presented. The bond market comprises the interbank bond market, the exchange bond market, and the bank counter market. The two …

counterparties; (ii) a congruence of collateral policies with market developments; (iii) an ability to increase the average maturity … of liquidity provision; and (iv) central bank cooperation to facilitate the use of cross-border collateral. Flexible use …

the two main compromises: the tradeoffs between maturity and collateral, and between seniority and control. The framework …

. Instead it shows, first, that the use of ill-suited collateral in the secured funding operations of U.S.-based investment …

been a significant decline in the interconnectedness in the pledged collateral market between banks and nonbanks. We find … that both the collateral and its associated velocity are not rebounding as of end-2011 and still about $4-5 trillion lower …

borrowing. The subsequent crisis has reduced the pool of assets considered acceptable as collateral, resulting in a liquidity … of excess bank reserves and do more than merely substitute central bank money for collateral that currently remains …

that allows collateral posted by, say, a hedge fund to its prime broker to be used again as collateral by that prime broker … rehypothecation (and the associated re-use of collateral) in the recent crisis indicates that the collapse in non-bank funding to … provide estimates from the hedge fund industry for the - churning - factor or re-use of collateral. From a policy angle …

The use of collateral has become one of the most widespread risk mitigation techniques. While it brings stabilizing …