Dynamics of the Inter-Bank Market in Bulgaria

Nikolay Nenovsky () and Petar Chobanov ()

Economic Studies journal, 2004, issue 3, 32-52

Abstract: In the last years the effectiveness and the presence of automated mechanism of adjusting, the currency boards are in the center of many economic analyses. The current study will present an empirical analysis of the volume and interest rate on the non-covered one-day deposits of the Bulgarian inter-bank market. Developed are three empirical models in order to explain the behavior of the demand, supply and the interest rates. Studied are the influence of the requirements on the obligatory reserves of the trade banks; the operations connected with the state budget; the deals in reserve currency between the banks and BNB; and some season factors. The behavior of the interest rates and the volume of deposits are well ranged by the variables used. The coefficients, which describe the influence of these variables, are statistically significant and have the same direction as the described in the theoretical literature.

JEL-codes: E4 E5 (search for similar items in EconPapers)
Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:bas:econst:y:2004:i:3:p:32-52

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