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Efficiency of Market Discipline in the Interbank Market: The Case of Russia

P. 477-486.
Andrievskaya I. K., Semenova M.

Market discipline plays an important role in the banking regulation. It can be defined as a phenomenon when “financial markets provide signals that lead borrowers to behave in a manner consistent with their solvency” [Lane, 1993]. Its significance is recognized in several policy initiatives and is necessary for supporting the macroprudential supervision [Nieto, 2012].

The aim of this paper is to examine market discipline in the interbank market and provide robust evidence with respect to its power. We consider Russia, a large emerging economy. The main hypothesis tested is that market discipline in the interbank market is efficient in constraining the risk-taking behavior of banks.