Detail Hammer Time; Free Exchange   Oleh:  [s.n] Jenis: Article from Bulletin/Magazine Dalam koleksi: The Economist (http://search.proquest.com/) vol. 404 no. 8793 (Jul. 2012), page 64. Topik: Interest Rates; LIBOR; Banks Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.72 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel Pity the British Bankers' Association (BBA): it lacks the tools it needs to do its job. It sets one of finance's most important interest rates, but the prices it needs to do this do not exist. The London Inter-bank Offered Rate (LIBOR) aims to represent the prices banks charge when lending to one another. The rates are required every day, including in currencies and at maturities where actual transactions are rare. To find the right prices the BBA uses a system that works a bit like an auction. And auction theory might just help rectify the flaws in LIBOR. Auctions are commonly used to find prices where none exists. There are lots of variants. In "English" auctions, often used to sell rare paintings, bids are public and the highest bidder wins. In online auctions, bids are privately submitted and the auctioneer selects the winner and price. In financial-market auctions--to buy government bonds, say--there can be more than one winner since there are lots of similar assets for sale. Whatever the set-up, one of the aims is to elicit price information from the bidders. The LIBOR-setting process has a similar aim. The BBA plays a role akin to an auctioneer, asking banks to submit daily estimates of the rate they would pay to borrow in "reasonable market size". These private submissions are collected by the BBA. After throwing aside outlier bids, the average gives the final LIBOR price. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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