarketfor

reserves–theveryshorttermrateoftheyieldcurve.Thetextbook

principlesofmonetarypolicyimplementationareintuitive:Eachbank

holdsareserveaccountatthecentralbank.Overthecourseofanormal

businessday,thisaccountissubjecttoshocksdependingonthebanks

paymentoutflows(negativeshock)andinflows(positiveshock)driven

bybusinessactivities.Banksseektomanagetheiraccountbalanceto

satisfysomereserverequirements.Bychangingthesupplyofreserves,a

centralbankinfluencestheinterestrateatwhichbanksborroworlend

reservesintheinterbankmarket,andasaconsequencethemarginalco