Norwegian paper finds implicit intra-day interest rate in UK money market
A Norges Bank working paper, published in March, posits that an "implicit intra-day interest rate" exists in the UK overnight money market.
The paper – Implicit intraday interest rate in the UK unsecured overnight money market, by Marius Jurgilasy and Filip Žikeš– analyses transactions data on overnight loans in the high-value UK payments system Clearing House Automated Payment System between 2003 and 2009.
In UK overnight money market, there is no contractually binding repayment time for an
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