Avro Bölgesi'ndeki bankaların günlük borçlanma davranışları

The Eurosystem has two standing facilities in order to provide and absorb overnight liquidity,signal the general monetary policy stance and bound overnight market interest rates. This studyaims to shed light on the standing facility which provides liquidity and constitutes the upperbound of the corridor in which the interbank overnight interest rate fluctuates, namely themarginal lending facility. The recourse to this standing facility has been always negligiblecompared to the open market operations. But persistent recourse to the marginal lending facilityregardless of its higher interest rate makes searching the motivations behind the use of thisfacility interesting. In this thesis, possible determinants of the daily borrowing are investigatedand an equilibrium model is applied for the interbank money market in the Euro area. The effectsof the operational framework change within the Eurosystem (in March 2004) and the recentturmoil are examined. Banks? borrowing behavior does not differ in terms of the sensitivity to theexplicit cost of borrowing before and after the operational framework change ?excluding theturmoil period-. But banks become more sensitive to this cost in the turmoil period. One daylagged spread between the Eonia and the main refinancing rate, and the required reserves hadbecome insignificant with the operational framework change. But they became important again indetermining overnight borrowing needs after the start of the turmoil. Banks are becoming lesslikely to borrow on the last day of maintenance periods to meet their reserve requirements afterthe framework change. Borrowing behavior never changes according to special days. The turmoilperiod brings about a time trend which potentially stands for gradual changes in the marketconditions that are not covered in the estimation. The equilibrium model used is taken from Artuçand Demiralp (2010) who examine borrowing from the Fed?s discount window. The resultssuggest that this model is inconvenient for the interbank money market in the Euro area.