期刊名称：International Journal of Development and Sustainability
印刷版ISSN：2186-8662
出版年度：2014
卷号：3
期号：9
页码：1946-1957
出版社：International Society for Development and Sustainability (ISDS)
摘要：The purpose of this study was to explore the trading patterns exhibited by market participants when the central bank cannot act as a lender of last resort to the financial institutions. The study hypothesized that the absence of the central bank as a major participant in the market severely compromised the liquidity of the market. It was found that the money market in Zimbabwe was highly illiquid, having failed all the three tests of liquidity: tightness; immediacy and depth. The market was characterized by high costs, narrow range of securities, lack of heterogeneity in market instruments and participants. However, trading was fairly frequent, with most transactions carried out on a weekly basis.
