fire sale prices. Fire sales arise endogenously because of limited capital available to purchase collateral posted by … collateral immediately, reducing the severity of a fire sale and ex ante price distortions …

Our paper studies the role of the collateral channel for bank credit using confidential bank-firm-loan data. We … estimate that for a 1 percent increase in collateral values, firms pledging real estate collateral experience a 12 basis point …

collateral for that lending was tied up in the bankruptcy process. I study the implications of such lender default using a … contagion through endogenous collateral price. Borrowers diversify their lenders because of the counterparty risk, but they have …

provided collateralized loans. The other lent securities against a pledge of other securities, effectively providing collateral … alleviated dealers' funding pressures when access to repos backed by illiquid collateral deteriorated. We also find that dealers … used the facilities, especially the ability to upgrade collateral, to continue funding their own illiquid inventories …