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Determinants of the Inter-Bank Interest Rate in Argentina

Alejandra Anastasi (), Pedro Elosegui () and Máximo Sangiácomo
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Alejandra Anastasi: Central Bank of Argentina

No 200941, BCRA Working Paper Series from Central Bank of Argentina, Economic Research Department

Abstract: This paper analyzes the determinants of the interest rate of short-term unsecured loan inter-bank market (call) in Argentina. The results show that the heterogeneous nature of the entities, in terms of size and origin of ownership, impacts on the interest rate agreed. Other additional aspects, such as the linkages between entities and the degree of supply or demand concentration, also affect the cost of funding. The structure of the market and the repo rates established by the BCRA are also relevant. Finally, the interest rate reacts positively when banks have a higher demand for liquidity, due to both seasonality and episodes of reduction in deposits.

Keywords: Argentina; interest rate; monetary policy; short-term liquidity markets (search for similar items in EconPapers)
JEL-codes: E43 E58 G14 G21 (search for similar items in EconPapers)
Pages: 26 pages
Date: 2009-03
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