combined with the theory of optimum currency areas. It shows how since the turn of the millennium a too expansionary monetary …

in modern monetary and financial systems, namely central bank collateral frameworks. Their importance can be understood …, not defined in a market, but by the collateral frameworks and interest rate policies of central banks. Using the … collateral framework of the Eurosystem as a basis of illustration and case study, the paper brings to light the functioning …

This paper offers an encompassing analysis of the ECB's collateral criteria between 2001 and 2013. A comprehensive … database of changes to collateral criteria is compiled and structured by asset classes. The main findings can be summarized in … three stylized facts: (1) Since the outbreak of the financial crisis, the ECB has been six times more active in collateral …

This paper studies the effect of central bank collateral policy on bank credit supply and the real economy. In 2007 …, the European Central Bank replaced national collateral lists with a single list valid across the euro area. Banks holding …

The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious …