Other publications may include books, quarterly reviews, annual reports and economic bulletins from the ECB, PhD theses and Danmarks Nationalbank’s policies.

Lower Turnover in the Danish Money Market - Part 1

Turnover in the money market has declined in 2013 relative to 2012. This is evident from Danmarks Nationalbank's annual money-market survey, which is described in more detail in the article. The decline in activity in the money market is mainly attributable to lower turnover in uncollateralised overnight money-market loans. This should be viewed in the light of Danmarks Nationalbank's introduction of a negative rate of interest on certificates of deposit in July 2012, and the simultaneous increase of the current-account limits. Irrespective of the lower turnover in the money market, the monetary-policy transmission to the overnight interest rate remains intact. The higher currentaccount deposits have reduced the impact of changes in liquidity conditions on the interest-rate formation in the overnight market, compared with previously. The article illustrates the transmission to the overnight interest rate.