The Cash Market

Al Hing, Gerard Kelly and David Olivan
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Al Hing: Reserve Bank of Australia
Gerard Kelly: Reserve Bank of Australia
David Olivan: Reserve Bank of Australia

RBA Bulletin (Print copy discontinued), 2016, 33-41

Abstract: The cash market is the market for unsecured, overnight loans between banks. The weighted average of interest rates on these loans is the cash rate, the Reserve Bank's operational target for monetary policy and an important financial benchmark. Over the past decade or so there have been a number of regulatory and payment system developments that have affected the cash market, coinciding with a decline in aggregate market turnover. This article examines these developments using newly available data on payment system activity.

Keywords: cash market; cash; cash rate; interbank market; banks; money supply; RITS (search for similar items in EconPapers)
Date: 2016
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