Collateral-based monetary policy tools have been used extensively by major central banks. Lack of proper policy …. We exploit a quasi-natural experiment in China, where dual-listed bonds are traded in two mostly segmented markets: the … shift in our study period, China's Central Bank included a class of previously ineligible bonds in the interbank market to …

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

economy slows, or average credit spreads widen. This contingent valuation of collateral or security, coupled with the borrower …

-term safe assets are money or money-like. A long-term safe asset can store value over time or be used as collateral. Human …

into a system with significant amounts of wholesale short-term debt that relies on collateral, and in particular Treasuries …, which have a convenience yield. In the new economy the quality of collateral matters: when Treasuries are scarce, the … Treasuries is high, a financial crisis is more likely. The central bank's open market operations affect the quality of collateral …