BoE money-market reforms have worked - paper

This paper by economists from the Bank of England finds that the central banks' introduction of reserves averaging since May 2006 has enhanced banks' ability to manage their daily liquidity requirements, by enabling them to trade in the interbank market with better information about their liquidity needs.

Using data on the timing of trading in the sterling overnight unsecured interbank market during the period January 2003 to February 2008, the authors test the impact on banks' liquidity

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