Federal funds market

Japanese: フェデラル･ファンド･マーケット（英語表記）federal funds market

Federal funds is a market in which deposits with the Federal Reserve Banks of the United States are traded. Federal Reserve member banks must deposit required reserves with the Federal Reserve Banks without interest based on the statutory reserve ratio set by the Federal Reserve Board. Member banks that hold excess reserves can lend the excess to member banks that are close to meeting their required reserves and receive interest based on the federal funds rate.

Source: Heibonsha World Encyclopedia, 2nd Edition Information

Japanese:

フェデラル･ファンド，すなわちアメリカの連邦準備銀行への預け金の取引が行われる市場。連邦準備制度加盟銀行はその預金に対し，連邦準備制度理事会が決める法定支払準備率に基づき，所要準備required reservesを連邦準備銀行に無利子で預金しなければならない。〈所要準備をこえる支払準備〉(過剰準備excess reserves)を保有する加盟銀行は，所要準備に不足しそうな加盟銀行にその過剰分を貸し付け，フェデラル･ファンド･レートに基づき利子を取得する。

出典　株式会社平凡社世界大百科事典第２版について　情報

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