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

Munich in July 2016. The goal of the thesis is to establish the configuration of collateral policy as a tool of central bank … policies in pursuit of different objectives, and to present collateral policies in practice, as well as impact and effects of … collateral policy. The thesis consists of three parts and nine chapters. The first part discusses the role of collateral in …

Collateral is a widely used, but not well understood, debt-contracting feature. Two broad strands of theoretical … literature explain collateral as arising from the existence of either ex ante private information or ex post incentive problems … ex post theories of collateral are empirically dominant although the ex ante theories are also valid for customers with …

for all participating nations which is Pareto improving. Since collateral requirements are calculated on individual risk …

some collateral requirement for financial assets; second, information among players about the structure of uncertainty is …

This paper proposes and tests a theory of credit-driven asset bubbles which are neutral in their real effects. When a … lender such as a government, central bank, or banking sector is willing to lend infinitely against collateral, explosive …

International and national investors are often exposed to real wealth risks, stemming from volatile asset prices and …, price level and futures price and hence real wealth is stochastic. For a risk averse investor, optimal consumption and …

zeitgenössischen Wirtschaftswissenschaften spielen können. Wir untersuchen diese Frage am Beispiel der gegenwärtigen Finanzkrise. Nach … einer kurzen Beschreibung der Entstehung der Finanzkrise (Abschnitt 2) und einer Klärung des Begriffes Krise" (Abschnitt 3 …), erläutern wir ausführlich die Ursachen für die gegenwärtige Finanzkrise (Abschnitt 4), wobei auch kapitaltheoretische …