Mezibankovní zápůjční trh a IBORy: Jak svět nahradil IBORy po finanční krizi?

The Financial crisis, ramifications of IBOR (Inter-bank Offered Rate) manipulation, and structural weaknesses of interbank rates led to their abandonment in favor of alternative reference rates (ARR). The replacement process began after 2017, and one of the most important old rates – LIBOR – was completely phased out in 2023. This thesis focuses partly on the main differences between old and new rates and, in the main part, on estimating macroeconomic determinants of interest rate changes. To ascertain the cause of these changes, the classical linear model (CLM). Based on previous research, four macroeconomic indicators, which include real GDP growth, change in inflation, change in unemployment, and change in money supply, were chosen to test for the existence of such a relationship. The main key finding of this thesis is that the new alternative reference rates are influenced by the change in money supply and partly by the real GDP growth rate more than old IBOR rates. On the other hand, the old rates responded more to changes in unemployment, and, in the cases of PRIBOR and GBP LIBOR, also to changes in inflation. In accordance with expectations, the inclusion of repo rate changes explains a high portion of changes in interbank rates in all regions.