decouple across secured and unsecured markets following an adverse shock to credit risk. The scarcity of underlying collateral …

In this paper, we build a Kiyotaki-Moore style collateral amplification framework which generates large endogenous … collateral but also their future debt market access. The possibility of such market exclusion can lead to the emergence of … intangible collateral in equilibrium alongside the tangible collateral which is usually studied in the literature. Fluctuations …

central bank collateral framework and regulation determine jointly the ability of the banking system to deliver maturity … bank collateral and why a sudden non-anticipated reduction of asset liquidity, or a tightening of the collateral framework …, can destabilize short term liabilities of banks. Finally, the model allows discussing how the collateral framework can be …

secured and unsecured markets following an adverse shock to credit risk. The scarcity of underlying collateral may amplify the …

We assess the quantitative implications of collateral re-use on leverage, volatility, and welfare within an infinite …-horizon asset-pricing model with heterogeneous agents. In our model, the ability of agents to reuse frees up collateral that can be …

their regulatory ratio by altering their collateral pledging with the European Central Bank. We use the existence of … assets. Using security-level information on collateral pledged with the central bank, we find that banks without a preceding … national liquidity requirement pledge more and less liquid collateral than banks with a preceding national liquidity …

How do housing bubbles affect other economic sectors? We show that in the presence of collateral constraints, a bubble …

unsecured lending and substantial increases in haircuts on posted collateral. This paper seeks to understand the implications of …

This paper examines the role of collateral in the financial system, with special emphasis on the implications for … financial collateral assets. Then we examine financial stability issues and the case for regulating the use of collateral. We … use of collateral is neither a sufficient nor a necessary condition for financial stability. To ensure the stability of …