BIS paper examines impact of money market deregulation and integration
Ability of banks to raise funds using variety of substitutable instruments has implications for monetary policy, paper says
A working paper published by the Bank for International Settlements has found when deregulation reduces money market segmentation, larger open market operations are needed to produce a change in the federal funds rate.
In their paper, Near-Money Premiums, Monetary Policy, and the Integration of Money Markets: Lessons from Deregulation, authors Mark Carlson from the Federal Reserve Board and David Wheelock from the St Louis Fed investigate the impacts of the deregulation and integration of money
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