01805cas a2200265 a 4500 AALejournalIMF006113 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451873757 1018-5941 BD-DhAAL BD-DhAAL Vandenbussche, Jerome. The Liquidity and Liquidity Distribution Effects in Emerging Markets : The Case of Jordan / Jerome Vandenbussche, Stanley Watt, Szabolcs Blazsek. Washington, D.C. : International Monetary Fund, 2009. 1 online resource (25 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper analyzes the determinants of daily changes in Jordan's interbank market overnight rate. It not only quantifies the classic liquidity effect, but also uncovers a liquidity distribution effect on both sides of the market, and shows that their magnitude is a decreasing and convex function of the level of excess reserves. It finds that the volatility of rate changes depends much more on the reserve surplus accumulated within a maintenance period than on the level of excess reserves. As Carpenter and Demiralp (2006), it uses the series of the central bank's daily forecast errors to identify the liquidity effect. Mode of access: Internet Blazsek, Szabolcs. Watt, Stanley. IMF Working Papers; Working Paper ; No. 2009/228 Full text available on IMF http://elibrary.imf.org/view/journals/001/2009/228/001.2009.issue-228-en.xml IMF e-Library